Adamas Pharmaceuticals, Inc. (NASDAQ:ADMS) 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.
Directors of Adamas Pharmaceuticals, Inc. (the Company) took the
following compensation actions with respect to the Companys Chief
Executive Officer (CEO; Chief Financial Officer (CFO); Chief
Business Officer, General Counsel, Chief Compliance Officer
Corporate Secretary (CBO); and Chief Medical Officer (CMO);
(collectively, the Officers).
Plan). The Bonus Plan provides guidelines for cash bonuses to our
executive officers, which cash bonuses for each Officer generally
will be based on: (1) the target bonuses for the Officer; and (2)
the achievement of corporate and individual goals established by
the Compensation Committee. Individual performance may result in
a performance modifier being applied to the target bonus,
resulting in the guidelines for percent of target bonus to be
paid of between 0% and 150%, depending on individual performance.
Actual bonuses paid are at the sole discretion of the
Compensation Committee, and may vary from the guidelines set
forth in the Bonus Plan. No cash bonus award is considered earned
under the Bonus Plan until the time that such award is approved
by the Compensation Committee.
Compensation Committee set the target percentages for assessing
annual bonuses for 2017, expressed as a percentage of the
applicable Officers annual base salary. The target percentages of
the Officers are as follows:
|
Executive Officer
|
Title
|
2017 Target Bonus Award %
|
||
|
Gregory T. Went, Ph.D.
|
President and Chief Executive Officer
|
55%
|
||
|
William J. Dawson
|
Chief Financial Officer
|
35%
|
||
|
Jennifer J. Rhodes
|
Chief Business Officer, General Counsel, Chief
Compliance Officer Corporate Secretary |
40%
|
||
|
Rajiv Patni
|
Chief Medical Officer
|
40%
|
Plan and is qualified in its entirety by reference to the copy of
the Bonus Plan filed as Exhibit 10.1 to this Current Report on
Form 8-K.
Directors of the Company amended and restated the Companys
Executive Severance Plan (the Severance Plan), for employees of
the Company at the level of Vice President (VP) or above.
of a termination of employment not in connection with a change in
control, the Company will pay: a cash severance in the form of
base salary continuation for 12 months to the CEO, CFO, CBO, CMO,
and Chief Commercial Officer (CCO); and a cash severance in the
form of base salary continuation for 9 months to all other VPs
and above. In addition, the participant will be reimbursed for
health care premiums during the period for which they receive
continued salary.
change in control, the Company will pay a lump sum cash severance
of: 1.5 times annual salary plus annual target bonus, in addition
to a pro-rated target bonus, to the CEO; and 1.0 times annual
salary plus annual target bonus, in addition to a pro-rated
target bonus, to all other VPs and above. In addition, the
participant will be reimbursed for health care premiums for 12
months (18 months in the case of the CEO), and receive full
accelerated vesting of outstanding equity awards and the
extension to one year of the post-termination exercise period for
stock options.
Plan and is qualified in its entirety by reference to the copy of
the Severance Plan, which will be filed as an exhibit to the
Companys Quarterly Report on Form 10-Q for the quarter ending
March 31, 2017.
|
Exhibit Number
|
||
|
Exhibit Description
|
||
|
10.1
|
2017 Executive Cash Bonus Award Program.
|
About Adamas Pharmaceuticals, Inc. (NASDAQ:ADMS)
Adamas Pharmaceuticals, Inc. is a pharmaceutical company. The Company is engaged in developing medicines to manage the daily lives of those affected by chronic neurologic disorders. It offers a platform based on an understanding of time dependent biologic effects of disease activity and drug response to achieve relief without tolerability issues. It has developed a portfolio of chrono-synchronous therapies to address chronic neurologic disorders. Its first product candidate is ADS-5102, a chrono-synchronous amantadine therapy, for the treatment of levodopa-induced dyskinesia (LID) in patients with Parkinson’s disease (PD). It has completed Phase II proof-of-concept study of ADS-5102 in these patients. Its Phase III clinical program included three placebo-controlled trials: EASED, EASE LID and EASE LID 3. Its second product candidate is ADS-4101, an extended-release version of single-agent compound for the treatment of epilepsy (partial onset seizures). Adamas Pharmaceuticals, Inc. (NASDAQ:ADMS) Recent Trading Information
Adamas Pharmaceuticals, Inc. (NASDAQ:ADMS) closed its last trading session up +0.18 at 16.91 with 126,503 shares trading hands.
