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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 26%; font-size: 10pt">Date of Report (Date of earliest event reported)</TD>
    <TD STYLE="width: 74%; font-size: 10pt; padding-left: 0.96in; border-bottom: Black 1pt solid">August 31, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">NAVIDEA BIOPHARMACEUTICALS, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; width: 47%">(Exact name of registrant as specified in its charter)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center; border-bottom: Black 1pt solid">Delaware</TD>
    <TD STYLE="width: 34%; text-align: center; border-bottom: Black 1pt solid">001-35076</TD>
    <TD STYLE="width: 33%; text-align: center; border-bottom: Black 1pt solid">31-1080091</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;(State or other jurisdiction</TD>
    <TD STYLE="text-align: center">(Commission</TD>
    <TD STYLE="text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">of incorporation)</TD>
    <TD STYLE="text-align: center">File Number)</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 67%; text-align: center; border-bottom: Black 1pt solid">425 Metro Place North, Suite 450, Dublin, Ohio</TD>
    <TD STYLE="width: 33%; text-align: center; border-bottom: Black 1pt solid">43017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;(Address of principal executive offices)</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 28%">Registrant's telephone number, including area code</TD>
    <TD STYLE="width: 72%; padding-left: 0.96in; border-bottom: Black 1pt solid">(614) 793-7500</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5.02.</B></TD><TD><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 31, 2012, Navidea Biopharmaceuticals,
Inc. (the &ldquo;Company&rdquo;) entered into an employment agreement with Cornelia Reininger, M.D., Ph.D., pursuant to which Dr.
Reininger will serve as the Company&rsquo;s Senior Vice President and Chief Medical Officer (the &ldquo;Employment Agreement&rdquo;).
The Employment Agreement has a stated term commencing November 1, 2012 (the &quot;Effective Date&quot;), and terminating on March
31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Employment Agreement provides for Dr.
Reininger to receive an annual base salary of $300,000. Dr. Reininger may also receive an annual bonus at the discretion of the
Compensation, Nominating and Governance Committee (the &ldquo;Committee&rdquo;) of the Company's Board of Directors, in accordance
with any bonus plan adopted by the Committee and the guidelines established by the Committee for the payment of any bonus to officer
employees of the Company. For the calendar year ending December 31, 2012, the Committee has determined that the maximum annual
bonus payable to Dr. Reininger will be $90,000, pro-rated for the number of weeks Dr. Reininger is actually employed during the
2012 calendar year. The Employment Agreement provides for Dr. Reininger&rsquo;s participation in the Company&rsquo;s employee benefit
programs, stock based incentive compensation plans and other benefits as described in the Employment Agreement. The Employment
Agreement also provides for the Company to reimburse Dr. Reininger for the costs of Dr. Reininger&rsquo;s relocation from Germany
to the United States, in an amount not to exceed $38,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event the Company terminates Dr.
Reininger&rsquo;s employment &ldquo;for cause,&rdquo; all salary, benefits and other payments shall cease at the time of termination,
and the Company shall have no further obligations to Dr. Reininger. If Dr. Reininger resigns for any reason other than a &ldquo;Change
of Control&rdquo; (as that term is defined in the Employment Agreement), the Company shall pay to Dr. Reininger the value of any
accrued but unused vacation time, and the amount of all accrued but unpaid salary through the date of such termination. If Dr.
Reininger&rsquo;s employment is terminated because of death or disability, all salary, benefits and other payments shall cease
at the time of death or disability, provided, however, that the Company shall continue to provide Dr. Reininger or her family with
such health, dental and similar insurance or benefits as were provided to Dr. Reininger immediately before her termination for
the longer of 12 months after such termination or the full unexpired term of the Employment Agreement. In addition, for the first
6 months of any disability, the Company shall pay to Dr. Reininger the difference, if any, between the cash benefits received by
Dr. Reininger from a Company sponsored disability insurance policy and her salary under the Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event the Company terminates Dr.
Reininger&rsquo;s employment without cause or at the end of the term of the Employment Agreement, the Company shall, at the time
of such termination, pay to Dr. Reininger: (1) $150,000 if she has been employed for less than twelve months on the date of such
termination; and (2) $300,000 if she has been employed for more than twelve moths on the date of termination. The Company must
also pay Dr. Reininger severance, under certain circumstances, in the event of a Change of Control. The Employment Agreement provides
that if there is a Change in Control and Dr. Reininger&rsquo;s employment is concurrently or subsequently terminated: (a) by the
Company without cause; (b) by the expiration of the term of the Employment Agreement; or (c) by her resignation because she has
reasonably determined in good faith that her titles, authorities, responsibilities, salary, bonus opportunities or benefits have
been materially diminished, that a material adverse change in his working conditions has occurred, that her services are no longer
required in light of the Company&rsquo;s business plan, or the Company has breached the Employment Agreement, the Company will
pay to Dr. Reininger: (1) $225,000 if she has been employed for less than twelve months on the date of such termination; and (2)
$450,000 if she has been employed for more than twelve moths on the date of termination, in each case together with the value of
any accrued but unused vacation time, and the amount of all accrued but previously unpaid base salary through the date of termination,
and shall provide her with all of the employee benefits provided pursuant to the Employment Agreement for the longer of 12 months
or the full unexpired term of the Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Employment Agreement also contains non-competition
and non-solicitation covenants. These covenants, as described in the Employment Agreement, are effective during Dr. Reininger&rsquo;s
employment and for a period of one year following termination of her employment with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing description of the Employment
Agreement is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is attached hereto
as Exhibit&nbsp;10.1 and which is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 8.01.</B></TD><TD><B>Other Events.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On September 5, 2012, Navidea Biopharmaceuticals,
Inc. (the &quot;Company&quot;) issued a press release announcing that Cornelia Reininger, M.D., Ph.D., has been named Chief Medical
Officer of the Company, effective November 1, 2012. The appointment coincides with the growing emphasis at the Company on a broader
pipeline, later-stage product candidate development, and commercial products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A copy of the complete text of the Company&rsquo;s
September 5, 2012, press releases is attached as Exhibits 99.1 to this Current Report on Form 8-K and is incorporated herein by
reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; font-style: italic; text-align: justify">Exhibit</TD>
    <TD STYLE="width: 86%; font-style: italic; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; text-align: justify">Number</TD>
    <TD STYLE="font-style: italic; text-align: justify; padding-left: 1.8in">Exhibit Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">10.1</TD>
    <TD STYLE="text-align: justify">Employment Agreement, effective November 1, 2012, between Navidea Biopharmaceuticals, Inc. and Cornelia Reininger, M.D.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">99.1</TD>
    <TD STYLE="text-align: justify">Navidea Biopharmaceuticals, Inc. press release, dated September 5, 2012, entitled &ldquo;Navidea Biopharmaceuticals Names Pharma Industry Veteran Cornelia Reininger, M.D., Ph.D., as Chief Medical Officer.&rdquo;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Navidea Biopharmaceuticals, Inc.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -3.75pt">Date: September 6, 2012</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Brent L. Larson</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brent L. Larson, Senior Vice President and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Chief Financial Officer</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
August 31, 2012
NAVIDEA BIOPHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
Delaware
001-35076
31-1080091
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
425 Metro Place North, Suite 450, Dublin, Ohio
43017
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
(614) 793-7500
(Former name or former address, if changed
since last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.
On August 31, 2012, Navidea Biopharmaceuticals,
Inc. (the "Company") entered into an employment agreement with Cornelia Reininger, M.D., Ph.D., pursuant to which Dr.
Reininger will serve as the Company's Senior Vice President and Chief Medical Officer (the "Employment Agreement").
The Employment Agreement has a stated term commencing November 1, 2012 (the "Effective Date"), and terminating on March
31, 2014.
The Employment Agreement provides for Dr.
Reininger to receive an annual base salary of $300,000. Dr. Reininger may also receive an annual bonus at the discretion of the
Compensation, Nominating and Governance Committee (the "Committee") of the Company's Board of Directors, in accordance
with any bonus plan adopted by the Committee and the guidelines established by the Committee for the payment of any bonus to officer
employees of the Company. For the calendar year ending December 31, 2012, the Committee has determined that the maximum annual
bonus payable to Dr. Reininger will be $90,000, pro-rated for the number of weeks Dr. Reininger is actually employed during the
2012 calendar year. The Employment Agreement provides for Dr. Reininger's participation in the Company's employee benefit
programs, stock based incentive compensation plans and other benefits as described in the Employment Agreement. The Employment
Agreement also provides for the Company to reimburse Dr. Reininger for the costs of Dr. Reininger's relocation from Germany
to the United States, in an amount not to exceed $38,000.
In the event the Company terminates Dr.
Reininger's employment "for cause," all salary, benefits and other payments shall cease at the time of termination,
and the Company shall have no further obligations to Dr. Reininger. If Dr. Reininger resigns for any reason other than a "Change
of Control" (as that term is defined in the Employment Agreement), the Company shall pay to Dr. Reininger the value of any
accrued but unused vacation time, and the amount of all accrued but unpaid salary through the date of such termination. If Dr.
Reininger's employment is terminated because of death or disability, all salary, benefits and other payments shall cease
at the time of death or disability, provided, however, that the Company shall continue to provide Dr. Reininger or her family with
such health, dental and similar insurance or benefits as were provided to Dr. Reininger immediately before her termination for
the longer of 12 months after such termination or the full unexpired term of the Employment Agreement. In addition, for the first
6 months of any disability, the Company shall pay to Dr. Reininger the difference, if any, between the cash benefits received by
Dr. Reininger from a Company sponsored disability insurance policy and her salary under the Employment Agreement.
In the event the Company terminates Dr.
Reininger's employment without cause or at the end of the term of the Employment Agreement, the Company shall, at the time
of such termination, pay to Dr. Reininger: (1) $150,000 if she has been employed for less than twelve months on the date of such
termination; and (2) $300,000 if she has been employed for more than twelve moths on the date of termination. The Company must
also pay Dr. Reininger severance, under certain circumstances, in the event of a Change of Control. The Employment Agreement provides
that if there is a Change in Control and Dr. Reininger's employment is concurrently or subsequently terminated: (a) by the
Company without cause; (b) by the expiration of the term of the Employment Agreement; or (c) by her resignation because she has
reasonably determined in good faith that her titles, authorities, responsibilities, salary, bonus opportunities or benefits have
been materially diminished, that a material adverse change in his working conditions has occurred, that her services are no longer
required in light of the Company's business plan, or the Company has breached the Employment Agreement, the Company will
pay to Dr. Reininger: (1) $225,000 if she has been employed for less than twelve months on the date of such termination; and (2)
$450,000 if she has been employed for more than twelve moths on the date of termination, in each case together with the value of
any accrued but unused vacation time, and the amount of all accrued but previously unpaid base salary through the date of termination,
and shall provide her with all of the employee benefits provided pursuant to the Employment Agreement for the longer of 12 months
or the full unexpired term of the Employment Agreement.
The Employment Agreement also contains non-competition
and non-solicitation covenants. These covenants, as described in the Employment Agreement, are effective during Dr. Reininger's
employment and for a period of one year following termination of her employment with the Company.
The foregoing description of the Employment
Agreement is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is attached hereto
as Exhibit 10.1 and which is incorporated herein by reference.
Item 8.01.
Other Events.
On September 5, 2012, Navidea Biopharmaceuticals,
Inc. (the "Company") issued a press release announcing that Cornelia Reininger, M.D., Ph.D., has been named Chief Medical
Officer of the Company, effective November 1, 2012. The appointment coincides with the growing emphasis at the Company on a broader
pipeline, later-stage product candidate development, and commercial products.
A copy of the complete text of the Company's
September 5, 2012, press releases is attached as Exhibits 99.1 to this Current Report on Form 8-K and is incorporated herein by
reference.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number
Exhibit Description
10.1
Employment Agreement, effective November 1, 2012, between Navidea Biopharmaceuticals, Inc. and Cornelia Reininger, M.D.
99.1
Navidea Biopharmaceuticals, Inc. press release, dated September 5, 2012, entitled "Navidea Biopharmaceuticals Names Pharma Industry Veteran Cornelia Reininger, M.D., Ph.D., as Chief Medical Officer."
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SIGNATURES
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.
Navidea Biopharmaceuticals, Inc.
Date: September 6, 2012
By:
/s/ Brent L. Larson
Brent L. Larson, Senior Vice President and
Chief Financial Officer
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