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| NGEN > SEC Filings for NGEN > Form 8-K on 21-Aug-2008 | All Recent SEC Filings |
21-Aug-2008
Change in Directors or Principal Officers, Other Events
Officers
On August 18, 2008, the following stock option awards with performance-based
vesting approved by the Compensation Committee of the Board of Directors of
Nanogen, Inc. (the "Company" or "Nanogen") under the Company's 1997 Stock
Incentive Plan, as amended (the "Plan") became effective:
# of Option
Name and Principal Position Shares
Howard C. Birndorf - Chief Executive Officer and Chairman 1,000,000
David G. Ludvigson - President and Chief Operating Officer 750,000
Nicholas Venuto - Chief Financial Officer 225,000
William L. Respess - Senior Vice President, General Counsel and Secretary 150,000
Graham Lidgard - Senior Vice President, Research and Development 300,000
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The exercise price per share of each option grant is $0.351, the closing price
per share of the Company's common stock on the effective date of the grants. 50%
of the option shares will vest and become exercisable upon the closing of the
share exchange transaction (the "Share Exchange") contemplated by the Share
Exchange Agreement (the "Share Exchange Agreement"), dated August 14, 2008,
among Company, Financiére Elitech S.A.S. ("Elitech"), and the stockholders of
Elitech, or if Nanogen has terminated the Share Exchange Agreement pursuant to
Section 8(a)(iii)(C) thereof, upon the closing of the transaction contemplated
by a Superior Proposal (as defined in the Share Exchange Agreement) (together
with the Share Exchange, a "Change in Control Transaction") which was the basis
for Nanogen's exercise of its termination right; provided the executive officer
continues to be employed by the Company through the closing date of the Change
in Control Transaction. The remaining 50% of the option shares will vest and
become exercisable upon the executive officer's completion of a one-year period
of employment measured from the closing date of the Change in Control
Transaction. In the event a Change in Control Transaction is not consummated
prior to June 30, 2009, the option shares will terminate and cease to be
outstanding. In addition, each vested option share will terminate and cease to
be outstanding on August 17, 2019 or earlier if the executive officer ceases to
be employed by the Company for any reason or no reason prior to such date.
A description of the Share Exchange Agreement is contained in, and a copy of the Share Exchange Agreement was included as an exhibit to, the Form 8-K filed by the Company with the Securities and Exchange Commission on August 15, 2008.
The disclosure set forth in Item 5.02 above is incorporated by reference to this Item 8.01.
The proposed share exchange transaction will be submitted to the stockholders of
Nanogen for their consideration, and Nanogen will file a registration statement,
a proxy statement/prospectus and other relevant documents concerning the
proposed transaction with the SEC. Shareholders are urged to read the
registration statement and the proxy statement/prospectus regarding the proposed
share exchange transaction when it becomes available and any other relevant
documents filed with the SEC, as well as any amendments or supplements to those
documents, because they will contain important information. You will be able to
obtain a free copy of the proxy statement/prospectus, as well as other filings
containing information about Nanogen, at the SEC's Internet site
(http://www.sec.gov). You will also be able to obtain these documents, free of
charge, at Nanogen's website (http://www.nanogen.com). Copies of the proxy
statement/prospectus and the SEC filings that will be incorporated by reference
in the proxy statement/prospectus can also be obtained, without charge, by
directing a request to: Investor Relations at 858-410-4600 or via email to:
info@nanogen.com.
Nanogen, and its directors and executive officers, may be deemed to be participants in the solicitation of proxies from the stockholders of Nanogen in connection with the proposed share exchange transaction. Information about the directors and executive officers of Nanogen and their ownership of Nanogen common stock is set forth in the proxy statement, dated May 13, 2008, for Nanogen's annual meeting of stockholders, as filed with the SEC on a Schedule 14, and in Nanogen's annual report on Form 10-K, as amended on Form 10-K/A, filed with the SEC on March 31, 2008 and April 29, 2008, respectively. Additional information regarding the interests of those participants and other persons who may be deemed participants in the share exchange transaction may be obtained by reading the proxy statement /prospectus regarding the proposed share exchange transaction when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph.
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