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)
|
May
12, 2017
|
NAVIDEA BIOPHARMACEUTICALS, INC.
|
(Exact name of registrant as specified in its charter)
|
Delaware
|
001-35076
|
31-1080091
|
(State or other jurisdiction
|
(Commission
|
(IRS Employer
|
of incorporation)
|
File Number)
|
Identification No.)
|
5600 Blazer Parkway, Suite 200, Dublin, Ohio
|
43017
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant's telephone number, including area code
|
(614)
793-7500
|
(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))
|
|
As
previously reported, on May 12, 2016, Navidea Biopharmaceuticals,
Inc. (the “Company”) received a demand for arbitration
through the American Arbitration Association, Columbus, Ohio, from
Ricardo J. Gonzalez, the Company’s then Chief Executive
Officer, claiming that he was terminated without cause and,
alternatively, that he resigned in accordance with Section 4G of
his Employment Agreement pursuant to a notice received by the
Company on May 9, 2016. On May 13, 2016, the Company notified Mr.
Gonzalez that his failure to undertake responsibilities assigned to
him by the Board of Directors and otherwise work after being
ordered to do so on multiple occasions constituted an effective
resignation, and the Company accepted that resignation. The Company
rejected the resignation of Mr. Gonzalez pursuant to Section 4G of
his Employment Agreement. Also, the Company notified Mr. Gonzalez
that, alternatively, his failure to return to work after the
expiration of the cure period provided in his Employment Agreement
constituted cause for his termination under his Employment
Agreement. In his demand for arbitration, Mr. Gonzalez was seeking
severance and other amounts claimed to be owed to him under his
Employment Agreement. In response, the Company filed counterclaims
against Mr. Gonzalez alleging malfeasance by Mr. Gonzalez in his
role as Chief Executive Officer. Mr. Gonzalez had withdrawn his
claim for additional severance pursuant to Section 4G of his
Employment Agreement, and the Company had withdrawn its
counterclaims. On May 12, 2017, the Company received a ruling in
favor of Mr. Gonzalez finding that he was terminated by the Company
without cause on April 7, 2016. Mr. Gonzalez was awarded severance,
bonus and benefits in the aggregate amount of $517,978 plus
statutory interest
from April 7, 2016, attorneys’ fees and other costs.
However, the Company previously paid Mr. Gonzalez' salary through
May 12, 2016 as well as his unused vacation. Therefore, on May 16,
2017, the Company paid to Mr. Gonzalez a total of $617,880, which
represents the total amount due to him including interest, fees and
other costs, less amounts previously paid. The arbitration award is
final and binding on the parties.
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.
|
Navidea
Biopharmaceuticals, Inc.
|
|
|
|
|
|
|
Date:
May 16, 2017
|
By:
|
/s/
Jed A. Latkin
|
|
|
Jed A.
Latkin
Chief
Operating Officer and Chief Financial Officer
|
|
|
|