Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 27, 2021, Outlook Therapeutics, Inc. (the "Company") entered into an
Employment Agreement (the "Agreement") with Lawrence Kenyon, the Company's
Executive Vice President and Chief Financial Officer. The Agreement supersedes
Mr. Kenyon's prior Employment Agreement with the Company.
The Agreement provides for Mr. Kenyon's employment as Executive Vice President
and Chief Financial Officer of the Company for a term of twelve (12) months. Mr.
Kenyon will receive a base salary of $425,000, as well as a cash bonus for 2021
equal to 50% of his base salary, which shall be payable if the Company meets or
exceeds certain financial and other business milestone objectives as determined
and approved by the Board of Directors and the Chief Executive Officer of the
Company (the "Goal Achievement"). If (i) the Company terminates Mr. Kenyon's
employment without Cause (as defined in the Agreement), (ii) Mr. Kenyon
terminates his employment for Good Reason (as defined in the Agreement), (iii)
the term of the Agreement expires or (iv) Mr. Kenyon terminates his employment
following the Goal Achievement, Mr. Kenyon will be entitled to receive an amount
equal to 12 months of his base salary plus a bonus equal to 50% of his base
salary, as well as the acceleration of 50% of Mr. Kenyon's unvested equity
awards subject to time-based vesting requirements. In such case, Mr. Kenyon's
remaining unvested equity awards will continue to vest in accordance with the
applicable vesting schedule, but will not require continuous service for such
The foregoing description of the Agreement is not complete and is qualified in
its entirety by reference to the Employment Agreement, a copy of which is
attached as Exhibit 10.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits
Exhibit No. Description
10.1 Executive Employment Agreement by and between Lawrence Kenyon and
Outlook Therapeutics, Inc, dated July 27, 2021.
© Edgar Online, source Glimpses