TSXV:CLAS.H - Post by User
Post by
Montevialeon Jul 01, 2017 7:23am
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Post# 26426844
$240,000 payout for Salzman
$240,000 payout for Salzman I doubt we will ever know the real reason why he left, but under his watch the share price dropped dramatically. He won't be missed. His "resignation" will be a drain on cash flow, but time to turn the page.
Under Dr. Salzman's offer letter dated November 27, 2016, he was entitled to severance equal to 12 months' base salary if his employment was terminated without cause. In connection with arrangements entered into with Dr. Salzman pursuant to his resignation as a director and officer of the Company on June 21, 2017, Dr. Salzman agreed to forfeit all of his Options and the Company agreed to pay Dr. Salzman an amount estimated to be equal to the value of six months’ base salary plus all benefits to which Dr. Salzman may have been entitled to over that period, in the amount of approximately $240,000, to be paid in bi-weekly installments over a six month-period.