POLARITYTE, INC. (NASDAQ:COOL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 20, 2017, the Board of Directors of PolarityTE, Inc., a Delaware corporation (the “Company”), approved the appointment of Holly Kramen as Chief Compliance Officer and Privacy Officer of the Company. On November 22, 2017, the Company entered into an executive employment agreement (the “Agreement”), effective as of November 22, 2017, with Ms. Kramen,providing for her employment as Chief Compliance Officer and Privacy Officer of the Company for a term of one year which term shall be shall be automatically renewed for successive one year periods thereafter unless either party provides the other party with written notice of his or its intention not to renew the Agreement at least three months prior to the expiration of the initial term.
to the Agreement and in consideration for her services to the Company, Ms. Kramen received a signing bonus of $10,000 and will receive a base salary of $275,000 per annum in accordance with the Company’s regular payroll practices. For each fiscal year during the term of employment, Ms. Kramen shall be eligible to receive a bonus in the amount of 50% of annual salary, if any, as may be determined from time to time by the Board in its discretion and shall be eligible to participate in any equity-based incentive compensation plan or program adopted by the Company. Ms. Kramen also received an option award under the Company’s 2017 Equity Incentive Plan to purchase 100,000 shares of the Company’s common stock at an exercise price of $23.79 per share, which shall vest in 24 equal monthly installments over a two year period, beginning on the one month anniversary of the date of issuance.
Set forth below is the biographical information of Ms. Kramen, as required by Item 401 of Regulation S-K.
Holly Kramen is a seasoned compliance professional with a wealth of experience building and tailoring Legal and Compliance programs in companies of all sizes and unique needs. She has designed, led and implemented processes, policies, systems, training, auditing and monitoring for every aspect of corporate, commercial and medical affairs compliance. She has also built and performed legal counsel functions handling all aspects of life science contracting and commercialization as well as handling privacy functions. Immediately prior to joining the Company, Ms. Kramen spent 2 years leading the global compliance and privacy functions at Circassia Pharmaceuticals. In 2015, prior to Circassia Pharmaceuticals, she spent a year as a Principal at the law firm of Porzio Bromberg & Newman and concurrently Vice President at Porzio Life Sciences where she advised companies on compliance and commercial legal issues. From 2010 to 2014, Ms. Kramen was General Counsel, Americas and led the US Compliance program as well as the North and South America legal functions at Given Imaging (now Medtronic). Her other previous roles include Senior Director at Gilead Sciences leading US and international compliance, and key roles in commercial operations at Pfizer, Inc., where she created and co-authored the first pharmaceutical compliance manual and built the first US aggregate spend system. Additionally, Ms. Kramen has counseled numerous companies on compliance through her position as Director at PricewaterhouseCoopers LLP. Ms. Kramen received her Bachelor of Arts degree from Barnard College, and her Juris Doctor degree from Quinnipiac University.
The foregoing description of the Agreement included herein does not purport to be complete and is qualified in its entirety by reference to the complete text of the Agreement filed as Exhibit 10.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
POLARITYTE, INC. ExhibitEX-10.1 2 ex10-1.htm EXECUTIVE EMPLOYMENT AGREEMENT This EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of the [ ] day of [ ] 2017,…To view the full exhibit click here
About POLARITYTE, INC. (NASDAQ:COOL)
PolarityTE, Inc., formerly Majesco Entertainment Company, is a technology company. The Company has developed, marketed, published and distributed software through online platforms. The Company develops applications for gaming on computers, handheld devices and game consoles. The Company is the owner of patent applications and know-how related to regenerative medicine and tissue engineering, as well as software applications used in diagnosis and treatment related to regenerative medicine. It seeks to develop and obtain regulatory approval for technology that will utilize a patient’s own tissue substrates for the regeneration of skin, bone, muscle, cartilage, fat, blood vessels and nerves. Its PolarityTE platform simplifies regeneration and allows cells to function naturally. The platform can be applied across all cells, tissues and composite structures. Its platform induces cell and tissue polarity, and creates functional tissue that mirrors natural development in the human body.
