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IMNP > SEC Filings for IMNP > Form 8-K on 13-Mar-2014All Recent SEC Filings




Entry into a Material Definitive Agreement, Change in Directors or Pri

Item 1.01 Entry into a Material Definitive Agreement.

On March 11, 2014, The Registrant entered into a Settlement Agreement and General Release (the "Agreement") with its former Chief Medical Officer, Dr. Stephane Allard. Pursuant to the Agreement, the Registrant will pay Dr. Allard
(i) an aggregate severance payment in the amount of $141,831, to be paid in six monthly installments beginning on March 1, 2014; (ii) aggregate expenses reimbursement of $1,609.22; (iii) an aggregate of $43,641.60 for accrued vacation time, to be paid in six monthly installments beginning on March 1, 2014; (iv) back salary of $11,819.25; and (v) COBRA payments (premium and co-pay) for Dr. Allard and his family for six months commencing February 1, 2014. The Registrant shall pay a 2.5% penalty for the late payment of any installment payment due and not settled within seven days. Such penalty will be compounded monthly until each late payment is paid in full. In the event that the Registrant fails to make any payments due for a period of 30 consecutive days, all remaining balances under the Agreement shall accelerate together with all penalties incurred.

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

On March 11, 2014, Dr. Allard's employment as the Registrant's Chief Medical Officer officially terminated.

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