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 Officers
Item5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On April6, 2017, Merrimack Pharmaceuticals, Inc. (the Company)
entered into a Separation and Release of Claims Agreement (the
Separation Agreement) with William A. Sullivan, the Companys
former Principal Accounting Officer and Treasurer. to the
Separation Agreement, in connection with Mr.Sullivan resigning
from his positions with the Company as of April3, 2017, the
Company agreed to:
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commencing on the first regularly scheduled payroll date following June2, 2017, continue paying Mr.Sullivans annual base salary of $321,273 for a period of twelve (12)months (the Severance Period); |
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continue paying the share of the premium for Mr.Sullivans health and dental insurance through the end of the Severance Period that it currently pays on behalf of active and similarly situated employees who receive the same type of coverage and/or to otherwise continue to provide to Mr.Sullivan during the Severance Period all Company employee benefit plans and arrangements available to the Companys senior management employees; and |
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on June2, 2017, pay Mr.Sullivan a pro-rated 2017 bonus of $27,565.28. |
The Separation Agreement also includes a release of claims by
Mr.Sullivan against the Company.
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). Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) Recent Trading Information
Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) closed its last trading session down -0.15 at 3.08 with 3,652,230 shares trading hands.
