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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
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Resignation of Chief Financial Officer
On September 21, 2021, Ernest R. De Paolantonio, the Chief Financial
Officer of Teligent, Inc. (the “Company”), notified the Company of his intent to resign. Mr. De Paolantonio has agreed to
provide transitional assistance through September 29, 2021, the effective date of his resignation. Mr. De Paolantonio’s resignation
from the Company was not due to any disagreement with the Company on any matter relating to the Company’s operations, financial
statements, policies or practices.
Appointment of Interim Chief Financial Officer
On September 23, 2021, the Company appointed Alyssa Lozynski,
a Director at Portage Point Partners, LLC, a business advisory and interim management firm (“Portage Point”), as the Company’s
Interim Chief Financial Officer to serve as the Company’s principal financial officer. Mrs. Lozynski will serve in this position
until her successor is appointed or until Mrs. Lozynski’s earlier resignation or removal.
Mrs. Lozynski, 31, has been associated with Portage Point since January
2020. Prior to joining Portage Point, Mrs. Lozynski was in the Transaction Advisory Group at Alvarez & Marsal where she provided financial
and operational due diligence support for private equity and strategic parties during the pre-close diligence stages. Prior to joining
Alvarez & Marsal in 2016, Mrs. Lozynski was at Deloitte within the M&A Transaction Services Group. She has worked on over 100
transactions in the Distribution, Industrial, Chemical, Retail, Services, Automotive, Life Sciences / Pharmaceutical, Aerospace &
Defense and other Consumer Product industries with enterprise values ranging from $50 million to over $4 billion. Mrs. Lozynski received
her Masters in Accounting and a Minor in Finance from the Gies College of Business at the University of Illinois and is a Certified Public
Accountant.
Mrs. Lozynski’s appointment as Interim Chief Financial Officer
is in accordance with an interim management services agreement with Portage Point, effective September 23, 2021 (the “Agreement”),
pursuant to which Portage Point will provide a range of advisory and management services to the Company and be paid fees based on specified
hourly rates. The Company paid Portage Point a retainer to be applied against fees and expenses and has agreed to indemnify Portage Point
and Mrs. Lozynski from and against specified claims, liabilities, losses, expenses and damages. The Agreement has an indefinite term,
but is subject to termination upon either party’s notice.
Appointment of Chief Accounting Officer
On September 23, 2021, the Company appointed Joseph Benesch
to serve as its new Principal Accounting Officer, effective immediately.
Mr. Benesch, 55, commenced employment with the Company in June 2021
as its Vice President and Corporate Controller, and has more than 25 years of experience in financial reporting, financial operations,
business transactions strategy, and all phases of the accounting and controls process. Prior to joining the Company, Mr. Benesch was the
Controller at Torrent, Inc. from November 2018 to June 2021, served as a financial reporting consultant for the Pine Hill Group from November
2017 to November 2018, was the Corporate Controller at Adare Pharmaceuticals, Inc. from April 2017 to November 2017, and served as Vice
President Finance at Edenbridge Pharmaceuticals, LLC from November 2015 to April 2017. Mr. Benesch received his B.A. in Accounting from
Wilkes University and is a Certified Public Accountant.
There is no arrangement or understanding between Mr. Benesch
and any other person pursuant to which he was selected as an officer of the Company and there are no family relationships between Mr.
Benesch and any of Company’s directors or executive officers. There are no transactions to which the Company is a party and in which
Mr. Benesch has a direct or indirect material interest that are required to be disclosed pursuant to applicable rules and regulations
of the SEC.
Resignation of Directors
On September 22, 2021, R. Carter Pate notified the Company of his intent
to resign as a director of the Company, effective September 24, 2021. On September 23, 2021, William R. Marth notified the Company of
his intent to resign as a director of the Company, effective immediately. Neither Mr. Pate nor Mr. Marth’s resignations from the
Board of Directors (the “Board”) of the Company were due to any disagreement with the Company on any matter relating to the
Company’s operations, financial statements, policies or practices.