AGILE THERAPEUTICS INC : Change in Directors or Principal Officers, Other Events, Financial Statements and Exhibits (form 8-K) | MarketScreener

2022-10-10 16:50:56 By : Mr. Zhenghai Ge

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 7, 2022, the Company announced that it has reorganized and streamlined its executive leadership team to align with its business plan to promote Twirla® (levonorgestrel and ethinyl estradiol) transdermal system growth. As part of the changes, on October 4, 2022, the Board of Directors (the "Board") of Agile Therapeutics, Inc. (the "Company") appointed Geoffrey Gilmore, the Company's current general counsel, to a new position of Chief Administrative Officer, effective as of November 1, 2022. In connection with this new position, Mr. Gilmore is entitled to a base salary of $450,000 and continues to be eligible to participate in the Company's annual bonus plan. Mr. Gilmore's target annual bonus is 45% of his base salary. The creation of the new role is intended to consolidate and streamline the Company's G&A functions into one group.

On October 4, 2022, Dr. James Tursi informed the Board that he would retire as a Class I director, effective October 7, 2022. The Company does not intend to fill Dr. Tursi's seat on the Board and therefore the size of the Board will be seven directors. The Company expressed gratitude to Dr. Tursi for his contributions to the Board and the Company. Dr. Tursi's departure is not related to any disagreement with the Company or the Board regarding any matter related to the Company's operations, policies or practices. The board of directors is evaluating how it intends to fill Dr. Tursi's committee assignments.

On October 7, 2022, the Company issued a press release announcing that it has reorganized and streamlined its executive leadership team to align with its plan for growth. In addition to Mr. Gilmore's appointment to Chief Administrative Officer and Dr. Tursi's resignation from the Board, as described above, the Company announced that it has appointed Amy Welsh to serve as Chief Commercial Officer, effective November 1, 2022. The Company's executive leadership team will also include Robert G. Conway, the Company's Chief Corporate Planning and Supply Chain Officer, who will be responsible for the Company's manufacturing and supply chain functions as well as corporate planning, and Paul Korner, M.D., M.B.A, the Company's Chief Medical Officer, who will be responsible for the Company's medical and research functions and will be part of the Company's business development team.

A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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