Array BioPharma Inc. (NASDAQ:ARRY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 9.01
On August 14, 2017, Array announced the appointment of Curtis Oltmans as General Counsel, effective August 15, 2017, to replace Mr. John Moore, who notified Array on August 9, 2017 of his retirement as Vice President and General Counsel of Array. Mr. Oltmans has most recently served as Corporate Vice President and General Counsel, North America, at Novo Nordisk, Inc., a fully integrated, leading global healthcare company, where he was responsible for strategy and initiatives in the areas of law, including litigation and intellectual property, and public affairs for the company’s substantial business in North America. Prior to Novo Nordisk, Mr. Oltmans spent 13 years at Eli Lilly and Company in a variety of legal roles, including litigation, FDA regulatory and international law. Mr. Oltmans earned his undergraduate degree in political science at the University of Nebraska and his Juris Degree at the University of Nebraska College of Law.
Mr. Moore’s retirement did not arise from any disagreement on any matter relating to Array’s operations, policies or practices. Mr. Moore’s last day of employment will be September 8, 2017. In connection with his retirement, Mr. Moore entered into a Separation and Release Agreement (the “Separation Agreement”) with Array on August 14, 2017. Under the Separation Agreement, Array agreed (i) to provide Mr. Moore with severance compensation equal to 12 months of his current base salary, payable bi-monthly over the 12-month period following his last day of employment, plus an amount required to cover healthcare premiums under COBRA for a 12-month period, payable as a lump sum payment on his last day of employment, and (ii) to accelerate the vesting of his outstanding stock options and restricted stock units, all in consideration for the releases and other covenants made by Mr. Moore in the Separation Agreement. Mr. Moore will also receive the performance bonus payable to him under Array's fiscal 2017 Performance Bonus Program when Array pays bonus amounts to its employees under such Performance Bonus Program. The Separation Agreement also contains customary nondisparagement provisions. The foregoing summary of the terms of the Separation Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Separation Agreement, which will be filed by Array as an exhibit to its quarterly report on Form 10-Q for the quarter ended September 30, 2017.
The information in the first paragraph above reporting on the announcement of Mr. Oltmans’ appointment as Array’s General Counsel is incorporated by reference to this Item 9.01.
| Item 9.01 | Financial Statements and Exhibits. |
| ExhibitNo. | Description |
| 99.1 | Press release dated August 14, 2017 entitled “Array BioPharma Appoints Curtis Oltmans as General Counsel” |
ARRAY BIOPHARMA INC ExhibitEX-99.1 2 v473307_ex99-1.htm EXHIBIT 99.1 Array BioPharma Appoints Curtis Oltmans As General CounselBOULDER,…To view the full exhibit click here
About Array BioPharma Inc. (NASDAQ:ARRY)
Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. The Company’s programs include approximately three cancer drugs, binimetinib, encorafenib and selumetinib (partnered with AstraZeneca, PLC). Its binimetinib and encorafenib are in Phase III trials in advanced cancer patients, including the COLUMBUS trial studying encorafenib in combination with binimetinib in patients with BRAF-mutant melanoma and has initiated BEACON CRC trial to study encorafenib in combination with binimetinib and cetuximab in patients with BRAF V600E-mutant colorectal cancer (BRAFm CRC). Its selumetinib is a mitogen-activated protein kinase (MEK) inhibitor for cancer, which is in Phase III trial. Its advanced clinical-stage drugs include Filanesib, ARRY-797, ASC08/Danoprevir, Ipatasertib/GDC-0068, Motolimod/VTX-2337, LOXO-101, ONT-380/ARRY-380, GDC-0575, GDC-0994 and ARRY-382.
