Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Jim Alecxih ceased serving as Chief Commercial Officer of the Company effective
January 17, 2020 (the "Separation Date"). As previously announced, Mr. Alecxih's
departure from the Company is not the result of any issue, concern or
disagreement regarding the Company's operations, policies or practices of the
Company.
In connection with Mr. Alecxih's resignation and in consideration of his release
of claims against the Company, on January 14, 2020, the Company entered into a
severance agreement with Mr. Alecxih (the "Agreement"). Under the Agreement, Mr.
Alecxih will receive, among other benefits, cash payments equal to $564,452 and
continued medical insurance coverage pursuant to COBRA for the twelve-month
period following the separation date.
Mr. Alecxih will remain subject to the Company's Confidentiality, Inventions and
Non-Interference Agreement and will be subject to a confidentiality obligation,
non-disparagement and non-solicitation of employees, agents or consultants of
the Company for twelve months after the Separation Date.
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