PLx Pharma Inc. (NASDAQ:PLXP) 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; Appointments of Certain Officers; Compensatory
Arrangements of Certain Officers.
On May 2, 2017, PLx Pharma Inc.(PLx)
announced the appointment of Rita M. OConnor as its new Chief
Financial Officer, effective as of July 1, 2017.
Ms. OConnor, 48, joins PLx from the Kent Place School, an
all-girls college preparatory school, where she has served as CFO
since 2013. Ms. OConnor served as CFO and Chief Information
Officer at Xanodyne Pharmaceuticals from 2009 to 2012, and as
Chief Financial Officer and Treasurer, from 2007 to 2008, of
Adams Respiratory Therapeutics, where she previously served as
Senior Vice President and Corporate Controller (20062007), Vice
President and Controller (20052006), and Executive Director,
Controller (20042005). Earlier in her career she held positions
of increasing responsibility during an eight-year tenure at
Schering-Plough Corporation, and began her career at Deloitte and
Touche. Ms. OConnor is a licensed certified public accountant and
earned her Bachelor of Science in Accounting from Rutgers
University. The PLx Board of Directors believes that Ms. OConnors
industry experience will enhance PLxs commercial operations as
well as its finance and accounting functions.
In connection with her appointment, Ms. OConnor and PLx entered
into an Employment Agreement, dated as of May 1, 2017 (the
Employment Agreement), which (i)will be
effective as of July 1, 2017, (ii) provides for a minimum base
salary subject to annual review as well as a discretionary annual
bonus, (iii)allows for the grant of equity awards to PLxs 2015
Omnibus Incentive Plan, and (iv) provides for customary severance
payments in the case of a termination without cause or
termination by Ms. OConnor for good reason. This description of
the Employment Agreement is qualified in its entirety by the text
of the Employment Agreement filed herewith.
Ms. OConnor succeeds David E. Jorden, who will step down from his
position as PLxs Acting Chief Financial Officer, his full
transition to be effective as of August 1, 2017. Mr. Jorden
served as a director of PLx from 2005 to 2016, and began serving
as PLxs Acting Chief Financial Officer in 2015.
In connection with his resignation, Mr. Jorden and PLx entered
into a Separation and Settlement Agreement and Release of All
Claims, dated as of May 1, 2017 (the Separation
Agreement) to which (i) Mr. Jorden agreed to
continue providing services to the Company through July 31, 2017
(the Separation Date), (ii) PLx agreed
to pay Mr. Jorden a monthly salary of $12,500 through the
Separation Date and monthly severance payments of $12,500 in each
of the twelve months following the Separation Date, as well as an
additional lump sum payment of $125,000 (subject to PLxs ability
to complete a Qualified Financing (as defined in the Separation
Agreement) prior to the Separation Date), and (iii) Mr. Jorden
agreed to a general release of all claims against PLx. This
description of the Separation Agreement is qualified in its
entirety by the text of the Separation Agreement filed herewith.
A copy of the press release announcing Ms. OConnors appointment
and Mr. Jordens departure is attached to this report as Exhibit
99.1 and is incorporated into this Item 5.02 by reference.
Item 9.01. Financial Statements and Exhibits
Executive Employment Agreement of Rita M. OConnor, dated May
Separation and Settlement Agreement and Release of All
Press Release dated May 2, 2017, announcing the appointment
About PLx Pharma Inc. (NASDAQ:PLXP)
PLx Pharma Inc., formerly Dipexium Pharmaceuticals, Inc., is a biopharmaceutical company. The Company is a late stage specialty pharmaceutical company focusing on commercializing its lead products: Aspertec 325 mg and Aspertec 81 mg (Aspertec). The Company’s products and technology includes PLxGuard delivery system, Aspertec 325 mg, PL1100/PL1200 Ibuprofen. PLxGuard delivery system uses surface acting lipids, such as phospholipids and free fatty acids, to modify the physiochemical properties of various drugs to selectively release these drugs to targeted portions of the GI tract. The Company’s lead product Aspertec 325 mg is a liquid-fill aspirin capsule for prevention of cardiovascular disease. Through PLxGuard delivery system the Company creates a lipid-based formulation of ibuprofen, PL1200 Ibuprofen Capsules, 200 mg. PLx Pharma Inc. (NASDAQ:PLXP) Recent Trading Information
PLx Pharma Inc. (NASDAQ:PLXP) closed its last trading session down -0.15 at 7.80 with 12,639 shares trading hands.