Replies to post #538 on TetraLogic Pharmaceuticals Corp (TLOG)

[Lone Wolf]

On alert. Looks set to pull off an EBIO -like move. Forced to comb through recent filings / news. Seeing either the 'last gasp' before BK or a potential acquisition.

Could be wrong, but writing on the wall seems to suggest the latter may be likely here. You don't need a Consulting Agreement to help with any transition if you're winding down operations and just put the VP of Finance in charge. That Veep should be able to take over and manage a wind-down.

On April 5, 2016, Pete A. Meyers resigned as Chief Financial Officer and Treasurer of TetraLogic Pharmaceuticals Corporation (the “Company”), effective April 30, 2016.



In connection with his resignation, Mr. Meyers entered into a Consulting Agreement with the Company (the “Consulting Agreement”) for a term of seven months beginning May 2, 2016 (the “Effective Date”). Under the Consulting Agreement, Mr. Meyers has agreed to assist the Company with all third party business collaborations and relationships, which may include, but are not limited to, the sale, license or partnering of Company assets. Mr. Meyers will receive, as compensation, a one-time lump sum cash payment of $265,000, to be paid within 30 days of the Effective Date, and will be entitled to reimbursement of reasonable out-of-pocket travel expenses he incurs in connection with performing his services under the Consulting Agreement. Under the Consulting Agreement, Mr. Meyers agreed, for the term of the Consulting Agreement and two years thereafter, not to (i) interfere with any business or other third-party relations of the Company or (ii) contact any of the Company's personnel (whether employees or independent contractors) to offer such personnel employment. Mr. Meyers also agreed to release the Company and its predecessors, successors, subsidiaries and other affiliates, and its employees and agents, from all claims arising on or before the Effective Date.

Agreement term would be consistent with keeping negotiations 'intact' through a closing. Their lease is also about to expire so timing seems 'appropriate'...IMVHO of course! ;-)

On watch for a position Monday.

[Garagebux]

Oh another lovely gap to fill nice find see you Monday :)