UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 4, 2022 (the “Effective Date”), ProPhase Labs, Inc. (the “Company”) and Bill White, the Company’s Chief Financial Officer, agreed to Mr. White’s voluntary separation of employment from the Company, effective as of the Effective Date. Mr. White will serve as a consultant to the Company through December 31, 2022. The separation is not the result of any issues relating to financial disclosures or accounting matters.
In connection with the separation, the Company entered into a Separation Agreement and Release (the “Separation Agreement”) with Mr. White, dated as of the Effective Date, which provides that, subject to his execution and non-revocation of a release of claims against the Company, the Company will pay Mr. White a separation payment of $10,000. The total compensation to be paid to Mr. White for his consulting services will be $90,000, subject to the terms and conditions described in the Separation Agreement.
The foregoing description of the Separation Agreement is not complete and is subject to, and qualified in its entirety by reference to the text of the Separation Agreement, which is included as Exhibits 10.1 to this Current Report on Form 8-K and incorporated herein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Separation Agreement and Release, dated October 4, 2022, by and between ProPhase Labs, Inc. and Bill White | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ProPhase Labs, Inc. | ||
| By: | /s/ Monica Brady | |
| Monica Brady | ||
| Chief Accounting Officer | ||
Date: October 7, 2022