Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Resignation of Chief Financial Officer
On September 21, 2021, Ernest R. De Paolantonio, the Chief Financial Officer of
Teligent, Inc. (the "Company"), notified the Company of his intent to resign.
Mr. De Paolantonio has agreed to provide transitional assistance through
September 29, 2021, the effective date of his resignation. Mr. De Paolantonio's
resignation from the Company was not due to any disagreement with the Company on
any matter relating to the Company's operations, financial statements, policies
or practices.
Appointment of Interim Chief Financial Officer
On September 23, 2021, the Company appointed Alyssa Lozynski, a Director at
Portage Point Partners, LLC, a business advisory and interim management firm
("Portage Point"), as the Company's Interim Chief Financial Officer to serve as
the Company's principal financial officer. Mrs. Lozynski will serve in this
position until her successor is appointed or until Mrs. Lozynski's earlier
resignation or removal.
Mrs. Lozynski, 31, has been associated with Portage Point since January 2020.
Prior to joining Portage Point, Mrs. Lozynski was in the Transaction Advisory
Group at Alvarez & Marsal where she provided financial and operational due
diligence support for private equity and strategic parties during the pre-close
diligence stages. Prior to joining Alvarez & Marsal in 2016, Mrs. Lozynski was
at Deloitte within the M&A Transaction Services Group. She has worked on over
100 transactions in the Distribution, Industrial, Chemical, Retail, Services,
Automotive, Life Sciences / Pharmaceutical, Aerospace & Defense and other
Consumer Product industries with enterprise values ranging from $50 million to
over $4 billion. Mrs. Lozynski received her Masters in Accounting and a Minor in
Finance from the Gies College of Business at the University of Illinois and is a
Certified Public Accountant.
Mrs. Lozynski's appointment as Interim Chief Financial Officer is in accordance
with an interim management services agreement with Portage Point, effective
September 23, 2021 (the "Agreement"), pursuant to which Portage Point will
provide a range of advisory and management services to the Company and be paid
fees based on specified hourly rates. The Company paid Portage Point a retainer
to be applied against fees and expenses and has agreed to indemnify Portage
Point and Mrs. Lozynski from and against specified claims, liabilities, losses,
expenses and damages. The Agreement has an indefinite term, but is subject to
termination upon either party's notice.
Appointment of Chief Accounting Officer
On September 23, 2021, the Company appointed Joseph Benesch to serve as its new
Principal Accounting Officer, effective immediately.
Mr. Benesch, 55, commenced employment with the Company in June 2021 as its Vice
President and Corporate Controller, and has more than 25 years of experience in
financial reporting, financial operations, business transactions strategy, and
all phases of the accounting and controls process. Prior to joining the Company,
Mr. Benesch was the Controller at Torrent, Inc. from November 2018 to June 2021,
served as a financial reporting consultant for the Pine Hill Group from November
2017 to November 2018, was the Corporate Controller at Adare Pharmaceuticals,
Inc. from April 2017 to November 2017, and served as Vice President Finance at
Edenbridge Pharmaceuticals, LLC from November 2015 to April 2017. Mr. Benesch
received his B.A. in Accounting from Wilkes University and is a Certified Public
Accountant.
There is no arrangement or understanding between Mr. Benesch and any other
person pursuant to which he was selected as an officer of the Company and there
are no family relationships between Mr. Benesch and any of Company's directors
or executive officers. There are no transactions to which the Company is a party
and in which Mr. Benesch has a direct or indirect material interest that are
required to be disclosed pursuant to applicable rules and regulations of the
SEC.
Resignation of Directors
On September 22, 2021, R. Carter Pate notified the Company of his intent to
resign as a director of the Company, effective September 24, 2021. On September
23, 2021, William R. Marth notified the Company of his intent to resign as a
director of the Company, effective immediately. Neither Mr. Pate nor Mr. Marth's
resignations from the Board of Directors (the "Board") of the Company were due
to any disagreement with the Company on any matter relating to the Company's
operations, financial statements, policies or practices.
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