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NVIV > SEC Filings for NVIV > Form 8-K on 17-Dec-2013All Recent SEC Filings




Change in Directors or Principal Officers

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 15, 2013, InVivo Therapeutics Holdings Corp. (the "Company") appointed Steven F. McAllister as Interim Chief Financial Officer of the Company, commencing December 31, 2013. Mr. McAllister, 55, most recently served as Vice President, Finance and Administration, for Biomet Spine and Bone Healing Technologies from 2007 to 2013. Prior to Biomet, Mr. McAllister served in several capacities, including Director of Finance, Worldwide Operations, for Depuy, Inc. from 1999 to 2007. Prior to Depuy, he worked in several capacities at Howmedica, Inc., a Pfizer subsidiary that was sold to Stryker Corp. in 1998.

In connection with his appointment, Mr. McAllister and the Company entered into an employment agreement pursuant to which Mr. McAllister agreed to serve as interim Chief Financial Officer, for a term commencing on December 31, 2013 and ending on April 30, 2014, which term may be extended upon mutual agreement of the Company and Mr. McAllister. In addition, the Company may choose to convert the role from an interim position to a permanent position.

Mr. McAllister will receive a salary at an annual rate of $260,000.
Mr. McAllister is eligible to receive benefits to the same extent as provided to other senior management employees, including medical and dental benefits. In addition, at the end of the agreement term, subject to his performance of specified objectives, Mr. McAllister will receive a cash bonus equal to 50% of his total salary due under the full term of the Agreement, except that he shall not be eligible to receive the bonus if (i) the Company terminates the employment agreement as a result of a material breach by Mr. McAllister or
(ii) Mr. McAllister terminates the employment agreement for any reason. If Mr. McAllister's employment is terminated prior to the end of its term (other than by the Company as a result of a material breach by Mr. McAllister or by Mr. McAllister for any reason), Mr. McAllister will receive a lump-sum payment equal to his remaining salary through the agreement term and the cash bonus, to the extent eligible.

If the Company chooses to convert the role from an interim position to a permanent position, then (i) the Company will grant Mr. McAllister an option to purchase 150,000 shares of the Company's common stock, (ii) all bonus payments made in 2015 and subsequent years will be determined based on the provisions of the bonus plan governing executive bonuses at that time, except that the target bonus will remain at 50% of annual salary, and (iii) Mr. McAllister's salary will be reviewed annually and will be adjusted upward (but not downward without his consent) no less frequently than annually.

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