TEARLAB CORPORATION (NASDAQ:TEAR) 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 Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
On February 23, 2018, Mr. Wes Brazell announced his intention to resign from his position as Chief Financial Officer of Tearlab Corporation (the “Company”), effective March 30, 2018. Mr. Brazell resigned in order to pursue another professional opportunity, and his resignation was not the result of any disagreement with the Company or the Company’s Board of Directors relating to the Company’s operations, policies or practices including its controls or financial related matters. On February 26, 2018, the Board of Directors of the Company appointed Michael Marquez, the Company’s current Senior Director of Finance, as interim Chief Financial Officer, effective March 30, 2018.
Mr. Marquez, 36, began his career with Price Waterhouse Coopers serving tax and audit clients in the insurance and manufacturing sectors. From 2008 through September 2015, he worked at Alcon Laboratories in progressively challenging finance positions including, commercial operations, strategic planning, and global financial planning and analysis. In September 2015, Mr. Marquez joined the Company as Director of Financial Planning and Analysis and has most recently served as the Company’s Senior Director of Finance. With his proven track record of driving value in financial management, depth of financial experience and in-depth understanding of ophthalmology, the Company believes that Mr. Marquez is ideally suited to serve in this role. Mr. Marquez is a Certified Public Accountant, holds a Bachelors of Business Administration degree in Accounting from The University of Texas at Austin and a Masters of Science degree in Accounting from the University of Texas at Arlington.
Mr. Marquez has no family relationships with any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer of the Company. There is no arrangement or understanding between Mr. Marquez or any other person to which Mr. Marquez was selected as an officer. Mr. Marquez has no direct or indirect interest in any transaction required to be disclosed to Item 404(a) of Regulation S-K promulgated under the Securities and Exchange Act of 1934, as amended, nor are any such transactions currently proposed.
Mr. Marquez will be paid an annual base salary of $190,000 and will be eligible for an annual discretionary bonus of 25% of his annual base salary. If Mr. Marquez’s employment is terminated by the Company at any time without cause (other than for death or disability) or Mr. Marquez resigns due to a material adverse change in the terms and conditions of his employment within six (6) months of a Change in Control, then subject to a cure period and his timely execution of a release of claims, Mr. Marquez will be entitled to receive: (i) a lump sum payment equal to his then-current annual base salary plus the average of the bonus paid to him in the two (2) years preceding the year of termination.
About TEARLAB CORPORATION (NASDAQ:TEAR)
TearLab Corporation is an in-vitro diagnostic company. The Company has commercialized a tear testing platform, the TearLab Osmolarity System, which enables eye care practitioners to test for sensitive and specific biomarkers using nanoliters of tear film at the point-of-care. The Company, through its subsidiary TearLab Research, Inc., develops technologies to enable eye care practitioners to test a range of biomarkers (chemistries, metabolites, genes and proteins) at the point-of-care. Its product, the TearLab Osmolarity System, enables the measurement of tear osmolarity in the doctor’s office. The TearLab Osmolarity System consists of approximately three components: the TearLab disposable, the TearLab Pen, and the TearLab Reader. The TearLab disposable is a single-use microfluidic microchip. The TearLab Pen is a hand-held device that interfaces with the TearLab disposable. The TearLab Reader is a small desktop unit that allows for the docking of the TearLab Pen.