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Posted On: 01/28/2022 1:46:28 PM
Post# of 148900
Re: HHIGambler #116647
The 11/27/22 8-K says
He was "deemed to resign," so according to the contract, section 4.3a:
My read is that the board asked him to resign and sped it up, and so by this acceleration it appears to be "not" "termination by the Company without Cause," or in other words, the opposite, Termination with Cause, despite the resignation. So, no golden parachute, just whatever he was due (salary until that time, vacation day cashout, unpaid reimbursements) when he was terminated.
But these lawyers always make things complicated!
Quote:
(b) On January 24, 2022, the Board of Directors (the “Board”) of CytoDyn Inc. (the “Company”) terminated the employment of the Company’s President and Chief Executive Officer, Nader Z. Pourhassan, Ph.D., and removed him as an officer of the Company. Under the terms of his employment agreement, Dr. Pourhassan was also deemed to resign, without any further action or notice, from all positions held with the Company and its subsidiaries, including, without limitation, as a member of the Board.
He was "deemed to resign," so according to the contract, section 4.3a:
Quote:
(a) The Company may terminate the Executive’s employment hereunder at any time for Cause upon written notice to the Executive. The Executive may voluntarily terminate the Executive’s employment hereunder at any time for any reason or no reason as well, but is requested to provide ninety (90) days’ prior written notice to the Company, if possible; provided, however, the Company reserves the right, upon written notice to the Executive, to accept the Executive’s notice of resignation and to accelerate such notice and make the Executive’s resignation effective immediately, or on such other date prior to the Executive’s intended last day of work as the Company deems appropriate. It is understood and agreed that the Company’s election to accelerate the Executive’s notice of resignation shall not be deemed a termination by the Company without Cause for purposes of Section 4.1 or 4.2 of this Agreement or otherwise or constitute Good Reason for purposes of Section 4.2 of this Agreement or otherwise.
My read is that the board asked him to resign and sped it up, and so by this acceleration it appears to be "not" "termination by the Company without Cause," or in other words, the opposite, Termination with Cause, despite the resignation. So, no golden parachute, just whatever he was due (salary until that time, vacation day cashout, unpaid reimbursements) when he was terminated.
But these lawyers always make things complicated!
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