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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>UNITED STATES</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Washington, D.C. 20549</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:189.35pt;margin-right:180pt;margin-top:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>FORM 8-K</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CURRENT REPORT</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Pursuant to <font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">Section 13 or 15(d) of the Securities Exchange Act of 1934</font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>February 27</b><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"><b>,</b><b> 2018</b></font></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Date of Report (Date of Earliest Event Reported)</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;"><b>Sun BioPharma, Inc.</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Exact Name of Registrant as Specified in its Charter)</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Delaware</b></p>
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			<td style="vertical-align: top; width: 4%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>000-55242</b></p>
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			<td style="vertical-align: top; width: 4%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>87-0543922</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State of Incorporation)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Commission File Number)</p>
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			<td style="vertical-align: top; width: 4%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(I.R.S. Employer Identification No.)</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>712 Vista Blvd #305</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Waconia, Minnesota</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>55387</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Address of Principal Executive Offices)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Zip Code)</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(</b><font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"><b>952</b><b>) </b><b>479</b><b>-</b><b>1196</b></font></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Registrant<font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">&rsquo;s Telephone Number, Including Area Code)</font></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Former Name or Former Address, if Changed Since Last Report.)</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:18pt;">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):</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;<font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;<font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;<font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;<font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Indicate <font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter.)</font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:61.5%;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:36pt;">Emerging growth company <font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">&#9745;</font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:61.5%;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">&#9745;</font></p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><b>Item 5.0</b><font style="font-size:10pt;font-family:'Times New Roman', Times, serif;"><b>2</b></font></p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><font style="font-size:10pt;font-family:'Times New Roman', Times, serif;"><b>Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers</b><b>.</b></font></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Effective February 27, 2018<font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">, Sun BioPharma, Inc. (the &ldquo;Company&rdquo;) entered into waivers and third amendments (collectively, the &ldquo;Amendments&rdquo;) to the previously disclosed employment agreements, as amended (the &ldquo;Agreements&rdquo;), with our Executive Chairman, Michael T. Cullen, M.D., M.B.A., our President and Chief Executive Officer, David B. Kaysen, and our Chief Financial Officer, Scott Kellen, each of whom is an executive officer of the Company (collectively, the &ldquo;Executives&rdquo;), and our Chief Medical Officer, Suzanne Gagnon, M.D. (together with the Executives, the &ldquo;Employees&rdquo;). Dr. Cullen, Mr. Kaysen and Dr. Gagnon are also current members of the Company&rsquo;s Board of Directors.</font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">For <font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">each of the Employees, the Amendments waive the contingent payment of cash and/or equity that had been established by the amendments to the Agreements dated October 1, 2017, each of which could have become due on or before June&nbsp;30, 2018 upon a change of control or the Company&rsquo;s issuance of a threshold level of equity securities. The Amendments also entitled Dr. Cullen, Mr. Kaysen, Mr. Kellen and Dr. Gagnon to new ten-year options to purchase up to 100,000 shares, 50,000 shares, 25,000 shares and 95,000 shares of Company common stock, respectively, at an exercise price equal to fair market value as of the date of grant. The options were granted under the Company&rsquo;s 2016 Omnibus Incentive Plan effective as of February&nbsp;27, 2018.</font></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The descriptions in this report of the material terms and conditions of the foregoing compensatory arrangements with the Employees are qualified by the text of the Amendments, copies of which are filed as Exhibits<font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">&nbsp;10.1, 10.2, 10.3 and 10.4, and each of which is incorporated herein by reference.</font></p>

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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><b>Item 9</b><font style="font-size:10pt;font-family:'Times New Roman', Times, serif;"><b>.0</b><b>1</b></font></p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><font style="font-size:10pt;font-family:'Times New Roman', Times, serif;"><b>Financial Statements and Exhibits</b><b>.</b></font></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(d)<font style="font-family:'Times New Roman', Times, serif;font-size:10pt;"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</i></font></p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Exhibit No.</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Description</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">10.1</p>
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			<td style="vertical-align:top;border-bottom: 1px #000000;;width:87.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="ex_106942.htm" style="-sec-extract:exhibit;">Waiver and Third <font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">Amendment to Employment Agreement with Michael T. Cullen, effective as of February&nbsp;27, 2018</font></a></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">10.2</p>
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			<td style="vertical-align:top;width:1%;">&nbsp;</td>
			<td style="vertical-align:top;width:87.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_106943.htm" style="-sec-extract:exhibit;">Waiver and Third <font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">Amendment to Employment Agreement with David B. Kaysen, effective as of February&nbsp;27, 2018</font></a></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">10.3</p>
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			<td style="vertical-align:top;width:1%;">&nbsp;</td>
			<td style="vertical-align:top;width:87.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_106944.htm" style="-sec-extract:exhibit;">Waiver and Third <font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">Amendment to Employment Agreement with Scott Kellen, effective&nbsp;as of February&nbsp;27, 2018</font></a></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">10.4</p>
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			<td style="vertical-align:top;width:1%;">&nbsp;</td>
			<td style="vertical-align:top;width:87.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_106945.htm" style="-sec-extract:exhibit;">Waiver and Third <font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">Amendment to Employment Agreement with Suzanne Gagnon, effective as of&nbsp;February&nbsp;27, 2018</font></a></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SIGNATURES</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the <font style="font-family:'Times New Roman', Times, serif;font-size:10pt;">Registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">SUN BIOPHARMA, INC.</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;">Date: <font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">March 5, 2018</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">/s/ Scott Kellen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">Scott Kellen</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">Chief Financial Officer</font></p>
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snbp20180305_8k.htm
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
February 27
,
2018
Date of Report (Date of Earliest Event Reported)
Sun BioPharma, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware
000-55242
87-0543922
(State of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
712 Vista Blvd #305
Waconia, Minnesota
55387
(Address of Principal Executive Offices)
(Zip Code)
(
952
)
479
-
1196
(Registrant
's Telephone Number, Including Area Code)
(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):
☐
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))
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter.)
Emerging growth company
☑
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☑
Item 5.0
2
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
.
Effective February 27, 2018
, Sun BioPharma, Inc. (the "Company") entered into waivers and third amendments (collectively, the "Amendments") to the previously disclosed employment agreements, as amended (the "Agreements"), with our Executive Chairman, Michael T. Cullen, M.D., M.B.A., our President and Chief Executive Officer, David B. Kaysen, and our Chief Financial Officer, Scott Kellen, each of whom is an executive officer of the Company (collectively, the "Executives"), and our Chief Medical Officer, Suzanne Gagnon, M.D. (together with the Executives, the "Employees"). Dr. Cullen, Mr. Kaysen and Dr. Gagnon are also current members of the Company's Board of Directors.
For
each of the Employees, the Amendments waive the contingent payment of cash and/or equity that had been established by the amendments to the Agreements dated October 1, 2017, each of which could have become due on or before June 30, 2018 upon a change of control or the Company's issuance of a threshold level of equity securities. The Amendments also entitled Dr. Cullen, Mr. Kaysen, Mr. Kellen and Dr. Gagnon to new ten-year options to purchase up to 100,000 shares, 50,000 shares, 25,000 shares and 95,000 shares of Company common stock, respectively, at an exercise price equal to fair market value as of the date of grant. The options were granted under the Company's 2016 Omnibus Incentive Plan effective as of February 27, 2018.
The descriptions in this report of the material terms and conditions of the foregoing compensatory arrangements with the Employees are qualified by the text of the Amendments, copies of which are filed as Exhibits
10.1, 10.2, 10.3 and 10.4, and each of which is incorporated herein by reference.
Item 9
.0
1
Financial Statements and Exhibits
.
(d)
Exhibits
Exhibit No.
Description
10.1
Waiver and Third
Amendment to Employment Agreement with Michael T. Cullen, effective as of February 27, 2018
10.2
Waiver and Third
Amendment to Employment Agreement with David B. Kaysen, effective as of February 27, 2018
10.3
Waiver and Third
Amendment to Employment Agreement with Scott Kellen, effective as of February 27, 2018
10.4
Waiver and Third
Amendment to Employment Agreement with Suzanne Gagnon, effective as of February 27, 2018
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.
SUN BIOPHARMA, INC.
Date:
March 5, 2018
By
/s/ Scott Kellen
Scott Kellen
Chief Financial Officer