Tyme Technologies, Inc. (OTCMKTS:TYMI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
The Company entered into a letter agreement with Ben R. Taylor, age 39, to which he will become President and Chief Financial Officer of the Company effective April 3, 2017 (the “Employment Agreement”). Prior to joining the Company, Mr. Taylor was a Managing Director and Head of Commercial Pharmaceuticals in the Investment Banking Division of Barclays Capital Inc. from February 2016 to March 2017. From July 2006 to February 2016, Mr. Taylor worked in the Investment Banking Division of Goldman, Sachs & Co. in positions of increasing responsibility, including Head of Emerging Pharmaceuticals from August 2013 to February 2016 and Co-Head of Chinese and Southeast Asian Healthcare from January 2012 to July 2013.
Mr. Taylor has extensive experience in pharmaceutical business models and financing and strategic transactions, with a focus on developmental and midcap biopharma. Mr. Taylor will report to the Chief Executive Officer and the Audit Committee of the Board of Directors of the Company (the “Board”).
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
(c)
Item 1.01 is hereby incorporated by reference into this Item 5.02(c).
(e)
Item 1.01 is hereby incorporated by reference into this Item 5.02(e).
Mr. Taylor’s Employment Agreement, provides for an annual salary of $450,000 and a term which is scheduled to expire on the one-year anniversary of the effective date of the Employment Agreement unless earlier terminated. The Employment Agreement (i) could renew for an additional one-year period unless timely notice of nonrenewal is given or the Employment Agreement is earlier terminated, (ii) provides for severance benefits equal to six months of salary in the event of termination by the Company without “cause” or by the executive for “good reason” (as such terms are defined in the Employment Agreement) and (iii)contemplates the establishment of a performance bonus opportunity based upon the achievement of performance criteria and goals approved by the Board. The Board plans to establish a performance bonus plan during the first or second quarter of the Company’s fiscal year ending March 31, 2018. to the Employment Agreement, the Board will grant to Mr. Taylor an option to purchase up to 1,500,000 shares of the Company’s common stock at a per share exercise price based on a trailing average closing price of the Company’s common stock. The options are scheduled to vest over a four-year term in equal installments beginning on the one-year anniversary of the grant date of the option.
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About Tyme Technologies, Inc. (OTCMKTS:TYMI)
Tyme Technologies, Inc., formerly Global Group Enterprises Corp., conducts majority of its research and development activities and other business operations, through its subsidiary, Tyme Inc. (Tyme). Tyme is a clinical-stage biopharmaceutical company. Tyme is focused on the development and commercialization of highly targeted cancer therapeutics with a range of oncology indications. The Company’s another subsidiary, Luminant Biosciences, LLC, conducts the initial research and development of the Company’s therapeutic platform. The Company is formulating its regulatory and drug development program for its lead drug candidate, SM-88, and working towards the initiation of its Phase II clinical trial. The Company is also evaluating the expansion of its Phase II program to other types of cancer. The Company has not generated any revenue. Tyme Technologies, Inc. (OTCMKTS:TYMI) Recent Trading Information
Tyme Technologies, Inc. (OTCMKTS:TYMI) closed its last trading session up +0.05 at 2.80 with 2,200 shares trading hands.