ARALEZ PHARMACEUTICALS INC. (NASDAQ:ARLZ) 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.
In light of the recent share price performance of Aralez
Pharmaceuticals Inc. (the Company) and certain near-term business
challenges, Adrian Adams, Chief Executive Officer of the Company,
Andrew I. Koven, President and Chief Business Officer of the
Company, and the rest of the Companys executive management team
agreed that their annual incentive bonuses for 2016 would be paid
at the target level, a level far lower than the actual level of
performance for 2016. Mr.Adams and Mr.Koven have also agreed with
the Compensation Committee of the Board of Directors (the
Compensation Committee) to remove themselves from eligibility for
a cash bonus under the Companys Annual Incentive Bonus Plan with
respect to the 2017 performance period. The significant
reductions in 2016 annual bonuses and Mr.Adams and Mr.Kovens
decision to opt out of eligibility for 2017 cash bonuses under
the Annual Incentive Bonus Plan demonstrate the commitment of the
Companys management and the Compensation Committee to continue to
align executive pay with shareholder interests.
On March20, 2017, POZEN Inc., a wholly owned subsidiary of the
Company entered into an amendment to the employment agreement
with Mr.Adams, dated May31, 2015 and an amendment to the
employment agreement with Mr.Koven, dated May31, 2015 (the
Amendments). The Amendments provide that Mr.Adams and Mr.Koven
have elected not to be eligible to receive a cash bonus under the
Companys Annual Incentive Bonus Plan with respect to 2017,
provided that, for all other purposes, including any severance
calculations, the annual cash incentive bonus for 2017 shall be
deemed to be the target annual cash bonus.
The foregoing description of the Amendments is qualified in its
entirety by reference to the full text of the Amendments, which
are filed as Exhibits 10.1 and 10.2 to this Current Report on
Form8-K and is incorporated by reference herein.
Item9.01. Financial Statements and Exhibits
(d)List of Exhibits
|
EXHIBIT NO. |
|
DESCRIPTION |
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10.1 |
Amendment to Employment Agreement with Adrian Adams, dated |
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10.2 |
Amendment to Employment Agreement with Andrew Koven, dated |
About ARALEZ PHARMACEUTICALS INC. (NASDAQ:ARLZ)
Aralez Pharmaceuticals Inc. is a Canada-based specialty pharmaceutical company. The Company focuses on acquiring, developing and commercializing products in cardiovascular, pain and other areas. The Company’s products include Fibricor, Cambia, Fiorinal, Fiorinal C, Soriatane, Bezalip SR, NeoVisc, Uracyst, Durela, Proferrin, Resultz and Collatamp G. Its development products include YOSPRALA and Bilastine. Fibricor (fenofibric acid) is indicated as a complementary therapy along with diet for the treatment of hypertriglyceridemia, and as a complementary therapy along with diet to reduce elevated low-density lipoprotein cholesterol (LDL-C), total cholesterol (Total-C), triglycerides (TG) and apolipoprotein B (Apo B). Fibricor is also used to increase high-density lipoprotein (HDL) cholesterol (HDL-C) in patients with hypercholesterolemia or mixed dyslipidemia. Cambia (diclofenac potassium for oral solution) is a non-steroidal anti-inflammatory drug (NSAID). ARALEZ PHARMACEUTICALS INC. (NASDAQ:ARLZ) Recent Trading Information
ARALEZ PHARMACEUTICALS INC. (NASDAQ:ARLZ) closed its last trading session down -0.08 at 2.23 with 868,825 shares trading hands.