ACELRX PHARMACEUTICALS, INC. (NASDAQ:ACRX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS;
ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS;
COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
Cash Bonus Plan
On February7, 2017, the Board of Directors (the Board) of AcelRx
Pharmaceuticals, Inc. (the Company) approved a cash bonus plan
for the Companys employees for the 2017 fiscal year, under which
the Companys named executive officers are participants. The cash
bonus plan is summarized in Exhibit 10.1 hereto and incorporated
herein by reference.
Severance Benefit Plan
On February 7, 2017, the Board approved an Amended and Restated
Severance Benefit Plan (the Amended Plan) for certain of its
executives, under which certain of the Companys named executive
officers are participants (each an Executive). The Amended Plan
replaces the existing Severance Benefit Plan approved by the
Board and effective as of February 10, 2016 (the Plan),
previously filed as Exhibit 10.2 to the Form 8-K, filed with the
Securities and Exchange Commission on February 17, 2016.
The Amended Plan provides that if an Involuntary Termination
without Cause (as such term is defined in the Plan) of an
Executive who is a Tier I Participant (as defined in the Plan)
occurs within 3 months prior to or within 18months after a Change
in Control (as such term is defined in the Plan) of the Company
(a Change in Control Termination), the Executive will receive,
subject to signing a release of claims in favor of the Company,
(i) a lump sum payment equal to the sum of (1) 12 months of the
Executives Base Salary and (2) 100% of the Executives target
bonus opportunity for the calendar year in which the termination
occurs; and (ii)up to 12 months of reimbursement for premiums
paid for COBRA coverage for the Executive and his or her eligible
dependents. All other terms and conditions of the Plan remained
unchanged.
This brief description of the changes to the Plan is qualified in
its entirety by reference to the provisions of the Amended Plan,
which is attached as Exhibit10.2 to this current report on
Form8-K.
ITEM9.01 FINANCIAL STATEMENTS AND EXHIBITS.
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(d) |
Exhibits. |
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ExhibitNumber |
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Description |
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10.1 |
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2017 Cash Bonus Plan Summary. |
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10.2 |
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Amended and Restated Severance Benefit Plan effective as of |
About ACELRX PHARMACEUTICALS, INC. (NASDAQ:ACRX)
AcelRx Pharmaceuticals, Inc. is a pharmaceutical company focused on the development and commercialization of therapies for the treatment of moderate-to-severe acute pain. The Company operates through the segment, which includes development and commercialization of product candidates for the treatment of pain. Its lead product candidates include ARX-04, Zalviso, which utilize sublingual sufentanil, delivered through a non-invasive route of administration, and ARX-03. ARX-04 is meant for the treatment of moderate-to-severe acute pain to be administered by a healthcare professional to a patient in medically supervised settings. Zalviso is meant for the management of moderate-to-severe acute pain in hospitalized adult patients. ARX-03 provides mild sedation, anxiety reduction and pain relief for patients undergoing painful procedures in a physician’s office. It also includes ARX-02, which is meant for the treatment of patients who suffer from breakthrough pain (BTP) due to cancer. ACELRX PHARMACEUTICALS, INC. (NASDAQ:ACRX) Recent Trading Information
ACELRX PHARMACEUTICALS, INC. (NASDAQ:ACRX) closed its last trading session up +0.20 at 3.10 with 147,648 shares trading hands.