PharmaCyte Biotech, Inc. appointed Joshua N. Silverman as new CEO

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On October 6, 2022 (the "Separation Date"), Kenneth L. Waggoner, the Chief Executive Officer, President and General Counsel of PharmaCyte Biotech, Inc. (the "Company") resigned from his position as an employee of the Company and its direct and indirect subsidiaries and affiliates (collectively, the "Company Group") and as a director on the Board of Directors of the Company (the "Board"). Effective October 6, 2022, the Board appointed Joshua N. Silverman, a director on the Board since August 2022, as interim Chairman of the Board, interim Chief Executive Officer and interim President of the Company. Mr. Silverman is expected to serve in such capacities for an indeterminate amount of time and is expected to enter into a compensatory agreement, which will occur in the near future.


In connection with Mr. Waggoner's departure, on October 6, 2022, the Company entered into a Separation, Consulting and Release Agreement with Mr. Waggoner (the "Separation Agreement"). The Separation Agreement becomes irrevocable seven days after execution of the Separation Agreement and becomes effective on October 13, 2022 (the "Effective Date"). Pursuant to the Separation Agreement, the Company agreed to pay Mr. Waggoner a lump sum payment of $216,667 within five business days of the Effective Date. In addition, Mr. Waggoner will be paid for his earned but unpaid salary through the Separation Date in accordance with the Company's payroll practices and reasonable business expenses incurred prior to the Separation Date, as set forth on Exhibit A to the Separation Agreement. Mr. Waggoner will be entitled to continued medical and health benefits at his sole expense and retain his option to purchase 15,000 shares of common stock of the Company and 23,000 restricted stock units previously granted to Mr. Waggoner. The Separation Agreement includes mutual releases of claims, by Mr. Waggoner in favor of the Company and certain Company Parties (as defined therein) and by the Company in favor of Mr. Waggoner, and mutual non-disparagement obligations on Mr. Waggoner and on the Company. Mr. Waggoner remains subject to certain restrictive covenants, including any confidentiality, non-compete, non-solicit, invention assignment, or similar agreement or arrangement to which he is a party with any member of the Company Group and Sections 5 through 7 of the Amended and Restated Executive Compensation Agreement, dated May 8, 2022, between the Company and Mr. Waggoner. During the twelve months immediately following the Separation Date (the "Consulting Period"), Mr. Waggoner agreed to serve as a consultant to facilitate the orderly transfer of work to other employees of the Company. In consideration for Mr. Waggoner's consulting services, the Company will pay Mr. Waggoner $433,333, payable in twelve installments at the end of each month of the Consulting Period in arrears.


The foregoing summary of the Separation Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Separation Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.