Proteon Therapeutics, Inc. (NASDAQ:PRTO) 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.
On December 20, 2019, the Company and George A. Eldridge, the Company’s Senior Vice President, Chief Financial Officer, Treasurer and Secretary, entered into a Separation Agreement (the “Separation Agreement”), which sets forth the terms of Mr. Eldridge’s separation from the Company effective as of the earlier of (a) the closing of the proposed merger of REM 1 Acquisition, Inc., the Company’s wholly-owned subsidiary, with and into ArTara Therapeutics, Inc. and (b) January 15, 2020. to the Separation Agreement, subject to Mr. Eldridge agreeing to a release of claims and complying with certain other continuing obligations contained in the Separation Agreement, the Company will pay Mr. Eldridge the following severance benefits: (i) payment of his accrued and unpaid salary and benefits, (ii) the severance payment due to Mr. Eldridge to Section 8(c) of that certain Amended and Restated Employment Agreement, dated as of October 1, 2014, by and between the Company and Mr. Eldridge, (iii) a one-time cash transaction bonus equal to $151,124 and (iv) payment in respect of COBRA premiums. In addition, under the terms of the Separation Agreement, Mr. Eldridge agreed to terminate and cancel all of his outstanding stock options previously granted by the Company.
The foregoing description of the terms and conditions of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Separation Agreement, which is filed as Exhibit 10.1 to this current report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| 10.1 | Separation Agreement, dated December 20, 2019, by and between Proteon Therapeutics, Inc. and George A. Eldridge |
PROTEON THERAPEUTICS INC Exhibit
EX-10.1 2 exh_101.htm EXHIBIT 10.1 Exhibit 10.1 December 20,…
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About Proteon Therapeutics, Inc. (NASDAQ:PRTO)
Proteon Therapeutics, Inc. is a late-stage biopharmaceutical company, which focuses on the development of pharmaceuticals to address the needs of patients with renal and vascular disease. The Company is involved in research and development activities. The Company’s product candidate, product candidate, vonapanitase, formerly PRT-201, is a recombinant human elastase that it is developing to manage vascular access failure in patients with chronic kidney disease undergoing or planning for hemodialysis, a lifesaving treatment that cannot be conducted without a functioning vascular access. The Company has completed Phase II trial of vonapanitase in patients undergoing creation of an arteriovenous fistula (AVF). The Company initiated the first of two Phase III trials, PATENCY-1, for vonapanitase in radiocephalic AVFs. Its vonapanitase product candidate is a recombinant human elastase under development as a treatment to prevent AVF and arteriovenous graft (AVG) patency loss.
