|Delayed - 08/07 04:00:00 pm|
AVID BIOSERVICES, INC. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)
|06/25/2020 | 05:21pm|
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
"Company"), announced that the Board of Directors ("Board") has appointed Mr.
as the Company's interim president and chief executive officer since
healthcare services industry with significant expertise in the contract
manufacturing of novel pharmaceutical products, having most recently served
Biomanufacturing. In this role, he oversaw the growth of Therapure's CDMO
business, while also leading the creation of Therapure's proprietary plasma
protein business, named Evolve. Prior to Therapure,
senior management roles, most notably managing director of
Inc.'s pharma division.
There are no family relationships between
executive officer of the Company.
person transaction (as defined in Item 404(a) of Regulation S-K) with the
Pursuant to his offer letter,
bonus plan for executive officers, with a target bonus percentage of up to one
hundred percent (100%) of his annual base salary (prorated for the current
fiscal year ending
performance goals and his attainment of individual goals, each as approved by
the Compensation Committee of the Board. In addition, effective on his start
75,000 shares of the Company's common stock at an exercise price equal to the
closing price of the Company's common stock on
restricted stock unit ("RSU") for 150,000 shares, both of which shall be awarded
from the Company's 2018 Omnibus Incentive Stock Plan. The stock option and RSU
each will vest in equal annual installments over a four (4) year period.
are currently, or may in the future be, offered by the Company from time to time
to its executive management employees, including accrued paid-time-off covering
vacation and sick time benefits.
The Company has agreed to provide
costs associated with his relocation to
will not be grossed up for federal or
such relocation, he will be required to return to the Company one hundred
percent (100%) of the relocation payment, or (ii) during months seven (7)
through twenty-four (24) following such relocation, he will be required to
return a pro-rata portion of the relocation payment. In addition, the Company
will pay for temporary accommodations in
car, each for up to a period of ninety (90) days while
In the event that
cause or by
defined in the Company's employment agreements with its executive officers),
months' base salary and continuation of benefits for a period of twelve (12)
months following such termination.
The Company and
providing for the above, as well as terms and conditions as are customary for
other executive officers of the Company.
(d) Also on
Restated Bylaws, adopted a resolution to increase the number of authorized
directors of the Company from six to seven directors and, following the
recommendation of the Corporate Governance Committee of the Board, adopted a
fill the vacancy created thereby.
The information contained in Item 5.02(c) of this Current Report regarding
The Corporate Governance Committee determined that
serve on the Board of Directors due to his global pharmaceutical and healthcare
services industry with significant expertise in the contract manufacturing of
novel pharmaceutical products.
There was no arrangement or understanding pursuant to which
Item 9.01 Financial Statements and Exhibits
(d) Exhibits. The following material is filed as an exhibit to this Current
Report on Form 8-K:
99.1 Press Release issued
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