First Choice Healthcare Solutions Inc (FCHS)

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FCHS files 8K - Romandetti OUT!

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


(b) On December 28, 2018, the Company’s Board of Directors notified Chris Romandetti, Sr., the Company’s President and CEO who has been on administrative leave since November 15, 2018, of the termination, effective December 28, 2018, of his March 20, 2014 Employment Agreement with the Company and his employment thereunder for Cause, as defined thereunder, due to material, gross and willful misconduct in connection with his employment duties under the Employment Agreement demonstrated by his actions that provided a basis for a grand jury indictment against him and a Securities and Exchange Commission lawsuit against him.

Mr. Romandetti will only receive accrued but unpaid compensation and vacation pay through the December 28, 2018 date of termination of his Employment Agreement. All options, whether or not vested, held by Mr. Romandetti will immediately expire and all shares of restricted stock for which restrictions have not lapsed will be forfeited effective as of the December 28, 2018 date of termination.