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TMCNet:  SUNSHINE HEART, INC. FILES (8-K) Disclosing Change in Directors or Principal Officers

[September 03, 2014]

SUNSHINE HEART, INC. FILES (8-K) Disclosing Change in Directors or Principal Officers

(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

In a separation agreement dated August 29, 2014, Sunshine Heart, Inc. (the "Company") and Patrick Verta, M.D., Chief Medical Officer of the Company, agreed upon terms relating to Dr. Verta's separation from the Company, which was effective as of August 29, 2014. Under the agreement, Dr. Verta agreed to a full release of claims and other terms. In exchange, the Company agreed, among other things, to continue paying Dr. Verta's base salary during the two months following the termination date and to credit him with an additional two months of vesting on all issued and outstanding stock options held by him. The Company also agreed to pay one hundred percent of the premiums for Dr. Verta's COBRA continuation coverage for the time period ending no later than October 31, 2014.


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