Ovid Therapeutics Inc.
08/02/2024 | Press release | Distributed by Public on 08/02/2024 15:23
Management Change/Compensation Form 8 K
Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 27, 2024, Ovid Therapeutics Inc. (the "Company") announced that Thomas Perone, the Company's former General Counsel, Chief Compliance Officer and Corporate Secretary, would be departing from the Company in those roles, effective as of July 11, 2024 (the "Separation Date") in connection with a workforce reduction. On July 30, 2024, the Company entered into a consulting services agreement with Mr. Perone (the "Consulting Agreement"), which establishes the terms of the consulting and transition arrangement with Mr. Perone that was previously disclosed. Pursuant to the Consulting Agreement, Mr. Perone will consult for the Company for a period of time to transition his duties. The Consulting Agreement is effective as of the Separation Date and shall continue until January 31, 2025, unless otherwise terminated earlier by either party (the "Consulting Period").
As consideration for the consulting services under the Consulting Agreement, Mr. Perone will be eligible to receive a monthly consulting fee payable for up to a total maximum of $55,000 over the course of the Consulting Period and his equity awards that were outstanding as of the Separation Date shall continue to vest during the Consulting Period. In addition, the Consulting Agreement provides for post-termination restrictive covenants, including non-solicitation restrictions that will continue until the one year anniversary following the termination of the Consulting Agreement.
The foregoing description of the Consulting Agreement is not complete and is qualified in its entirety by reference to the Consulting Agreement, which the Company intends to file as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending June 30, 2024.