MannKind Corporation (NASDAQ:MNKD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
(e)
On April6, 2017, MannKind Corporation (the Company) entered into
a Change of Control Agreement with each of its executive officers
(each, an Executive), consisting of: Matthew J. Pfeffer, Michael
E. Castagna, David Thomson, Ph.D., J.D., Raymond Urbanski, M.D.,
Ph.D., Joseph Kocinsky, Rose Alinaya and Stuart A. Tross, Ph.D.
The Change of Control Agreement with each Executive provides for
the employment of the Executive during the two-year period
following a change of control of the Company and certain benefits
during that period. Each Change of Control Agreement provides
that during the two-year period following a change of control of
the Company, the Executive will (i)have a position and duties
commensurate to those of the Executive prior to the change of
control, (ii)perform his or her services at the same work site as
before the change of control, (iii)receive an annual base salary
at least equal to the Executives annual base salary in effect
during the year in which the change of control occurs, (iv)be
eligible for an annual performance-based bonus equal to the
average annual bonus paid or payable to the Executive for the
three years prior to the change of control and (v)receive other
benefits.
In addition, each Change of Control Agreement provides that in
the event the Executives employment is terminated other than for
cause or if the Executive resigns for good reason during the
two-year period following a change of control of the Company (or
prior to, but in anticipation of, a change of control of the
Company), the Executive will be entitled to certain severance
benefits, consisting of (i)the continuation of base salary for 18
months following the date of termination, (ii)the payment of an
amount equal to 1.5 times the average annual bonus paid or
payable to the Executive for the three years prior to the change
of control, (iii)a pro rated annual bonus amount for the current
year if the performance criteria for earning such bonus is met or
if the Companys board of directors determines that all such
criteria could have been satisfied if the Executive remained
employed for the full fiscal year, (iv)health and dental
insurance benefits for up to 18 months following the date of
termination, (v)the immediate vesting of all of the Executives
equity awards and (vi)the extension of the time to exercise
vested stock options following the date of termination.
The term of each Change of Control Agreement is for a period of
two years and will be automatically renewed for additional
one-year periods unless either party gives notice to terminate at
least 90 days prior to the end of its initial term or any
subsequent term.
The foregoing description is only a summary of the Change of
Control Agreements and is qualified in its entirety by the terms
of the Change of Control Agreements, the form of which is
attached hereto as Exhibit 99.1.
| Item9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
|
Exhibit Number |
Description |
|
| 99.1 | Form of Change of Control Agreement |
About MannKind Corporation (NASDAQ:MNKD)
MannKind Corporation is a biopharmaceutical company. The Company is focused on the discovery and development of therapeutic products for diseases, such as diabetes. Its product candidate is AFREZZA, which is an inhaled insulin used to control high blood sugar in adults with type I and type II diabetes and helps in glycemic control. AFREZZA consists of a dry formulation of human insulin delivered from a portable inhaler. AFREZZA utilizes its Technosphere formulation technology. Technosphere is a drug delivery platform that may allow the oral inhalation of a range of therapeutics. Technosphere powders are based on the Company’s fumaryl diketopiperazine (FDKP), which is a potential of Hydrogen (pH)-sensitive organic molecule that self-assembles into small particles under acidic conditions. The Company has also created a range of breath-powered, dry powder inhalers. Its inhalers can be produced in both a reusable (chronic treatment) and a single-use (acute treatment) format. MannKind Corporation (NASDAQ:MNKD) Recent Trading Information
MannKind Corporation (NASDAQ:MNKD) closed its last trading session up +0.07 at 1.33 with 1,996,302 shares trading hands.