VITALITY BIOPHARMA, INC. (OTCMKTS:VBIO) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
The information set forth under “Employment Agreements” in Item 5.02 of this Current Report on Form 8-K is incorporated herein by reference.
On September 24, 2020, the Board of Directors of Vitality Biopharma, Inc. (the “Company”) elected Dr. Brandon Zipp as Chief Science Officer.
Dr. Zipp, age 39, has served as Director of Research & Development of the Company since December 2012. Dr. Zipp received his Ph.D. in Biochemistry and Molecular Biology from the University of California at Davis in 2013.
Employment Agreements
In connection with Dr. Zipp’s appointment, and with the continued employment of Mr. Richard McKilligan, Chief Financial Officer and Counsel of the Company, the Company entered into employment agreements with Dr. Zipp and Mr. McKilligan, dated September 24, 2020 (the “Zipp Employment Agreement” and the “McKilligan Employment Agreement”, respectively, and together, the “Employment Agreements”). The Employment Agreements have initial terms ending September 24, 2021. Under the Zipp Employment Agreement, Dr. Zipp will receive an annualized base salary of $180,000 and in the event of a change of control, the Company shall pay to Dr. Zipp a bonus equal to 2.5% of the net proceeds of such change of control on the ending date of the first payroll period following the change of control. Under the McKilligan Employment Agreement, Mr. McKilligan will receive an annualized base salary of $180,000 and in the event of a change of control, the Company shall pay to Mr. McKilligan a bonus equal to 0.5% of the net proceeds of such change of control on the ending date of the first payroll period following the change of control.
The summaries of the Employment Agreements contained herein do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the Zipp Employment Agreement and the McKilligan Employment Agreement, copies of which are filed with this Current Report on Form 8-K as Exhibit 10.1 and 10.2, respectively, and are incorporated herein by reference.
On September 25, 2020, the Company announced that it has retained DelMorgan & Co., an investment banking firm, to advise the Company on its strategic alternatives, including potential financings, asset divestitures or strategic partnerships with the goal of maximizing shareholder value. A copy of the press release is furnished with this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
The information in this Item 8.01 and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
| 10.1 | Employment agreement between the Company and Dr. Brandon Zipp, dated September 24, 2020. |
| 10.2 | Employment agreement between the Company and Mr. Richard McKilligan, dated September 24, 2020. |
| 99.1 | Press Release issued by the Company on September 25, 2020, furnished herewith. |
Vitality Biopharma, Inc. Exhibit
EX-10.1 2 ex10-1.htm Exhibit 10.1 EXECUTIVE EMPLOYMENT AGREEMENT This Executive Employment Agreement (“Agreement”),…
To view the full exhibit click here
About VITALITY BIOPHARMA, INC. (OTCMKTS:VBIO)
Vitality Biopharma, Inc., formerly Stevia First Corp., is engaged in the development of cannabinoid prodrug pharmaceuticals. The Company unlocks the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. Its product pipeline includes cannabosides, VITA-100 and VITA-210. Cannabosides are cannabinoid glycoside prodrugs. VITA-100 is an oral cannabinoid formulation containing cannabosides that is being developed for treatment of inflammatory bowel disease, epilepsy, schizophrenia, and other disorders. VITA-210 is a cannabinoid glycoside prodrug being developed primarily for treatment of pain and muscle spasticity in multiple sclerosis and in rare white matter disorders. The Company’s facilities include laboratories and a manufacturing suite for good manufacturing practices (GMPs) production, which will be used for pharmaceutical-grade production of products to be tested in clinical trials.
