Nexeon Medsystems Inc (OTCMKTS: NXNN) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01
On December 7, 2018, Nexeon Medsystems Inc, a Nevada corporation (the “Company”) entered into an employment agreement with its Chief Executive Officer and Chairman, William Rosellini (the “Employment Agreement”) to which Mr. Rosellini shall continue to serve as the Company’s Chief Executive Officer and Chairman for a period of two years (the “Term”) in consideration for an annual base salary of One Dollar ($1.00). On the second and subsequent anniversary dates of the Term, the Employment Agreement will be automatically extended for an additional year unless, not later than 90 calendar days prior to such anniversary date, the Company shall notify Mr. Rosellini of its intent to not extend the Term. to the Employment Agreement, the Company may terminate Mr. Rosellini’s employment for Cause (as such term is defined in the Employment Agreement) at any time or without Cause on thirty (30) days’ written notice. If Mr. Rosellini’s employment is terminated without Cause or in connection with a Change in Control (as defined in the Employment Agreement), Mr. Rosellini shall be entitled to a severance payment equal to a scaling percentage of his highest base salary and targeted bonus or incentive compensation, if any. Mr. Rosellini shall have the right to terminate his employment at any time with Good Reason (as defined in the Employment Agreement) upon ninety (90) days’ written notice.
The Employment Agreement provides for customary non-solicitation, confidentiality and invention assignment clauses.
The foregoing description of the Employment Agreement is not complete and is qualified in its entirety by reference to the full text of the form of Employment Agreement, a copy of which is filed as Exhibit 10.1 to this Report and incorporated by reference herein.
Item 5.02 Departure of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The information in Item 1.01 is hereby incorporated by reference to this Item 3.03.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The exhibits listed in the following Exhibit Index are filed as part of this Current Report on Form 8-K.
NEXEON MEDSYSTEMS INC ExhibitEX-10.1 2 f8k120618ex10-1_nexeon.htm EMPLOYMENT AGREEMENT BETWEEN NEXEON MEDSYSTEMS INC AND WILLIAM ROSELLINI DATED DECEMBER 7,…To view the full exhibit click here
