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 March27, 2018, the Board of Directors (the “Board”) of Merrimack Pharmaceuticals, Inc. (the “Company”), upon the recommendation of the Organization and Compensation Committee of the Board (the “Committee”), approved the annual performance-based cash bonus program for 2018 (the “2018 Bonus Program”) for Richard Peters, the Company’s President and Chief Executive Officer, and Jean M. Franchi, the Company’s Chief Financial Officer and Treasurer.
Dr.Peters’ target bonus under the 2018 Bonus Program is 65% of his 2018 base salary and will be based solely on the achievement of the Company’s corporate objectives.
The Company’s corporate objectives for 2018 generally relate to delivering clinical trial data, advancing select preclinical programs, engaging with the financial and medical communities, strengthening the Company’s financial position and preparing the Company for 2019.
Ms.Franchi’s target bonus under the 2018 Bonus Program is 35% of her 2018 base salary and will be based 80% on the achievement of the Company’s corporate objectives and 20% on the achievement of specified individual objectives.
Ms.Franchi’s individual objectives for 2018 generally relate to overseeing the Company’s finance function and implementing the Company’s financing and investor relations strategies.
Notwithstanding the foregoing, the Board (or the Committee in the case of Ms.Franchi) has the authority to, in its sole discretion, make discretionary adjustments to the 2018 Bonus Program, including adjusting the bonus percentages in connection with its review of Dr.Peters’ and Ms.Franchi’s performance, modifying the amount of the bonus above or below the amount calculated and modifying the corporate and individual objectives.
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).
