On June 9, 2015, Rock Creek Pharmaceuticals, Inc. entered into a separation agreement and general release with Christopher C. Chapman, M.D., the company's President and a member of the company's Board of Directors, in connection with the resignation of Dr. Chapman's employment with the company. Dr. Chapman, who served the company for approximately 1 years as President and over 9 years a director of the company, elected to voluntarily resign from the company in order to pursue other matters. Under the Separation Agreement, Dr. Chapman's employment with the company will continue through June 30, 2015, although Dr. Chapman will cease to be an officer and director of the company as of the date of the Separation Agreement.

The Separation Agreement provides that Dr. Chapman will continue to receive severance base pay at the rate of $25,000 per month (minus withholdings) for July, August, and September 2015. In connection with Dr. Chapman's departure, Dr. Michael J. Mullan, the Company's Chairman and Chief Executive Officer, will assume the office of President of the company.