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GNVC > SEC Filings for GNVC > Form 8-K on 28-Jun-2013All Recent SEC Filings

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Form 8-K for GENVEC INC


Costs Associated with Exit or Disposal Activities

Item 2.05 Costs Associated with Exit or Disposal Activities.

On June 28, 2013, GenVec, Inc. (the "Company") announced that it is terminating the employment of 30 of its remaining 41 employees. The termination of the positions was pursuant to a course of action committed to on June 25, 2013, and is expected to be completed effective June 30, 2013.

The Company estimates that approximately $311,785 of expenses will be incurred in the second quarter due to the position eliminations, which will result in cash expenditures of that amount in the third quarter.

Forward-Looking Statements

The statements above about the timing of the reduction in workforce and amounts to be incurred, among other statements, are forward-looking statements and are subject to a number of assumptions. Actual results and experience may differ materially as a result of various important factors, including the factors and risks described in the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2012, and subsequent Forms 10-Q and Forms 8-K. The Company may incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, this reduction in workforce.

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