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ANPMF > SEC Filings for ANPMF > Form 8-K on 14-Nov-2012All Recent SEC Filings

Show all filings for ANGIOTECH PHARMACEUTICALS INC

Form 8-K for ANGIOTECH PHARMACEUTICALS INC


14-Nov-2012

Change in Directors or Principal Officers


Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e)

On November 7, 2012, Angiotech Pharmaceuticals, Inc. ("Angiotech") reached a mediated settlement in principle on the termination payments to be made to Dr. William L. Hunter, the former President and Chief Executive Officer of Angiotech. Dr. Hunter's employment ceased with Angiotech effective October 17, 2011. Pursuant to the terms of the Settlement Agreement dated November 14, 2012 (the "Settlement Agreement"), Dr. Hunter received a cash settlement of $6.5 million, inclusive of legal costs, (the "Settlement Amount") for the full and final settlement of all claims. Without further consideration, Dr. Hunter surrendered all equity awards granted to him under Angiotech's stock incentive plan and all such awards area and will be deemed to be forfeited, terminated and cancelled and of no further force and effect. Dr. Hunter and Angiotech each executed a mutual release in connection with entering into the Settlement Agreement. This Settlement Amount had been fully accrued for as at September 30, 2012.


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