Salarius Pharmaceuticals, Inc. (NASDAQ:SLRX) announced the departure of its President and Chief Executive Officer, David J. Arthur, through a separation and release agreement effective on the date of separation. The agreement, disclosed in an 8K filing with the U.S. Securities and Exchange Commission, outlines a lump-sum payment to Mr. Arthur based on the terms of his amended and restated employment agreement from February 5, 2019.
The separation agreement stipulates that Mr. Arthur will receive his entitled compensation in one payment, provided he adheres to a release of claims and other ongoing obligations. The specifics of the lump-sum amount derive from the employment agreement and its subsequent amendment filed with the SEC.
Despite his separation from employment, Mr. Arthur is set to maintain ties with Salarius through a consulting role. Under a new consulting agreement dated February 20, 2024, he is required to dedicate a minimum of one-fourth of his time weekly, averaging at least 10 hours, to the company. For his consulting services, he will be compensated with a monthly fee of $10,417. This consulting arrangement is scheduled to last until February 20, 2025, with provisions for earlier termination by either party as per the consulting agreement's terms.
This transition comes amidst a period of change for Salarius, with the company preparing for a year under the guidance of a principal executive officer serving in a consulting capacity. The information provided in this article is based on the recent SEC filing by Salarius Pharmaceuticals.
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