UNS 0.00% 0.5¢ unilife corporation

UNIS Realigns Management Team, page-69

  1. TDA
    11,411 Posts.
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    Hey Naish, are you talking about the below? See the underlined copy at the end of statement??


    The Company and Mr. Shortall entered into a General Release effective as of the Effective Date (the “Shortall Agreement”) pursuant to which the Company agreed to pay to Mr. Shortall the following lump sum cash payments: (i) $420,000, which amount represents twelve months of severance pay at Mr. Shortall’s base salary as of March 11, 2016; (ii) $420,000 in full satisfaction of amounts otherwise owed pursuant to the Employment Agreement, effective as of October 1, 2011, between the Company and Mr. Shortall, as amended (the “Shortall Employment Agreement”); (iii) $420,000 in full satisfaction of any bonus to which Mr. Shortall may have been entitled to for 2015; (iv) $56,538.46 in respect of Mr. Shortall’s unused vacation time; (v) $20,264 as reimbursement for the relocation expenses that Mr. Shortall previously incurred in connection with his relocation to the King of Prussia, Pennsylvania area; and (vi) $130,000 as reimbursement for all reasonable relocation expenses incurred by Mr. Shortall and his family for repatriation to Australia. In addition, the Company agreed to pay $20,000 of the legal fees incurred by Mr. Shortall in connection with the Shortall Agreement and to pay for the cost of Mr. Shortall’s group health coverage under any Company benefit plan for twelve months in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). The cash payments set forth in (i)-(iv) and (vi) above will not be paid to Mr. Shortall as they will be offset in full by withholding obligations of the Company as a result of the vesting of restricted shares described below.

    Under the Shortall Agreement, 4,000,000 unvested restricted shares that were granted to Mr. Shortall by the Company pursuant to the Restricted Stock Agreement, dated November 14, 2014, became fully vested.
 
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Currently unlisted public company.

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