TELIGENT, INC. (NASDAQ:TLGT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
entered into an employment agreement with Martin Wilson, to which
Mr. Wilson will serve as the Companys new General Counsel.
receive an annual salary of $300,000. Mr. Wilson will also be
eligible to receive an annual performance bonus for each calendar
year during the term of his employment, which may be payable in
the form of cash, stock options and/or restricted stock. Mr.
Wilsons target bonus will be equal to 40% of his base salary for
the applicable fiscal year. All performance targets to such plan
shall be determined by the Companys Organization and Compensation
Committee. In addition, Mr. Wilson will be entitled to
participate in certain of the Companys benefit programs on the
same terms and conditions generally provided by the Company to
its executive employees.
receive an equity grant to the Companys 2016 Equity Incentive
Plan consisting of 15,000 restricted stock units and options to
purchase up to 40,000 shares of the Companys common stock at a
strike price determined on the first day of his employment and
equal to $8.15, the fair market value of the Companys common
stock April 25, 2017. The shares subject to the Restricted Stock
Unit award and the stock option award shall become fully vested
over a period of three years, with one-third of such shares
vesting on each of the first, second and third anniversaries of
the effective date of the award.
set forth in his employment agreement, including confidentiality,
non-solicitation and non-competition. Mr. Wilsons employment
agreement further provides for payments upon certain types of
employment termination events as further set forth in his
employment agreement.
Wilson is qualified in its entirety by reference to the full text
of his employment agreement, a copy of which is attached as
Exhibit 10.1 to this Current Report on Form 8-K and incorporated
herein by reference. The Form of Stock Option Award Agreement
under the Teligent, Inc. 2016 Equity Incentive Plan is filed as
Exhibit 10.2 and incorporated herein by reference. The Form of
Restricted Stock Unit Award Agreement under the Teligent, Inc.
2016 Equity Incentive Plan is filed as Exhibit 10.3 and
incorporated herein by reference
of Mr. Wilson as its General Counsel. The full text of the press
release is filed as Exhibit 99.1 to this Current Report on Form
8-K.
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Exhibit
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Number
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Description
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10.1
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Employment Agreement, effective April 25, 2017, between
Teligent, Inc. and Martin Wilson. |
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10.2
10.3
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Form of Stock Option Award Agreement under the
Teligent, Inc. 2016 Equity Incentive Plan.
Form of Restricted Stock Unit Award Agreement under the
Teligent, Inc. 2016 Equity Incentive Plan. |
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99.1
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Press Release of Teligent, Inc. dated April 25, 2017.
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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. TELIGENT, INC. (NASDAQ:TLGT) Recent Trading Information
TELIGENT, INC. (NASDAQ:TLGT) closed its last trading session up +0.16 at 8.15 with 307,531 shares trading hands.
