Form 8-K for PEAK PHARMACEUTICALS, INC.
Change in Directors or Principal Officers, Financial Statements and Ex
On January 30, 2015, Peak Pharmaceuticals, Inc., a Nevada corporation (the “Registrant”), entered into an employment agreement (the “Employment Agreement”) with Soren Mogelsvang regarding Mr. Mogelsvang’s employment with the Registrant as its President and Chief Executive Officer. The Employment Agreement is for a three year period from February 1, 2015 through January 31, 2018. Pursuant to the terms of the Employment Agreement, Mr. Mogelsvang is paid a base salary of $150,000 per year. The base salary may be increased to: (i) $185,000 per year at such time as budget and operational milestones of the Registrant are reached in the discretion of the Board of Directors; and (ii) $240,000 per year at such time as the Registrant’s cash flow, in the reasonable judgment of the Company’s Board of Directors can sustain such salary increase. In addition to the base salary, Mr. Mogelsvang is eligible to receive an annual discretionary performance bonus in an amount up to 50% of the base salary for his services rendered as the President and CEO; the amount of the performance bonus is at the discretion of the Registrant’s Board of Directors. Mr. Mogelsvang is also entitled to receive equity grants from the Registrant’s 2014 Equity Incentive Plan, or participate in any other existing or future equity incentive plans adopted by the Registrant. The Employment Agreement may be terminated by Mr. Mogelsvang upon forty-five (45) days notice, or by the Registrant pursuant to enumerated circumstances set forth in the Employment Agreement.
The foregoing description of the Employment Agreement is qualified in its entirety by reference to the Employment Agreement which is filed as Exhibit 10.15 to this Form 8-K and is herein incorporated by reference.
Exhibits filed as part of this Current Report are as follows:
Exhibit Number Description 10.15 Employment Agreement with Soren Mogelsvang dated February 1, 2015
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