UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Explanatory Note
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 30, 2020, Mr. Discordia and the Company entered into a Separation and Release Agreement (the “Separation Agreement”) related to Mr. Discordia’s resignation as Chief Operating Officer from the Company. Pursuant to the terms of the Separation Agreement, and the Employment Agreement by and between Mr. Discordia and the Company, dated April 11, 2020, Mr. Discordia and the Company agreed, among other things, that: (i) the Company will pay Mr. Discordia an aggregate amount of $400,000 for the twelve month period following the effective date of the Separation Agreement, payable in accordance with the Company’s regular payroll cycle; (ii) provided that Mr. Discordia completes and timely files all necessary COBRA election documentation, the Company will pay the full cost of Mr. Discordia’s COBRA premiums for 12 months after the effective date of the Separation Agreement; and (iii) the Company agrees to pay out Mr. Discordia’s accrued and unused vacation pay in an aggregate amount of approximately $7,250. The Separation Agreement further provides for general release, non-disparagement and cooperation provisions in favor of the Company. All benefits described above are subject to required tax withholding.
The foregoing descriptions of the Separation Agreement and the Employment Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the Separation Agreement, a copy of which is filed hereto as Exhibit 10.1 and is incorporated by reference herein, and the full text of the Employment Agreement previously fled as Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 11, 2020.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibit No. |
Description. | |
10.1 | Separation and Release Agreement between the Company and Robert Discordia, dated November 30, 2020. | ||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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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.
CORBUS PHARMACEUTICALS HOLDINGS, INC. | ||
Date: December 4, 2020 | By: | /s/ Yuval Cohen |
Name: | Yuval Cohen, Ph.D. | |
Title: | Chief Executive Officer |
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