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| MIPI > SEC Filings for MIPI > Form 8-K on 4-Sep-2009 | All Recent SEC Filings |
4-Sep-2009
Entry into a Material Definitive Agreement, Financial Sta
Molecular Insight Pharmaceuticals, Inc. (the "Company") entered into a Severance Agreement (the "Severance Agreement") with Mr. Donald E. Wallroth, the Company's former Chief Financial Officer, in connection with his termination of employment with the Company. As previously reported in the Company's current report on Form 8-K filed with the Securities and Exchange Commission on August 5, 2009, Mr. Charles H. (Chuck) Abdalian, Jr. replaced Mr. Wallroth as the Company's new Chief Financial Officer. Mr. Wallroth resumed his full-time responsibilities as a Financial Leadership Partner at Tatum, LLC.
The Severance Agreement took effect on September 2, 2009, being the day after the expiration of a seven-day revocation period after the execution by Mr. Wallroth on August 25, 2009.
Pursuant to the terms of the Severance Agreement, in exchange for Mr. Wallroth's
obligations set forth therein, the Company agreed to pay to Mr. Wallroth as
severance a payment in the amount of his base salary for the twelve
(12) consecutive monthly periods following the termination day, less taxes and
applicable withholdings. Additionally, the Company agreed to accelerate certain
unvested stock options and extend the exercise period of such accelerated
options and of his other vested stock options.
Pursuant to the Severance Agreement, in exchange for the severance payments and other benefits provided therein, Mr. Wallroth agreed to release all claims against the Company and any affiliates and agreed to abide by the confidentiality, non-solicitation, and non-competition provisions set forth therein, among others.
The descriptions of the Severance Agreement is qualified in its entirety by the full text of the agreement, which is filed herewith as Exhibits 10.1 to this Current Report on Form 8-K.
(d) Exhibits. The following exhibit is furnished pursuant to Item 1.01:
10.1 Severance Agreement by and between Molecular Insight Pharmaceuticals, Inc. and Donald E. Wallroth, effective September 2, 2009.
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