Form 8-K for KERYX BIOPHARMACEUTICALS INC
Termination of a Material Definitive Agreement, Change in Directors
Item 1.02. Termination of a Material Definitive Agreement.
(a) The Employment Agreement (the "Agreement") between Dr. I.
Craig Henderson and Keryx Biopharmaceuticals, Inc. (the "Company") dated April 25, 2007, will be terminated as of April 15, 2008.
The Agreement provides that Dr. Henderson will be entitled to receive as severance a lump-sum payment equal to one year's base salary, any earned and unpaid bonus as of April 15, 2008, and an additional year of vesting on all time-based stock options and restricted stock granted to Dr. Henderson. The Agreement has been filed as Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, filed on May 7, 2007, and incorporated herein by reference.
Item 5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) As a result of cost-cutting initiatives resulting from the recent clinical failure of Sulonex (sulodexide), on March 26, 2008, the Company notified its President, I. Craig Henderson, M.D., that it is terminating his employment with the Company, effective as of April 15, 2008. Dr. Henderson will remain in his position as a Director of the Company until the Company's next annual meeting.
Begründet aus dem Scheitern von Sulonex