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Biotech / Medical : Neptune Technologies & Bioressources Inc. - NTB.V
NEPT 0.200-45.9%Mar 6 3:00 PM EDT

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From: Sultan11/18/2021 9:19:51 PM
   of 902
 
Interesting tidbit from their last sedar.com filing.. Not sure what may be up in terms of a strategic partnership.. Only six weeks to the deadline so we should find out soon enough... Just hope, it is not something that is going to bite the shareholders..

On November 14, 2021, the Company and Mr. Cammarata entered into an agreement pursuant to which Mr. Cammarata’s existing employment agreement was amended to waive the Company’s obligation to procure additional directors and officers insurance coverage of up to $15 million for the period covering July 1,2021 to July 31,2022. The parties agreed that if the Company successfully completes a strategic partnership which is currently pursuing prior to December 31, 2021, Mr. Cammarata will be entitled to approximately $8.8 million (US$6.9 million) in cash and will be granted fully vested options to purchase 8.5 million shares of the Company’s common shares, with an expiration date 120 days after the date of grant. If the strategic partnership is not consummated by December 31, 2021, Mr. Cammarata will be entitled to a grant of vested RSUs with a value of approximately $8.8 million (US$6.9 million) (or if the Company is unable to grant such RSUs, then a combination of cash and vested RSUs with equivalent value). There can be no assurance that the Company will be successful in consummating the proposed strategic partnership or as to the terms of any such transaction. The Corporation has accrued $2.1 million as at September 30, 2021 in selling general and administrative expenses.
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