Add
VXGN.OB to Portfolio
Set Alert
Email to a
Friend
| |||
|
|
Quotes & Info
|
| VXGN.OB > SEC Filings for VXGN.OB > Form 8-K on 28-Aug-2008 | All Recent SEC Filings |
28-Aug-2008
Results of Operations and Financial Condition, Change in Directors or Principal Office
On August 27, 2008, VaxGen, Inc. ("VaxGen" or the "Company") issued a press release titled "VaxGen Provides Financial Update Following the Filing of its 10-Q for Second Quarter with SEC; Results Include $8.5 Million Charge in Respect of Manufacturing Plant Asset Impairment."
The press release is attached as Exhibit 99.1 to this report and is incorporated herein by reference.
On August 25, 2008 the Board of Directors of VaxGen approved the termination of the employment of Piers Whitehead, the Company's Vice President, Corporate and Business Development, effective August 31, 2008. Consistent with his existing Amended and Restated Executive Employment Agreement dated September 12, 2006, as amended effective March 28, 2008, Mr. Whitehead will receive a lump sum payment in an amount equal to ninety-nine percent of his annual base salary, and accelerated vesting of all outstanding stock option awards. Consistent with the VaxGen, Inc. Employee Severance Benefit Plan, Mr. Whitehead will receive, together in a lump sum with his salary severance amount described above, two months of his current base salary, as well as Company payment of his COBRA premiums (including any covered dependents), if he elects continued group health care coverage under COBRA, for up to two months.
The Company's decision to terminate Mr. Whitehead's employment was in connection with a reduction-in-force, was unrelated to performance, and did not result from any dispute or disagreement with the Company on any matter relating to the Company's operations, policies or practices.
Exhibit
Number Description
99.1 Press release, dated August 27, 2008, entitled "VaxGen Provides
Financial Update Following the Filing of its 10-Q for Second Quarter
with SEC; Results Include $8.5 Million Charge in Respect of
Manufacturing Plant Asset Impairment"
|
|
|