SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 23, 2020
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
|(SEC File Number)|| |
1111 Main Street, Suite 660
|(Address of principal executive offices)||(Zip Code)|
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(Former name or former address, if changed since last report.)
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Emerging growth company ☐
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|Item 5.02|| |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective April 23, 2020, the Board of Directors (the Board) of CytoDyn Inc. (the Company) appointed Michael D. Mulholland, SVP-Finance and Executive Advisor to Chief Executive Officer Nader Z. Pourhassan, Ph.D. (the CEO), as Interim Chief Financial Officer (the CFO). Mr. Mulholland replaces former CFO, Craig S. Eastwood, who left the Company on April 23, 2020. There were no disagreements between the Company and Mr. Eastwood on any matter relating to the Companys operations, policies or practices which lead to his departure.
Mr. Eastwoods departure from the Company is considered a termination without cause under the terms of his employment agreement effective November 13, 2019. Pursuant to his employment agreement, Mr. Eastwood is entitled to receive a severance payment equal to twelve (12) months of his base salary (less applicable withholdings and authorized deductions) and vesting of all stock options and other awards he has under the Companys 2012 Equity Incentive, as amended, to the extent not already vested and (if applicable) exercisable, on his termination date.
Mr. Mulholland joined the Company in December 2012 and served as Chief Financial Officer, Treasurer and Corporate Secretary until November 2019, when he assumed the position of SVP-Finance and Executive Advisor to the CEO. Upon his appointment to Interim Chief Financial Officer, Mr. Mulhollands annual base salary was increased to $375,000.
There are no arrangements or understandings between Mr. Mulholland and any other persons pursuant to which he was selected as an officer and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|April 27, 2020||By:|
|Name: Michael D. Mulholland|
|Title: Interim Chief Financial Officer|