NovaBay Pharmaceuticals, Inc. (NYSEMKT:NBY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers

(e)On December 15, 2016, NovaBay Pharmaceuticals, Inc. (the
Company) and Dr. Ramin (Ron) Najafi, the Companys former
President and Chief Executive Officer, entered into an amendment
(the Amendment) to that certain Separation Agreement between the
parties, dated as of November 18, 2015 (the Separation
Agreement).

A description of the Separation Agreement was previously reported
to Item 5.02(e) of the Companys Current Report on Form 8-K filed
with the Securities and Exchange Commission on November 19, 2015,
and the information set forth in such Item 5.02(e) is
incorporated herein by reference. Under the original terms of the
Separation Agreement, the Company agreed to pay the remaining
$480,000 of the Executives separation payments on December 31,
2016. At the Companys option, such $480,000 separation amount may
consist of any of the following: (i) a grant of registered shares
of the Companys common stock, the total value of which will be
equivalent to $480,000 (the Grant) (with the stock price used to
determine the number of shares constituting the Grant being the
average closing price of the last five (5) business days before
the date of grant); (ii) a payment of $480,000 in cash; or (iii)
a combination of such stock grant and cash, equal in the
aggregate to $480,000 (any of such three options, the Payment).
to the Amendment, the parties have agreed to divide the Payment
into two equal installments (rather than a single payment due on
December 31, 2016), the first of which shall be paid and/or
granted on December 16, 2016, and the second of which shall be
paid and/or granted on January 15, 2017.

The foregoing description is qualified in its entirety by
reference to the actual Amendment, a copy of which is filed as
Exhibit10.1 to this Current Report on Form8-K and is incorporated
herein by reference.

Item 9.01.Financial Statements and Exhibits.

(d)Exhibits.

About NovaBay Pharmaceuticals, Inc. (NYSEMKT:NBY)

NovaBay Pharmaceuticals, Inc., formerly NovaCal Pharmaceuticals, Inc., is a biopharmaceutical company, which develops products for the eye care market. The Company focuses on commercializing prescription Avenova for managing hygiene of the eyelids and lashes in the United States. Avenova is an eye care product formulated with a form of hypochlorous acid called Neutrox. Its Avenova with Neutrox removes debris from the skin on the eyelids and lashes without burning or stinging. It develops additional products containing Neutrox, including its NeutroPhase Skin and Wound Cleanser for wound care and CelleRx for the dermatology market. Its Aganocide compounds, led by auriclosene (NVC-422), are synthetic molecules with activity against bacteria, viruses and fungi. The Company’s dermatology product includes CelleRx, a cleansing solution for post laser resurfacing, chemical peels and other cosmetic surgery procedures. Its wound care business includes the business of NeutroPhase product.

NovaBay Pharmaceuticals, Inc. (NYSEMKT:NBY) Recent Trading Information

NovaBay Pharmaceuticals, Inc. (NYSEMKT:NBY) closed its last trading session up +0.05 at 3.70 with 26,431 shares trading hands.