UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
Current Report
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Securities
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On August 12, 2021, NeuBase Therapeutics, Inc. (the “Company”) reported pursuant to a Current Report on Form 8-K that Sam Backenroth had notified the Company of his intent to resign from the Company, effective September 30, 2021.
Mr. Backenroth and the Company entered into a Separation Agreement and General Release, dated September 30, 2021 (the “Separation Agreement”), pursuant to which Mr. Backenroth is entitled to (i) the continuation of Mr. Backenroth’s current monthly base salary of $31,750 for a period of six months, (ii) immediate vesting of Mr. Backenroth’s stock option grant dated July 12, 2019 covering 772,923 shares of Company common stock, and (iii) an extension of Mr. Backenroth’s post-termination exercise period of his outstanding stock options that are vested as of Mr. Backenroth’s last date of employment to March 31, 2024.
The Separation Agreement includes a customary release of claims by Mr. Backenroth in favor of the Company and its affiliates, as well as a provision limiting the number of shares of the Company’s common stock that may be sold by Mr. Backenroth on a daily basis through June 30, 2024, unless authorized by the Company.
The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement filed as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Separation Agreement and General Release, dated September 30, 2021, by and between Sam Backenroth and NeuBase Therapeutics, Inc. | |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NEUBASE THERAPEUTICS, INC. (Registrant) | ||
| Date: September 30, 2021 | By: | /s/ Dr. Dietrich A. Stephan |
| Dr. Dietrich A. Stephan | ||
| President and Chief Executive Officer | ||