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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): August 15, 2023
Aditxt, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-39336 |
|
82-3204328 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
737 N. Fifth Street, Suite 200 Richmond, VA |
|
23219 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number,
including area code: (650) 870-1200
N/A
(Former name or former address, if changed since
last report)
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 Instruction A.2. below):
| ☐ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.001 |
|
ADTX |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 5.02 Departure of Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously reported, on
July 21, 2023, Matthew Shatzkes tendered his resignation as Chief Legal Officer, General Counsel and Corporate Secretary of Aditxt, Inc.
(the “Company”). In connection with his resignation, the Company entered into a Separation Agreement and General Release with
Mr. Shatzkes (the “Separation Agreement”). Pursuant to the Separation Agreement, Mr. Shatzkes employment with the Company
terminated on August 4, 2023 (the “Termination Date”). In addition, the Company agreed to pay Mr. Shatzkes within seven days
after the Termination Date: (i) $122,292.32, representing all accrued salary and wages (inclusive of Base Compensation and earned Subsequent
Quarterly Bonus amounts, as those terms are defined in Mr. Shatzkes employment agreement) (the “Accrued Salary and Wages”),
and (ii) $32,575.84, representing Mr. Shatzkes accrued, but unused paid time off (the “Accrued PTO”). On August 11, 2023,
the Company paid Mr. Shatzkes $64,808. Pursuant to the Separation Agreement, the Company also agreed to pay Mr. Shatzkes: (i) $385,000,
representing 12 months of Mr. Shatzkes Base Compensation (as that term is defined in Mr. Shatzkes employment agreement) (the “Severance
Base Compensation”), and (ii) $290,000, representing Mr. Shatzkes Subsequent Year Minimum Bonus (as such term is defined in Mr.
Shatzkes employment agreement) (the “Severance Bonus”), on the 60th day following the Termination Date. In addition, the Company
shall reimburse Mr. Shatzkes COBRA premium for a period of 12 months and shall cause any restricted stock units granted to Mr. Shatzkes
to immediately vest as of the Termination Date.
On August 15, 2023, the Company
entered into an Amendment to Separation Agreement and General Release with Mr. Shatzkes (the “Separation Agreement Amendment”).
Pursuant to the Separation Agreement Amendment, the Company shall be required to pay Mr. Shatzkes, upon the earlier of (i) September 1,
2023 or (ii) two business days following the closing of a capital raise by the Company, an amount equal to $91,060.16, which amount represents
the balance of Mr. Shatzkes’ Accrued Salary and Wages and Accrued PTO plus an additional $1,000 to serve as consideration for entering
into the Separation Agreement Amendment. In addition, under the Separation Agreement Amendment, the Company shall be required to pay Mr.
Shatzkes the Severance Base Compensation and the Severance Bonus upon the earlier of (i) the 60th day following the Termination
Date or (ii) two business days following the closing of a capital raise by the Company.
The foregoing summary of the
Separation Agreement Amendment does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement
Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
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 hereunto
duly authorized.
|
ADITXT, INC. |
|
|
|
Date: August 21, 2023 |
By: |
/s/ Amro Albanna |
|
|
Amro Albanna |
|
|
Chief Executive Officer |
2
2
Exhibit 10.1
AMENDMENT TO SEPARATION AGREEMENT AND GENERAL
RELEASE
This amendment (“Amendment”)
dated as of August 15, 2023 (“Amendment Effective Date”) to that certain Separation Agreement and General Release dated
as of July 27, 2023 (the “Agreement”), is entered into by and between Matthew Shatzkes (“Employee”),
and Aditxt, Inc., a Delaware corporation (“Employer”, and together with Employee, the “Parties”
and each, a “Party”). All defined terms used herein that are not otherwise defined are used as defined in the Agreement.
WHEREAS, pursuant to
Section 13 of the Agreement, the Parties desire to amend the Agreement as set forth herein.
NOW, THEREFORE, in
consideration for the promises contained herein and the mutual obligations of the Parties, the receipt and sufficiency of which are hereby
expressly acknowledged, the Parties, intending to be legally bound, hereby agree as follows:
Article 1. Amendments.
Section 1.1. The first
sentence of Section 1 of the Agreement is deleted in its entirety and replaced with the following:
“No later than seven (7) calendar days
after the Termination Date, Employer paid to Employee sixty four thousand eight hundred and eight dollars and 00/100 ($64,808.00). Upon
the earlier of (i) September 1, 2023; or (ii) two (2) business days following the closing of a capital raise by Employer, Employer shall
pay Employee an amount equal to ninety one thousand sixty dollars and 16/100 ($91,060.16). These two amounts combined represent all accrued
salary and wages (inclusive of Base Compensation and earned Subsequent Quarterly Bonus amounts, as those terms are defined in the Executive
Agreement), and Employee’s accrued but unused paid time off (which was one hundred seventy-six (176) hours) through the Termination
Date, plus an additional one thousand dollars ($1,000) to serve as consideration for entering into this Amendment, less applicable deductions
in each case.”
Section 1.2. The last sentence in each
of Section 2(a) and Section 2(b) of the Agreement is deleted in its entirety and replaced with the following:
“Such amount shall
be paid in one lump sum upon the earlier of (i) the sixtieth (60th) day following the Termination Date; or (ii) two (2) business
days following the closing of a capital raise by Employer.”
Section 1.3 .Except as
expressly provided in this Amendment, all other terms, conditions and provisions of the Agreement shall continue in full force and
effect as provided therein.
Article 2. Miscellaneous.
Section 2.1 Severability.
Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or
invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or
unenforceable.
Section 2.2
Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and
provisions set forth in the Agreement and, except as expressly modified and superseded by this Amendment, the terms and provisions
of the Agreement are ratified and confirmed and shall continue in full force and effect. The Parties agree that the Agreement, as
amended by this Amendment, shall continue to be legal, valid, binding and enforceable in accordance with its terms. This Amendment
shall be binding upon, and shall inure to the benefit of the Parties and their respective successors and assigns. Except as
expressly provided herein, the execution and delivery of this Amendment shall not extend, modify or waive any term or condition of
the Agreement.
Section 2.3
Counterparts. This Amendment may be executed in any number of counterparts, each of which when executed and delivered shall be
deemed an original, but all of which constitute one instrument. In making proof of this Amendment, it shall not be necessary to
produce or account for more than one counterpart thereof signed by each of the Parties. Signatures transmitted by facsimile,
electronic mail or other electronic transmission shall be effective as originals.
Section 2.4 Entire
Agreement. This Amendment and the Agreement constitute the entire agreement among the Parties with respect to the subject matter
hereof and thereof, and supersede all prior and contemporaneous understandings and agreements, both written and oral, with respect
to such subject matter.
Section 2.5 Governing
Law. The terms and provisions of Section 15 of the Agreement are incorporated herein by reference as if set forth herein and
shall apply mutatis mutandis to this Amendment.
[Signature Page to Follow]
IN WITNESS WHEREOF, the undersigned
have executed this Amendment as of the Amendment Effective Date.
Aditxt, Inc.
By: |
/s/ Amro Albanna |
|
By: |
/s/ Matthew Shatzkes |
Name: |
Amro Albanna |
|
Name: |
Matthew Shatzkes |
Title: |
Co-Founder and Chief Executive Officer |
|
Date: |
August 15, 2023 |
Date: |
August 15, 2023 |
|
|
|
[Signature Page to Amendment to Separation Agreement
and General Release]
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