ZOGENIX, INC. (NASDAQ:ZGNX) 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 November17, 2017, Thierry J.P. Darcis, M.D., the Executive Vice President and General Manager, Europe, of Zogenix, Inc. (the “Company”), announced his intent to resign, effective as of November22, 2017.
In connection with his resignation, the Company and Dr.Darcis entered into a Settlement Agreement (the “Darcis Settlement Agreement”), to which Dr.Darcis provided a general release of claims against the Company in exchange for the right to receive the following severance benefits: (1)a lump sum cash payment in the amount of £354,820.50; and (2)the automatic acceleration of the vesting and exercisability of outstanding unvested stock awards as to the number of stock awards that would have vested over the 12-month period following his last day of employment had Dr.Darcis remained continuously employed by us during such period (provided that: (i)the performance options and the time-based options granted in October 2015; and (ii)the restricted stock unit awards granted in March 2017, will not accelerate to this provision). In addition, in the event of a “change in control” (as defined in his employment agreement) on or before January16, 2018, the Company will pay Dr.Darcis an additional lump sum cash payment equal to his “bonus” (as defined in his employment agreement). In the event of a change in control of the Company on or before February17, 2018, the vesting and/or exercisability of Dr.Darcis’ outstanding unvested stock awards will be automatically accelerated in full on the date of such change in control.
The foregoing description of the Darcis Settlement Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement, which will be filed by the Company as an exhibit to its Annual Report on Form 10-K for the year ended December31, 2017.
About ZOGENIX, INC. (NASDAQ:ZGNX)
Zogenix, Inc. is a pharmaceutical company engaged in developing and commercializing central nervous system (CNS) therapies that address specific clinical needs for people living with orphan and other CNS disorders in requirement of treatment alternatives. The Company’s areas of focus are epilepsy and schizophrenia. Its lead product candidate, ZX008, is a low-dose fenfluramine. The Company is also engaged in the development of Relday, which is a long-acting injectable formulation of risperidone indicated for the treatment of symptoms of schizophrenia and bipolar disorder in adults and teenagers 13 years of age and older. The Company is also engaged in manufacturing Sumavel DosePro (sumatriptan injection), a needle-free delivery system, which it sells to Endo Ventures Bermuda Limited and Endo Ventures Limited. Its DosePro technology is a drug delivery system designed for self-administration of a pre-filled, single dose of liquid drug, subcutaneously, without a needle.