LegalJul 10, 2026, 04:57 PM
Sunshine Biopharma settles dispute for CAD$1.5M with former exec
AI Summary
Sunshine Biopharma Inc. and its wholly-owned subsidiary, Nora Pharma Inc., have entered into a Release Agreement with Malek Chamoun, the former president of Nora Pharma. This agreement resolves a dispute between the parties, with Sunshine Biopharma agreeing to pay Mr. Chamoun CAD$1,500,000 (approximately US$1,058,565) in full and final settlement. The settlement also releases Mr. Chamoun from his non-competition and non-solicitation obligations.
Key Highlights
- Sunshine Biopharma Inc. and Nora Pharma Inc. entered a Release Agreement with former Nora president Malek Chamoun.
- The agreement settles a dispute for CAD$1,500,000 (approximately US$1,058,565).
- The settlement payment includes CAD$479,208 for earn-out, CAD$972,343 for bonuses/indemnity, and CAD$22,815 for expenses.
- Chamoun is released from non-competition and non-solicitation obligations.
- Chamoun will sell all common shares of Sunshine Biopharma currently held within 30 days.
Price Impact
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