Quarterly report pursuant to Section 13 or 15(d)

Separation of Former CEO

v2.4.0.6
Separation of Former CEO
3 Months Ended
Mar. 31, 2012
Separation of Former CEO
7. Separation of Former CEO

 

In March 2011, Navidea announced the departure of our then-current President and CEO, David C. Bupp, effective April 15, 2011. The following table summarizes accrued expenses as of March 31, 2012 and December 31, 2011, including employer payroll tax obligations, related to the provisions of Mr. Bupp’s separation agreement:

 

    March 31,
2012
(unaudited)
    December 31,
2011
 
Separation   $ 45,012     $ 180,074  
Pro-rated 2011 bonus           60,870  
Estimated continuing healthcare coverage     59,064       61,875  
    $ 104,076     $ 302,819