Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February15, 2018, the Board of Directors (the “Board”) of Merrimack Pharmaceuticals, Inc. (the “Company”) approved a bonus award to the Company’s 2017 annual performance-based cash bonus program for Richard Peters, the Company’s President and Chief Executive Officer, as set forth below:
|
2017 Base Salary |
Target Bonus Percentage |
Target Cash Bonus |
2017 Actual Cash Bonus |
Actual Bonus as % of Prorated Salary |
|
$700,000 |
65% | $410,123(1) | $533,160(2) | 84.5% |
| (1) | Dr.Peters’ target cash bonus for 2017 was prorated based on his start date of February6, 2017. |
| (2) | The Board determined that Dr.Peters far exceeded expectations with respect to both the achievement of his specified annual individual performance objectives and the embodiment of the Company’s values and expected behaviors, which made him eligible for a bonus of up to 150% of his target cash bonus. |
The Board also increased Dr.Peters’ base salary to $722,084, retroactive to January1, 2018.
Also on February15, 2018, the Organization and Compensation Committee (the “Committee”) of the Board approved a bonus award to the Company’s 2017 annual performance-based cash bonus program for Jean M. Franchi, the Company’s Chief Financial Officer and Treasurer, as set forth below:
|
2017 Base Salary |
Target Bonus Percentage |
Target Cash Bonus |
2017 Actual Cash Bonus |
Actual Bonus as % of Prorated Salary |
|
$400,000 |
35% | $51,014(1) | $53,564(2) | 36.8% |
| (1) | Ms.Franchi’s target cash bonus for 2017 was prorated based on her start date of August21, 2017. |
| (2) | The Committee determined that Ms.Franchi met expectations with respect to both the achievement of her specified annual individual performance objectives and the embodiment of the Company’s values and expected behaviors, which made her eligible for a bonus of up to 110% of her target cash bonus. |
The Committee also increased Ms.Franchi’s base salary to $402,915, retroactive to January1, 2018.
About Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK)
Merrimack Pharmaceuticals, Inc. is a biopharmaceutical company. The Company is engaged in discovering, developing and commercializing medicines consisting of therapeutics paired with companion diagnostics for the treatment of cancer. Its therapeutic oncology candidates in clinical development include MM-398, MM-302, MM-121, MM-141 and MM-151. Its ONIVYDE (irinotecan liposome injection), also known as MM-398, is an encapsulation of the marketed chemotherapy drug irinotecan in a liposomal formulation. MM-302 is an antibody drug conjugated liposomal doxorubicin that targets the ErbB2 (HER2) receptor. MM-121 is a fully human monoclonal antibody that targets Erb-B2 Receptor Tyrosine Kinase 3 (ErbB3). MM-141 is a fully human tetravalent bispecific antibody designed to block tumor survival signals by targeting receptor complexes. MM-151 is an oligoclonal therapeutic designed to bind to non-overlapping epitopes of EGFR (ErbB1).
