UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
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CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
TransEnterix, Inc. (the “Company”) announced that Brett Farabaugh has joined the Company in the role of Interim Chief Financial Officer, effective January 2, 2020.
Mr. Farabaugh will serve as Interim Chief Financial Officer until April 30, 2020, with an initial annualized base salary of $300,000 and benefits offered to executive officers. Either the Company or Mr. Farabaugh may terminate his employment for any reason, with or without cause.
On January 2, 2020, Mr. Farabaugh received a grant of restricted stock units to acquire 30,000 shares of the Company’s common stock, which vests 90 days following the earlier of (a) April 30, 2020, or (b) if Mr. Farabaugh’s employment is continued, the date on which Mr. Farabaugh’s continued employment begins. The grant was made under the Company’s Amended & Restated Equity Incentive Plan.
Mr. Farabaugh has served as CFO of Tryton Medical, Inc., a developer of coronary stents based in Durham, North Carolina since August 2008, and as CEO of Tryton Medical since August 2019. As he winds down the Tryton Medical business, Mr. Farabaugh will continue with Tryton Medical in his current roles, which is expected to be on a limited basis.
The foregoing description of the offer letter to Mr. Farabaugh is not complete and is qualified in its entirety by the Offer Letter, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. | Description |
Offer Letter, dated December 17, 2019, to Brett Farabaugh. | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TransEnterix, Inc. | ||||||
Date: January 3, 2020 | /s/ Anthony Fernando | |||||
Anthony Fernando | ||||||
President and Chief Executive Officer | ||||||
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/s/ Anthony Fernando