Tyme Technologies, Inc. (OTCMKTS:TYMI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
Mr.Jonathan Eckard, PhD
Tyme Technologies, Inc. (the “Company”) entered into an employment agreement with Mr.Jonathan Eckard, age 43, to which he will become Chief Science Officer of the Company (the “Eckard Employment Agreement”). Mr.Eckard will report to the Chief Executive Officer and the Audit Committee of the Board of Directors of the Company (the “Board”).
Mr.Eckard is currently Chief Business and Strategy Officer of SELLAS Life Sciences, Ltd., a Bermuda-based late-stage biopharmaceutical company focused on the development of novel cancer immunotherapies and therapeutics (“SELLAS”). Prior to his employment at SELLAS, Mr.Eckard worked at Barclays plc from March 2015 to October 2016, where he was a director and senior biotechnology analyst. Prior to that, Mr.Eckard covered small- and mid-cap companies in the biotechnology and specialty pharmaceutical sectors as an equity research analyst at Citigroup Inc. from July 2012 to March 2015, Leerink Partners LLC from April 2007 to June 2012 and HSBC Holdings plc from July 2005 to February 2007. Mr.Eckard has received multiple accolades over the course of his career, including Institutional Investor’s “Best Up-and-Comer” and “Rising Star.”
Prior to Mr.Eckard’s career in finance, Mr.Eckard conducted oncology research and taught at The New York University School of Medicine (“NYU Med”). Mr.Eckard earned his PhD in toxicology and carcinogenesis in 2005 and a master’s degree in toxicology in 2000 from NYU Med and a bachelor of science in biochemistry from Ohio University in 1996.
Eckard Employment Agreement
The Eckard Employment Agreement provides for an annual salary of $200,000 and a term scheduled to expire on the one-year anniversary of the effective date of the Eckard Employment Agreement unless earlier terminated. Following completion of a qualified offering by the Company, as such term is defined in the Eckard Employment Agreement, Mr.Eckard will become entitled to a bonus equal to $155,000 multiplied by the number of years that he has been employed by the Company on the date of the qualified offering, and thereafter, Mr.Eckard’s annual salary would increase to $355,000.
The Eckard Employment Agreement (i)could renew for an additional one-year term unless timely notice of nonrenewal is given or the Eckard Employment Agreement is earlier terminated, (ii)provides for severance, in the event of termination by the Company without cause (as defined in the Eckard Employment Agreement), equal to six months’ salary (as in effect at the time of termination) and immediate vesting of 112,500 options for Company common stock and (iii)contemplates the establishment of a performance bonus opportunity based upon the achievement of performance criteria and goals approved by the Board and conditioned on Mr.Eckard’s continued employment by the Company. The Board plans to establish a performance bonus plan during the Company’s fiscal year ending March31, 2018.
to the Eckard Employment Agreement, the Board granted to Mr.Eckard options to purchase up to 500,000 shares of the Company’s common stock at a per-share exercise price of $4.31 (collectively, the “Options”). 50,000 of the Options vested upon execution of the Eckard Employment Agreement. The balance of the Options is scheduled to vest over a four-year term in equal annual installments beginning on the one-year anniversary of the Options’ grant date, conditioned on Mr.Eckard’s continued employment by the Company on the applicable vesting date.
The Eckard Employment Agreement provides that, in connection with a public offering of shares of Company common stock, Mr.Eckard will be subject to an underwriter lockup for such period of time, not to exceed 180 days, as the Company or its underwriters may specify.
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.
