On May 25, 2012, the Company hired Nat Krishnamurti, age 40, as Chief Financial Officer effective May 29, 2012. There are no family relationships between Mr. Krishnamurti and any director, officer, or employee of the Company.
From May 2000 through September 2011, Mr. Krishnamurti was employed by Inventiv Health, Inc., a provider of clinical, communications and commercial services to the global pharmaceutical, life sciences and biotechnology. From March 2011 to September 2011, he was Vice President, Accounting and Reporting. From December 2009 to March 2011, he was Chief Accounting Officer. From October 2004 to December 2011, he was Vice President – Finance.
The principal terms of the agreement with Mr. Krishnamurti are as follows: (i) Start date: May 29, 2012; (ii) annual salary: $180,000; (iii) option grant: 300,000 options, 10-year term, strike price (closing price on May 29, 2012), the options vesting monthly over a 3-year period. (If he is terminated for cause of terminates resigns without good reason, he loses his vested options. If he is terminated without cause or resigns with good reason, his options vest through the end of the year in which he is employed. If there is a change of control, his unvested options vest immediately.