Change in Directors or Principal Officers, Financial Statements and Ex
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Appointment of Chief Executive Officer
New York Global Innovations Inc., or the Company, has appointed Mr. Peter N. Payne, age 57, to serve as the Company's Chief Executive Officer, effective as of January 10, 2017.
For his services as Chief Executive Officer, Mr. Payne will receive an annual salary in the amount of $180,000. If, by December 31, 2017 (the "Investment Date"), the Company receives capital investments in the aggregate amount of at least $4,000,000, Mr. Payne's salary will increase to an annual rate of $300,000, and he shall receive a bonus of $10,000 for each month of employment prior to the Investment Date. Mr. Payne is also entitled to receive an annual bonus at the discretion of the Company's Board of Directors.
Mr. Payne was previously employed as founder and President of Gennaker Bio, LLC, a life sciences consulting firm, since January 2016, where he also served in the same capacity from July 2012 to October 2013. From November 2014 to January 2016, he served as Senior Vice President of Business Development & Corporate Strategy at Chimerix, Inc. (NASDAQ: CMRX). Prior to his time at Chimerix, Inc., starting in October 2013, Mr. Payne was Chief Executive Officer and Co-Founder of eXcelerate Research, Inc. From January 2011 to June 2012, Mr. Payne was employed as the Chief Business Officer and head of U.S. Operations for TcLand Expression, S.A.
There are no transactions in which Mr. Payne has an interest requiring disclosure under Item 404(a) of Regulation S-K.
The employment agreement, dated as of January 5, 2017 and entered into as of January 10, 2017, by and between the Company and Mr. Payne (the "Employment Agreement"), is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein. The foregoing is only a description of the material terms of the Employment Agreement and does not purport to be a complete description of the rights and obligations of the parties thereunder and is qualified in its entirety by reference to such exhibit.
