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BIOC > SEC Filings for BIOC > Form 8-K on 1-Aug-2016All Recent SEC Filings

Show all filings for BIOCEPT INC

Form 8-K for BIOCEPT 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.

On July 29, 2016, the Compensation Committee of the Board of Directors (the "Compensation Committee") of Biocept, Inc. (the "Company") approved the following arrangement for Mark G. Foletta, the Company's former interim Chief Financial Officer:

Mr. Foletta will remain a full-time employee of the Company through August 31, 2016, and during such period will be entitled to receive a base salary of $25,000 per month.

Beginning September 1, 2016 through October 31, 2016, Mr. Foletta will serve as an independent contractor for the Company, and during such period will be entitled to an aggregate consulting fee of $16,000.

The Company will pay Mr. Foletta a pro-rated cash bonus for 2016 pursuant to the Company's annual cash incentive plan.

The Company will reimburse Mr. Foletta for the cost of COBRA coverage until December 31, 2016.

In addition, the Compensation Committee granted Mr. Foletta a stock option to purchase up to 25,000 shares of the Company's common stock pursuant to the Company's Amended and Restated 2013 Equity Incentive Plan (the "Option"), 100% of which will vest on October 31, 2016, subject to Mr. Foletta's continuous service to the Company through such date. The Option has an exercise price equal to $0.65, which was the closing price of the Company's common stock on the date of grant.

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