ITEM 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Resignation of Director and Officer
On December 12, 2018, Juan Francisco Gutierrez resigned as a member of the board of directors of Marizyme, Inc. (the “Company”). Mr. Gutierrez’s resignation was not in connection with any known disagreement with the Company on any matter.
On the same date, Marco Nicolaides resigned as the Company’s Treasurer.
Appointment of Directors
On December 12, 2018, the board of directors of the Company increased the size of the board from two to three members and appointed James Sapirstein and Terry Brostowin to the board to fill the vacancies created by Mr. Gutierrez’s resignation and such increase. Mr. Sapirstein was also appointed as Executive Chairman.
James Sapirstein, age 57, is a highly-regarded pharmaceutical industry executive with more than 35 years of success in building companies and leading the commercial launch of nearly two dozen prescription drugs in the fields of CNS, infectious disease, and cancer. He has worked at major pharmaceutical companies including Bristol-Myers Squibb, Hoffmann-LaRoche and Eli Lilly, and has led commercial teams for successful biotech companies such as Gilead Sciences and Serono Laboratories. In recent years, Mr. Sapirstein has been the founding CEO of the following early-stage biotech companies - Tobira Therapeutics (NASDAQ:TBRA) from 2006 to 2011, Alliqua Therapeutics (NASDAQ:ALQA) from 2012 to 2014, and most recently, Contravir Pharmaceuticals (NASDAQ:CTRV), from 2014 to 2018, where he defined and executed corporate strategy, raised significant capital, advanced drug development programs, and built shareholder value.
Terry Brostowin, age 59, is an accomplished attorney admitted to the Federal Court in both the Eastern and Southern districts of New York. He has extensive expertise in contracts, and commercial litigation. Mr. Brostowin has advised the New York City Mayor’s office on judicial appointments and was a compliance specialist ensuring agencies followed court ordered activities and ensured the financial integrity of the Financial Systems Division accounting and budgetary systems. Mr. Brostowin has been affiliated with the law firm Brostowin & Associates, PC, since 2009. From 2002 to 2009, Mr. Brostowin was affiliated with the law firm Conway & Brostowin, LLC.
The newly appointed directors were appointed until their successors are duly elected and qualified. There are no arrangements or understandings between the newly appointed directors and any other persons pursuant to which they were selected as directors. There are no family relationships among the newly appointed directors and our directors or officers. There has been no transaction, nor is there any currently proposed transaction, between any newly appointed director and the Company that would require disclosure under Item 404(a) of Regulation S-K.