Form 8-K for LION BIOTECHNOLOGIES, INC.
Change in Directors or Principal Officers, Financial Statements and Ex
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.On August 21, 2014, Lion Biotechnologies Inc. (the “Company”) entered into an employment agreement with Elma Hawkins Ph.D. (the “Employment Agreement”) pursuant to which Dr. Hawkins agreed to serve as the Company’s President and Chief Operating Officer. On December 12, 2014, the Company appointed Dr. Hawkins as our Chief Executive Officer in addition to her office as President, effective January 1, 2015. In consideration of agreeing to serve as Chief Executive Officer, Dr. Hawkins’ salary was increased and she was granted additional stock options. Dr. Hawkins’ appointment as the Chief Executive Officer, including her increased salary and the grant of additional stock options, were reported in a Form 8-K filed on December 15, 2014. However, the Employment Agreement was not, at that time, amended to reflect the foregoing appointment or the revised terms of employment.
On April 14, 2015, the Company and Dr. Hawkins entered into Amendment No. 1 to the Employment Agreement (the “Amendment”) to document the previously reported appointment as the Company’s Chief Executive Officer and revised compensation arrangements. In addition, the Amendment also increased the amount of severance that Dr. Hawkins is entitled to receive in the event that (i) the Company terminates the Employment Agreement without cause or (ii) her employment is terminated in connection with a change of control. The Amendment amended Section 6.2 of the Employment Agreement to change the definition of “Severance Payment” from an amount equal to six months of Dr. Hawkins’ then base salary to an amount equal to 12 months of Dr. Hawkins’ then base salary.
Exhibit No. Description 10.1 Amendment No. 1 to Executive Employment Agreement, dated April 14, 2015, by and among Lion Biotechnologies, Inc. and Dr. Elma Hawkins.