Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 1, 2018, Panna Sharma resigned as President, Chief Executive Officer and a director of Cancer Genetics, Inc. (the “Company”) effective February 2, 2018. Mr. Sharma resigned to pursue other opportunities. Mr. Sharma
will receive 12 months in base salary as severance, payable in accordance with the Company’s standard payroll practices over 12 months, subject to the execution of a separation agreement and general release, and has agreed to provide consulting services to the Company to assist in the transition process
. In addition, Mr. Sharma will be provided with an extension through one year after termination date of the exercise period for his vested stock options. His departure as an officer and director of the Company is not due to a dispute or disagreement with the Company.
On February 1, 2018, the Board of Directors (the “Board”) of the Company appointed John A. Roberts as interim Chief Executive Officer.
Mr. Roberts joined the Company in July 2016 and currently serves as the Company’s Chief Operating Officer and Executive Vice President, Finance. Prior to joining the Company, from August 1, 2015 to June 30, 2016, Mr. Roberts served as the Chief Financial Officer for VirMedica, Inc., an innovative technology solutions company that provides an end-to-end platform that enables specialty drug manufacturers and pharmacies to optimize product commercialization and management. Prior to VirMedica, from August 1, 2011 to July 31, 2015, Mr. Roberts was the Chief Financial and Administrative Officer for AdvantEdge Healthcare Solutions, a global healthcare analytics and services organization. Prior to that, Mr. Roberts was the Chief Financial Officer and Treasurer for InfoLogix, Inc., a publicly-traded healthcare-centric mobile software and solutions provider. He has also held CFO roles at leading public medical device and healthcare services firms including Clarient, Inc., a publicly-traded provider of diagnostic laboratory services and Daou Systems, Inc., a publicly-traded healthcare IT software development and services firm. In addition, he has held key senior executive roles with MEDecision, Inc., HealthOnline, Inc. and the Center for Health Information. Mr. Roberts earned a Bachelor of Science and a Master’s degree in Business Administration from the University of Maine. He is a member of the Board of Directors and Chairman Elect for the Drug Information Association, a global neutral forum enabling drug developers and regulators access to education and collaboration.
Mr. Roberts will continue to be compensated pursuant to the terms of his employment agreement dated as of July 11, 2016. The description of his employment agreement is set forth in the Company’s definitive proxy statement filed on April 21, 2017 and incorporated herein by reference.
There are no transactions between Mr. Roberts and the Company that would be reportable under Item 404(a) of Regulation S-K.