VERTEX PHARMACEUTICALS INCORPORATED (NASDAQ:VRTX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
our>senior leadership team that are designed to provide
long-term stability and leadership through the continued growth
and expansion of Vertexs business. Principal among these changes
is the extension of our CEOs contract. The changes also include
the creation of new roles that reflect the advancement and
increased complexity of our business.
Chief Operating Officer and Chief Financial Officer and Michael
Parini our EVP Chief Legal and Administrative Officer. Additional
information regarding Mr. Smith and Mr. Parini is included in
Item 1 of our Annual Report on Form 10-K, filed with the SEC on
February 16, 2016 and incorporated herein by reference.
agreement with our Chairman, President and Chief Executive
Officer, Dr. Jeffrey M. Leiden. The amended and restated
agreement replaces our employment agreement with Dr. Leiden,
which was originally entered into in December 2011 and previously
amended in December 2014. to the amended and restated employment
agreement:
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The term of Dr. Leidens employment agreement (which was
previously scheduled to expire on December 31, 2017) was extended through March 31, 2020. |
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Dr. Leidens annual base salary, target bonus and equity
compensation program remained the same. |
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His benefits upon a termination by us without cause or by
Dr. Leiden for good reason were adjusted as follows: |
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o
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Dr. Leidens cash severance benefit was reduced from 200% of
the sum of his base salary and target bonus to 50% of the sum of his base salary and target bonus; and |
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o
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For stock options granted starting in 2014 and restricted
stock awards/restricted stock awards granted starting in 2015, in lieu of the 18 months of acceleration/continued vesting he would receive partial vesting of such awards in a percentage based on his years of service as an employee and/or non-employee director. This percentage would initially be 70% and would increase by 10% for each full year of service to the company. In addition, his stock options granted starting in 2014, would each remain outstanding for its original ten-year term. |
were not amended.
qualified in its entirety by the full text of the amended and
restated agreement, which is filed as Exhibit 10.1 hereto and
incorporated herein by reference.
salary was increased to $850,000 and his target bonus was
increased to 75% of his annual base salary and Mr. Parinis base
salary was increased to $675,000.
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10.1
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Amended and Restated Employment Agreement, dated November
30, 2016, by and between Vertex Pharmaceuticals Incorporated and Jeffrey M. Leiden, M.D., Ph.D |
About VERTEX PHARMACEUTICALS INCORPORATED (NASDAQ:VRTX)
Vertex Pharmaceuticals Incorporated is engaged in the business of discovering, developing, manufacturing and commercializing medicines for serious diseases. The Company operates in pharmaceuticals segment. Its business is focused on developing and commercializing therapies for the treatment of cystic fibrosis (CF) and advancing its research and development programs in other indications. Its marketed medicines are ORKAMBI and KALYDECO, which are approved to treat patients with CF having specific mutations in their CF transmembrane conductance regulator (CFTR) gene. It has multiple development programs in the field of CF, including VX-661, VX-371, and VX-152 and VX-440. It is engaged in various other research and mid- and early-stage development programs, such as programs in the areas of oncology, pain and neurology. Its oncology drug candidates include VX-970, VX-803 and VX-984; pain drug candidates include VX-150 and VX-241, and acute spinal cord injury drug candidate include VX-210. VERTEX PHARMACEUTICALS INCORPORATED (NASDAQ:VRTX) Recent Trading Information
VERTEX PHARMACEUTICALS INCORPORATED (NASDAQ:VRTX) closed its last trading session 00.00 at 77.82 with 2,662,560 shares trading hands.
