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IMUC > SEC Filings for IMUC > Form 8-K on 16-Sep-2016All 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.

Immunocellular Therapeutics, Ltd. Executive Retention Bonus Plan

On September 13, 2016, the Board of Directors of the Company approved a Company Retention Bonus Plan (the "Retention Plan"), which provides for payment of a cash retention bonus to each employee, including executive officers of the Company, who continue employment with the Company through the earlier to occur of (i) March 31, 2017 or (ii) termination of employment by the Company other than for Cause or Good Reason, each as defined in the Retention Plan (the "Retention Date"). The Retention Plan is intended to help ensure the Company's continued operations. The Compensation Committee of the Company's Board of Directors will administer the Retention Plan.

Under the terms of the Retention Plan, each participant who is a continuing employee of the Company will be eligible to receive a cash bonus payable in a cash lump sum as of the close of business on the Retention Date. To obtain a bonus under the Retention Plan a participant must remain an employee through the applicable Retention Date. The table below sets forth the aggregate retention bonus for named executive officers under the Retention Plan assuming all terms and conditions are satisfied:

              Executive Officer             Retention Bonus Amount
              Andrew Gengos                $                110,000
              Anthony J. Gringeri, Ph.D.   $                 65,000
              Steven J. Swanson, Ph.D.     $                 45,000
              David Fractor                $                 25,000

Amendment to Employment Agreement-Principal Accounting Officer

On September 14, 2016, the Company entered into an amendment to the employment agreement with David Fractor, Vice President of Finance and Principal Accounting Officer, pursuant to which the term of severance previously described in the Form 8-K filed with the U.S. Securities and Exchange Commission on September 15, 2015 was extended by two additional months, to a total of six months, consistent with the term of severance for the other executive officers of the Company. The agreement with Mr. Fractor otherwise remains in full force and effect.

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