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CNDO > SEC Filings for CNDO > Form 8-K on 24-Apr-2013All Recent SEC Filings

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Change in Directors or Principal Officers, Financial Statements and Exhi

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

On April 22, 2013, our President, Dr. Bobby W. Sandage, Jr., resigned from his position as President and as a director of our company, effective immediately. Pursuant to an amended employment agreement, Dr. Sandage's earlier reported change of status from Chief Executive Officer to President entitled him to terminate his employment agreement for "good reason" (as defined in his employment agreement) at any time prior to June 28, 2013. With his resignation, we are obligated to pay Dr. Sandage his annual salary of $406,850 and his COBRA premiums for a twelve-month period. In addition, an aggregate of 100,000 options automatically vested in full, and he will have two years from his resignation to exercise these and all other previously vested options.

A copy of the press release regarding the above matters is attached hereto as Exhibit 99.1. The foregoing description of our obligations under Dr. Sandage's amended employment agreement is qualified in its entirety by reference to that agreement, a copy of which was filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2012.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

No. Description

99.1 Press release dated April 24, 2013.

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