TELIGENT, INC. (NASDAQ:TLGT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On January 26, 2018, Teligent, Inc. (the “Company”) announced the appointment of Damian Finio as Chief Financial Officer of the Company, to be effective February 5, 2018.
Since November 2015, Mr. Finio has served as the Chief Financial Officer of Virtus Pharmaceuticals. From August 2014 through November 2015, Mr. Finio served as SVP Finance of Heritage Pharmaceuticals, Inc. From April 2013 through August 2014, he served as Founder and President of Mountain Run Advisors LLC. Prior to that, from April 2011 through April 2013, Mr. Finio served as Chief Financial Officer of West-Ward Pharmaceuticals. Mr. Finio holds a B.S. in Accounting from Penn State University and an MBA from the University of Delaware. Mr. Finio previously served as a member of the Board of Directors of the Company from April 1, 2014 through August 11, 2014.
The Company has entered into an employment agreement with Mr. Finio, dated January 2, 2018 (the “Employment Agreement”) in connection with his appointment as Chief Financial Officer. to the terms of the Employment Agreement, Mr. Finio is employed at will, and either the Company or Mr. Finio may terminate the employment relationship for any reason, at any time. The Employment Agreement provides that Mr. Finio is entitled to a $325,000 annual base salary, subject to annual review by the Company. He is also entitled to a one-time sign-on bonus of $100,000 in cash. Following the end of each calendar year, Mr. Finio is eligible to receive an annual bonus calculated as a percentage of his annual base salary. Mr. Finio’s target bonus percentage for the 2018 calendar year will be 40%. The Employment Agreement also includes the award under the Company’s 2016 Equity Incentive Plan of a one-time grant of (i) 30,000 restricted stock units and (ii) incentive stock options to purchase 125,000 shares of common stock, $0.01 par value per share, of the Company. The restricted stock units and options will vest according to the following schedule: one-third of the shares subject to such awards shall vest on each of the first, second and third anniversaries of the effective date of the Employment Agreement.
In the event that the Company terminates Mr. Finio’s employment without cause, Mr. Finio shall be entitled to (i) any unpaid base salary through the effective date of his termination, (ii) an amount per month equal to one-twelfth of Mr. Finio’s then adjusted base salary for a period of six months; (iii) an amount equal to Mr. Finio’s pro-rata portion of his annual bonus and (iv) the vesting of a pro-rata portion of the equity awards granted to Mr. Finio equal to the quotient of the number of months between the effective date of the Employment Agreement and the date of termination divided by 36. In the event that Mr. Finio’s employment is terminated by the Company for cause or due to Mr. Finio’s death, disability or resignation, then the Company shall have no further obligation to Mr. Finio other than for any unpaid base salary through the date of termination. The Employment Agreement also contains certain standard provisions regarding confidentiality, assignment of intellectual property and non-solicitation.
The foregoing summary of the Employment Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Employment Agreement, which is attached as Exhibit10.1 hereto and incorporated herein by reference.
Mr. Finio has no family relationships with any of the executive officers or directors of the Company. Except for the Employment Agreement, there are no arrangements or understandings between Mr. Finio and any other person to which he was elected as an officer of the Company. The Company is not aware of any transactions in which Mr. Finio has an interest that would require disclosure under Item 404(a) of Regulation S-K.
The Company’s current Chief Financial Officer, Jenniffer Collins, has notified the Company of her intent to resign to pursue other interests. Ms. Collins is expected to continue in her current role until February 2, 2018 and to provide transitional assistance through May 2018. The Company intends to enter into a separation agreement with Ms. Collins prior to her departure. The Company has issued a press release announcing Mr. Finio’s appointment and Ms. Collins’s resignation, a copy of which is attached as Exhibit 99.1 hereto and is incorporated by reference herein.
|Item 9.01.||Financial Statements and Exhibits.|
Teligent, Inc. ExhibitEX-10.1 2 tv484055_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 EMPLOYMENT AGREEMENT THIS EMPLOYMENT AGREEMENT (the “Agreement”),…To view the full exhibit click
About TELIGENT, INC. (NASDAQ:TLGT)
Teligent, Inc., formerly IGI Laboratories, Inc., is a specialty generic pharmaceutical company. The Company markets and sells generic injectable pharmaceutical products under its own label in the United States and Canada. It provides development, formulation and manufacturing services to the pharmaceutical, over-the-counter (OTC) and cosmetic industries. It has two platforms: developing, manufacturing and marketing a portfolio of generic pharmaceutical products under its own label in topical, injectable, complex and ophthalmic dosage forms, and managing its current contract manufacturing and formulation services business. Its pipeline includes over 30 Abbreviated New Drug Applications filed with the United States Food and Drug Administration for additional pharmaceutical products. It holds additional over 40 product candidates at various stages of its development pipeline, 10 of which are on stability testing.