OREXIGEN THERAPEUTICS, INC. (NASDAQ:OREX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On October13, 2017, the Committee approved the entry into amendments (each an “Amendment”) to the employment agreements of each of its executive officers, including its named executive officers and its CFO. In each case, the Amendment provides that in addition to the current severance benefits provided under his employment agreement, each executive officer would also receive payment of a pro-rata portion of his annual performance bonus in the event that, during a Change in Control Period, the executive officer is Involuntarily Terminated Without Cause or experiences a Constructive Termination (in each case, as such terms are defined in the applicable executive officer’s employment agreement). Under the Amendment, the amount of the bonus payment would be equal to the respective executive officer’s annual target bonus (as of the year of termination), pro-rated for the period in which the executive officer was employed during the year in which the termination occurs.
In addition, the Amendment to Mr.Lynch’s employment agreement reflects Mr.Lynch’s promotion to the title of Executive Vice President, Chief Administrative Officer, General Counsel and Secretary, as approved by the Committee on October13, 2017. The Amendment to Mr.Keyes’ employment agreement reflects Mr.Keyes’ promotion to the title of Executive Vice President and Chief Financial Officer, as approved by the Committee on October13, 2017.
The above summary of the terms of the Amendments is qualified in its entirety by reference to each of the Amendments, which will be filed as exhibits to the Company’s Form 10-Q for the quarter ended September30, 2017.
About OREXIGEN THERAPEUTICS, INC. (NASDAQ:OREX)
Orexigen Therapeutics, Inc. is a biopharmaceutical company. The Company is focused on the treatment of obesity. The Company’s product, Contrave, is approved in the United States by the United States Food and Drug Administration as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in adults with an initial body mass index (BMI) of 30 kilograms per square meter or greater (obese) or 27 kilograms per square meter or greater (overweight) in the presence of a weight-related comorbid condition. Contrave is a combination of generic drug components, each of which has received regulatory approval for other indications and has been commercialized in the United States and in a range of member countries of the European Union. Contrave regulates appetite and energy expenditure through central nervous system (CNS) activity. Contrave is a fixed dose combination of bupropion hydrochloride (HCl) extended release (ER) and naltrexone HCl ER.
