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VRML > SEC Filings for VRML > Form 8-K on 15-Aug-2014All Recent SEC Filings

Show all filings for VERMILLION, INC.



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.

Due to recent changes in the sales and marketing organization of Vermillion, Inc. (the "Company"), the position of Senior Vice President, Sales and Marketing and Chief Commercial Officer was eliminated. As a result, Marian Sacco, Senior Vice President, Sales and Marketing and Chief Commercial Officer, departed the Company effective August 12, 2014. In connection with Ms. Sacco's departure from the Company, Ms. Sacco will be entitled to accelerated vesting of 50% of the unvested options previously granted by the Company to Ms. Sacco, severance and certain benefits in accordance with her Employment Agreement with the Company, dated December 16, 2013 (the "Sacco Employment Agreement"), provided that Ms. Sacco signs and does not revoke a standard separation agreement releasing all claims against the Company, in a form reasonably satisfactory to the Company, does not breach any provision of the Sacco Employment Agreement, and continues to comply with the Proprietary Information and Inventions Agreement between Mr. Sacco and the Company.

Ms. Sacco's termination was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices.

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