Form 8-K Biodel Inc For: Feb 26

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

On February 26, 2016, in connection with Dr. Errol De Souza stepping down from his position as Chief Executive Officer of Biodel Inc. (the “Company”), Dr. De Souza and the Company executed a General Release & Waiver agreement (the “Release”). Upon the execution of the Release, which included a customary release of claims by Dr. De Souza in favor of the Company, Dr. De Souza is entitled to receive the severance benefits set forth in his executive employment agreement with the Company that were conditioned upon his signing the Release. Furthermore, pursuant to the Release, the Company has released Dr. De Souza from his noncompetition obligations set forth in his executive employment agreement and has amended all outstanding equity compensation awards held by Dr. De Souza such that the awards shall remain outstanding and exercisable in accordance with their other terms for a period of twelve months from the date of the Release, notwithstanding anything to the contrary in any equity incentive plan or any other document or instrument governing such awards.