QUOTIENT LIMITED (NASDAQ:QTNT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02. Departure of Directors or Principal Officers; Election
of Directors; Appointment of Principal Officer.
As previously reported by Form 8-K filed November8, 2016 by
Quotient Limited (the Company), on November2, 2016 (the
Separation Date), the Company and its Chief Financial Officer,
Stephen Unger, mutually agreed that Mr.Unger would leave the
Company to pursue other career opportunities.
On November9, 2016 and effective as of the Separation Date, the
Company and Mr.Unger entered into a Separation and Release
Agreement (the Separation Agreement).
to the Separation Agreement, and consistent with the terms of
Mr.Ungers employment agreement with the Company, the Company will
pay Mr.Unger a lump-sum of $325,000 (equal to Mr.Ungers annual
base salary) and provide him with 12 months of continued
participation in the Companys medical and life insurance plans.
In addition, to the Separation Agreement, notwithstanding the
termination of his employment, certain of the unvested options to
purchase ordinary shares held by Mr.Unger will vest as follows on
the following dates:
22,400 on March4, 2017;
16,933 on April29,
2017;
7,500 on May20,
2017; and
5,000 on June1,
2017.
The Separation
Agreement further provides that Mr.Unger may exercise the vested
options held by him until November2, 2017, after which any
unexercised options will be forfeited. Finally, Mr.Unger will
forfeit 17,500 unvested options and 37,500 multi-year restricted
share units.
The foregoing
payments and benefits are subject to Mr.Ungers continued
compliance with a one-year non-competition covenant and a
two-year non-solicitation covenant applicable to employees,
customers and suppliers of the Company and its subsidiaries and
affiliates.
The above summary
description of the Separation Agreement is qualified in its
entirety by reference to the full text of the Separation
Agreement, a copy of which is attached as Exhibit 10.1
hereto.
Item9.01
Financial Statements and Exhibits
(d) |
Exhibits |
10.1 |
Separation and Release Agreement between Stephen Unger and Quotient Limited, dated November9, 2016. |
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