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Subsequent Events
12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Note 11. Subsequent Events

Note 11. Subsequent Events

 

Management has reviewed material events subsequent of the period ended December 31, 2020 and prior to the filing of financial statements in accordance with FASB ASC 855 “Subsequent Events.”

  

On March 25, 2020, Mr. Alan L. Rubino, notified the Board of Directors of his decision to resign as the Company’s Chairman, President and Chief Executive Officer effective immediately due to his desire to retire from full-time employment. On March 26, 2021, the Board of Directors appointed Kaiyo Nedd, M.D. as the Company’s President and Chief Executive Officer and Mr. Harmel S. Rayat as the Company’s Chairman.

 

On March 26, 2020, Mr. Rubino and the Company entered into a Separation and Release of Claims Agreement (the “Separation Agreement”). Pursuant to the Separation Agreement, Mr. Rubino will provide transitional consulting and advisory services for a period of six months. As consideration for the entering into the Separation Agreement, Mr. Rubino will (i) receive an amount equal to his base salary through September 26, 2021 and (ii) the Company will provide health insurance coverage through June 30, 2021. Additionally, pursuant to the Separation Agreement, Mr. Rubino has forfeited his rights to any and all vested and unvested stock options.