ACCELERON PHARMA INC. (NASDAQ:XLRN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Pharma Inc. (the Company) and Steven D. Ertel, the Companys
Executive Vice President and Chief Operating Officer was amended
(the “Amendment”) due to Mr. Ertel’s change in duties
resulting from his diagnosis of amyotrophic lateral sclerosis
(ALS). As of the date of the Amendment, Mr. Ertel will no longer
serve as the Company’s Executive Vice President and Chief
Operating Officer and will serve as Special Advisor to the Chief
Executive Officer.
during 2017 equal to one-half of his bonus target, or 20% of his
annual base salary, payable within thirty days of the date of the
Amendment. In addition, the Amendment provides that upon
termination of Mr. Ertel’s employment due to death or
termination by the Company due to disability, all of Mr. Ertel’s
unvested and outstanding equity and equity-based awards shall
vest in full as of the date of termination and all stock options
then held by Mr. Ertel shall remain exercisable for the lesser of
a period of three years from the date of Mr. Ertel’s
termination, or the original expiration date of such stock
options. In the event of Mr. Ertel’s termination due to
disability, for one year from the date of termination the Company
(i) will pay Mr. Ertel, at the time his base salary would
otherwise have been paid, an amount equal to the amount by which
50% of his base salary of $448,050 exceeds any Company-offered
disability insurance benefits that he may actually receive, and
(ii) will pay or reimburse Mr. Ertel for the full monthly premium
cost of any group health plan and/or dental plan under COBRA in
which Mr. Ertel is participating at the time of his termination
for the twelve months following the date of his termination by
the Company.
qualified in its entirety by the terms of the Amendment, which is
filed herewith as Exhibit 10.1 and incorporated herein by
reference.
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Exhibit Number
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Description of Exhibit
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10.1*
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Amendment to Amended and Restated Employment Agreement
between Steven D. Ertel and Acceleron Pharma Inc., dated as of April 28, 2017 |
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*
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Management contract or compensatory plan or arrangement.
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About ACCELERON PHARMA INC. (NASDAQ:XLRN)
Acceleron Pharma Inc. is a United States-based clinical-stage biopharmaceutical company. The Company focuses on the discovery, development and commercialization of therapeutic candidates that are based on mechanisms, which the human body uses to regulate the growth and repair of its cells and tissues. Its therapeutic candidates are used to treat serious and rare diseases. The Company’s pipeline includes Luspatercept, Sotatercept, Dalantercept, ACE-083, ACE-2494, ACE-1332, ACE-3891, ACE-2798, ACE-2536 and ACE-2395. Luspatercept promotes red blood cell production. It is developing Sotatercept for the treatment of chronic kidney disease. Dalantercept treats cancers by inhibiting blood vessel formation by inhibiting signaling through the activin receptor-like kinase (ALK) 1 receptor. ACE-083 is for the treatment of focal muscle disorders. ACE-2494 is designed to treat systemic muscle disorders. ACE-3891, ACE-1332, ACE-2798, ACE-2536 and ACE-2395 are in preclinical stage of development. ACCELERON PHARMA INC. (NASDAQ:XLRN) Recent Trading Information
ACCELERON PHARMA INC. (NASDAQ:XLRN) closed its last trading session down -0.75 at 32.74 with 370,400 shares trading hands.
