Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Retirement of Ken Green and His Transition to a Consulting Role
On November 28, 2018, the Board of Directors (the “Board”) of Alimera Sciences, Inc. (the “Company”) approved a succession plan (the “Succession Plan”). Under the Succession Plan, o
n November 28, 2018, Kenneth Green, Ph.D., the Company’s Senior Vice President, Chief Scientific Officer and Global Head of Research and Development, notified the Board that, effective March 31, 2019, he would resign from employment with the Company. In connection with Dr. Green’s resignation, Dr. Green and the Company entered into a Succession and Consulting Agreement (the “Green Consulting Agreement”) whereby Dr. Green agreed to serve as a consultant to the Company for a one-year term beginning on April 1, 2019. Pursuant to the terms of the Green Consulting Agreement, Dr. Green’s employment agreement was scheduled to remain in effect until it terminated on April 1, 2019. The Green Consulting Agreement was subsequently amended and restated on March 27, 2019 to extend Dr. Green’s employment with the Company for an additional 30 days through April 30, 2019. Accordingly, effective May 1, 2019, Dr. Green will resign as an officer of the Company and will become a consultant to the Company for a one-year term that ends on April 30, 2020.
The Company hereby incorporates by reference the disclosure included under Item 5.02 and Item 7.01 of the Company’s Current Report on Form 8-K dated November 28, 2018 and filed with the Securities and Exchange Commission on November 29, 2018 (the “Prior Form 8-K”). Additional details regarding the Green Consulting Agreement can be found in the Prior Form 8-K, including the full text of the Green Consulting Agreement attached to the Prior Form 8-K as Exhibit 10.2, which was subsequently amended and restated as noted in the preceding paragraph. The Company will file a copy of the amended and restated Green Consulting Agreement as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019.