Departure of Directors or Certain

As previously announced, on November14, 2016, Dipexium Pharmaceuticals,Inc. (the Company) and David Garrett, the Companys former Vice President, Finance and Corporate Development, mutually agreed to terminate Mr.Garretts employment agreement, effective as of November30, 2016, so that he may pursue other opportunities. On December13, 2016, Mr.Garrett and the Company entered into a Severance and Release Agreement (the Separation Agreement) dated December13, 2016 and effective as of November30, 2016. The Separation Agreement includes a release by Mr.Garrett of claims against the Company and certain related parties as well a covenant not to disparage the reputation, character, image or products of the Company or any of its directors, officers, stockholders, employees or agents, a nd a covenant protecting the Companys confidential information.

In consideration of the foregoing release and covenants, pursuant to the terms and conditions of the Separation Agreement, all unvested stock options granted to Mr.Garrett during the term of his employment vested automatically. In addition, the Company will continue to pay Mr.Garrett in accordance with past practice for the month of December2016. Thereafter, the Company will pay Mr.Garrett eleven months of then-current base salary on or about January3, 2017 in the amount of $262,739 in a one-time payment. The Company will also pay the cost of Mr.Garretts health insurance for the month of December2016 in the amount of $780.99 and thereafter, the Company will pay to Mr.Garrett a lump sum in the amount of $17,962.77 constituting reimbursement of an additional 23 months of health insurance coverage.

The foregoing description of the Separation Agreement is not complete and is subject to, and qualified in its entirety by, the full text of the Separation Agreement, which is attached hereto as Exhibit10.1 and incorporated herein by reference.

Item 9.01

Financial Statements and Exhibits

(d)

Exhibits

ExhibitNo.

Description

10.1

Severance and Release Agreement dated December13, 2016 and effective as of November30, 2016 between the Company and David Garrett

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DIPEXIUM PHARMACEUTICALS,INC.

Date: December14, 2016

/s/ David P. Luci

Name: David P. Luci

Title: President and Chief Executive Officer

3

ExhibitListing

ExhibitNo.

Description

10.1

Severance and Release Agreement dated December13, 2016 and effective as of November30, 2016 between the Company and David Garrett

4

makes a similar move, sign up!

Other recent filings from the company include the following:

Dipexium Pharmaceuticals: Plx Pharma Hires Key Commercial Executives In Preparation For Future Launch Of Aspertec - Sept. 19, 2017

Auto Refresh

Feedback