ROCKWELL MEDICAL,INC. (NASDAQ:RMTI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On July30, 2018, Rockwell Medical,Inc., a Michigan corporation (the “Company”), and Robert L. Chioini (“Chioini”), Thomas E. Klema (“Klema”), Patrick J. Bagley (“Bagley”) and Ronald D. Boyd (“Boyd”), agreed to a confidential settlement term sheet (the “Settlement Term Sheet”). The Settlement Term Sheet memorializes the parties’ settlement around the termination of, and litigation involving, Chioini and Klema. The Settlement Term Sheet provided, among other things, that:
· The Company will pay Chioini, Klema, Bagley and Boyd $1.5 million, with $500,000 paid on execution of a definitive settlement agreement and the remainder paid over a one-year period, beginning on May24, 2018, in equal monthly installments. The Company will also pay Boyd an additional $30,000 upon execution of a definitive settlement agreement.