<SEC-DOCUMENT>0001437749-17-002584.txt : 20170215
<SEC-HEADER>0001437749-17-002584.hdr.sgml : 20170215
<ACCEPTANCE-DATETIME>20170215164605
ACCESSION NUMBER:		0001437749-17-002584
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170213
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20170215
DATE AS OF CHANGE:		20170215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KEMPHARM, INC
		CENTRAL INDEX KEY:			0001434647
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				205894398
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36913
		FILM NUMBER:		17615218

	BUSINESS ADDRESS:	
		STREET 1:		2500 CROSSPARK ROAD, SUITE E126
		CITY:			CORALVILLE
		STATE:			IA
		ZIP:			52241
		BUSINESS PHONE:		319-665-2575

	MAIL ADDRESS:	
		STREET 1:		2500 CROSSPARK ROAD, SUITE E126
		CITY:			CORALVILLE
		STATE:			IA
		ZIP:			52241

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPHARM INC
		DATE OF NAME CHANGE:	20080507
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>kmph20170214c_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-size: 1pt;">&nbsp;</p>

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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>UNITED STATES</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>WASHINGTON, D.C. 20549 </b></p>

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<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>FORM 8-K </b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<hr style="margin: 3pt auto; border: currentColor; border-image: none; width: 25%; height: 1px; text-align: center; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);">
<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>CURRENT REPORT </b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Date of Report (Date of earliest eve</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>nt reported):&nbsp;February 15, 2017 (February 13, 2017)</b></font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 24pt;"><b>KEMPHARM, INC.</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(Exact name of Registrant as Specified in Its Charter) </b></p>

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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Delaware</b></p>
			</td>
			<td style="width: 33.3%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>001-36913</b></p>
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			<td style="width: 33.3%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>20-5894398</b></p>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(State or Other Jurisdiction</b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>of Incorporation)</b></p>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(Commission File Number)</b></p>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(IRS Employer</b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Identification No.)</b></p>
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			<td style="width: 33.3%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 33.3%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 33.3%; vertical-align: bottom;">&nbsp;</td>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2500 Crosspark Road, Suite E126</b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Coralville, IA</b></p>
			</td>
			<td style="width: 33.3%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 33.3%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>52241</b></p>
			</td>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(Address of Principal Executive Offices)</b></p>
			</td>
			<td style="width: 33.3%; vertical-align: bottom;">&nbsp;</td>
			<td style="width: 33.3%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Zip Code)</p>
			</td>
		</tr>

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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Registrant<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo;s Telephone Number, Including Area Code: </font></b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(319) 665-2575</b></font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Not Applicable </b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(Former Name or Former Address, if Changed Since Last Report) </b></p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):</p>

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<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Item 5.02<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></b></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><b>(c) </b></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">On&nbsp;February<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;13, 2017, KemPharm, Inc. (the &quot;Company&quot;) promoted Timothy J. Sangiovanni, age 33, to the position of Vice President, Corporate Controller. As the Company&rsquo;s Vice President, Corporate Controller, Mr.&nbsp;Sangiovanni will also act as the Company&rsquo;s principal accounting officer.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">Mr.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;Sangiovanni served as the Company&rsquo;s Director of Financial Reporting since August 2015. Prior to joining the Company, Mr.&nbsp;Sangiovanni served as manager of internal audit - worldwide with Tupperware Brands Corporation, a publicly held producer of food preparation, storage and serving solutions for the home, and beauty and personal care products, from April 2013 to&nbsp;August 2015. From&nbsp;January&nbsp;2007 to&nbsp;March 2013, Mr.&nbsp;Sangiovanni served in a variety of roles with KPMG LLP, including audit associate, senior audit associate and audit manager. Mr. Sangiovanni was also a billing analyst with Switch and Data Facilities, Inc. (n/k/a Equinix, Inc.) from October 2005 to December 2006. Mr.&nbsp;Sangiovanni received his B.A. in accounting&nbsp;from the University of&nbsp;South Florida and is a certified public accountant in the state of Florida.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">On February 13, 2017, the Company entered into an amended and restated employment agreement with Mr.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;Sangiovanni. Pursuant to this agreement, Mr.&nbsp;Sangiovanni will receive a base annual salary of $180,000 and will be eligible to participate in the Company&rsquo;s benefit and compensation plans, including any cash bonus plan. Pursuant to the agreement, Mr.&nbsp;Sangiovanni is eligible to receive an annual target bonus of up to 30% of his salary, based on the Company&rsquo;s achievement of specified corporate goals and Mr.&nbsp;Sangiovanni&rsquo;s achievement of specified individual goals. Under this agreement, Mr.&nbsp;Sangiovanni is entitled to receive severance in specified circumstances. In the event that the Company terminates Mr.&nbsp;Sangiovanni without cause or he resigns for good reason, Mr.&nbsp;Sangiovanni will be entitled to receive: (i)&nbsp;an amount equal to 12 months of his annual base salary, less applicable deductions, payable in accordance with the Company&rsquo;s normal payroll schedule, except that the Company will pay such severance in a lump sum on the first pay day immediately following the effective date of termination if such termination of employment occurs upon or within one year following a sale that constitutes a &ldquo;change in control event&rdquo; as defined under Section&nbsp;409A of the Internal Revenue Code of 1986, as amended; (ii)&nbsp;the pro rata portion of any annual incentive compensation for which Mr.&nbsp;Sangiovanni may be eligible for the year in which his employment is terminated; (iii)&nbsp;monthly reimbursement for the cost of Mr.&nbsp;Sangiovanni&rsquo;s continued health coverage under the Company&rsquo;s health plans until the earlier of (x)&nbsp;the date on which Mr.&nbsp;Sangiovanni is eligible for substantially similar health coverage from a subsequent employer or (y)&nbsp;the one-year anniversary of the termination of Mr.&nbsp;Sangiovanni&rsquo;s employment; and (iv)&nbsp;any unvested portion of any outstanding equity award held by Mr.&nbsp;Sangiovanni shall become fully vested and immediately exercisable. In the event that the Company terminates Mr.&nbsp;Sangiovanni for cause, Mr.&nbsp;Sangiovanni resigns without good reason, or his employment is terminated due to mutual agreement, then Mr.&nbsp;Sangiovanni will not be entitled to receive severance benefits. In the event that Mr.&nbsp;Sangiovanni&rsquo;s employment is terminated due to his death or disability, then Mr.&nbsp;Sangiovanni would be entitled to the pro rata portion of any annual incentive compensation for which Mr.&nbsp;Sangiovanni may be eligible for the year in which his employment terminated.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">The following definitions have been adopted in Mr.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;Sangiovanni&rsquo;s amended and restated employment agreement:</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</p>

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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: 4%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&bull;</p>
			</td>
			<td style="width: 1%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<td style="width: 87%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&ldquo;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">cause&rdquo; means (a)&nbsp;Mr.&nbsp;Sangiovanni performed an act or acts of willful and material malfeasance or misconduct with respect to the performance of his duties and responsibilities as an employee and </font>executive officer or under the agreement that results in material harm to the Company that remains uncorrected for 15 days after receipt of written notice, (b)<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;Mr.&nbsp;Sangiovanni&rsquo;s continued failure to devote his full business time and attention and his best efforts to the faithful performance of his material duties and responsibilities (other than a failure resulting from disability) that remains uncorrected for 15 days after receipt of written notice, (c)&nbsp;Mr.&nbsp;Sangiovanni&rsquo;s material breach of any material provision of the agreement that remains uncorrected for 15 days after receipt of written notice, (d)&nbsp;the commission of an act of fraud, embezzlement, misappropriation, or personal dishonesty against the Company (which, if proven, would constitute a felony) or (e)&nbsp;the conviction, or plea of<i>&nbsp;nolo contendere</i>, to a crime constituting a felony; and</font></p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&bull;</p>
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			</td>
			<td style="width: 87%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&ldquo;good reason&rdquo; means (a)<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;material diminution by the Company of Mr.&nbsp;Sangiovanni&rsquo;s authority, duties or responsibilities the duration of which is greater than 15 days and which is not the result of his acts or omissions which constitute cause, (b)&nbsp;a material change in the geographic location at which Mr.&nbsp;Sangiovanni must perform services under the agreement, (c)&nbsp;a material diminution in his base salary which is not the result of his acts or omissions which constitute cause or (d)&nbsp;any action or inaction that constitutes a material breach by us of the agreement, including our failure to pay any amounts due to Mr.&nbsp;Sangiovanni or our failure to obtain from a successor the express assumption of the agreement.</font></p>
			</td>
		</tr>

</table>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">In connection with his promotion, the Company granted Mr. Sangiovanni an option to purchase 22,000 shares of the Company<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo;s common stock at an exercise price of $3.78 per share, the closing price of the Company&rsquo;s common stock on The NASDAQ Global Market on February 13, 2017. The option is subject to the terms and conditions of the Company&rsquo;s 2014 Equity Incentive Plan (the &ldquo;Plan&rdquo;) and the Company&rsquo;s standard forms of Stock Option Agreement and Option Grant Notice under the Plan. The option will vest in four annual installments beginning on February 13, 2018, assuming Mr. Sangiovanni&rsquo;s continued service to the Company at each vesting date.</font></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center;">&nbsp;</div>

<hr style="border: currentColor; border-image: none; width: 100%; height: 2px; color: rgb(0, 0, 0); page-break-after: always; background-color: rgb(0, 0, 0);">
<div id="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(e) </b></p>

<p style="margin: 0pt 7.5pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><i><b>2016 Cash Bonus Payouts</b></i></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">On February 13, 2017, the Company<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo;s Board of Directors (the &ldquo;Board&rdquo;)&nbsp;approved the payment of cash bonuses to the Company&rsquo;s named executive officers and principal financial officer (the &ldquo;Executive Officers&rdquo;) based on the achievement in 2016 of corporate and individual goals previously approved by the Board. The amounts awarded to the Executive Officers were as follows:</font></p>

<p style="margin: 0pt; text-align: justify; text-indent: 47.05pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 50%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-right: 25%; margin-left: 25%;">

		<tr style="vertical-align: bottom;">
			<td style="width: 80%; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Executive Officer and Principal Pos<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">ition</font></b></p>
			</td>
			<td id=".lead.D3" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td colspan="3" style="text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Bonus <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Amount</font></b></p>
			</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 8.4pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">
			<p style="margin: 0pt 0pt 0pt 8.4pt; text-align: left; text-indent: -8.4pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Travis C. Mickle, Ph.D.</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
			<td id=".amt.2" style="width: 16%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">130,469</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 13.5pt;">
			<p style="margin: 0pt 0pt 0pt 13.5pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">President and Chief Executive Officer</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Gordon K. Johnson</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
			<td id=".amt.2" style="width: 16%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">60,277</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 13.5pt;">
			<p style="margin: 0pt 0pt 0pt 13.5pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Chief Business Officer</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 12pt;">
			<p style="margin: 0pt 0pt 0pt 12pt; text-align: left; text-indent: -12pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">R. LaDuane Clifton, CPA</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
			<td id=".amt.2" style="width: 16%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">59,363</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 13.5pt;">
			<p style="margin: 0pt 0pt 0pt 13.5pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Chief Financial Officer, Secretary and Treasurer</p>
			</td>
			<td id=".lead.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B2" style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B2" style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>

</table>

<p style="margin: 0pt 7.5pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center;">&nbsp;</div>

<hr style="border: currentColor; border-image: none; width: 100%; height: 2px; color: rgb(0, 0, 0); page-break-after: always; background-color: rgb(0, 0, 0);">
<div id="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>SIGNATURES</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">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.</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL8" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 45.4%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: 5%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td colspan="2" style="width: 49.6%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>K</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>EM</b></font><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>P</b></font><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>HARM</b></font><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>, I</b></font><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>NC</b></font><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>.</b></font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 45.4%; vertical-align: middle;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: 5%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: 3.2%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: 46.4%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 45.4%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Date: February 15, 2017</p>
			</td>
			<td style="width: 5%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: 3.2%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">By:</p>
			</td>
			<td style="width: 46.4%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">/s/ R. LaDuane Clifton</p>
			</td>
		</tr>
		<tr>
			<td style="width: 45.4%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: 5%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: 3.2%; vertical-align: middle;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>
			</td>
			<td style="width: 46.4%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">R. LaDuane Clifton</p>
			</td>
		</tr>
		<tr>
			<td style="width: 45.4%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: 5%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: 3.2%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>
			</td>
			<td style="width: 46.4%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Chief Financial<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> Officer, Secretary and Treasurer</font></p>
			</td>
		</tr>

</table>
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</SEC-DOCUMENT>
