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AFFY > SEC Filings for AFFY > Form 8-K on 23-Apr-2013All Recent SEC Filings

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Form 8-K for AFFYMAX INC


23-Apr-2013

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. AND ITEM 8.01. OTHER EVENTS.

On April 19, 2013, Affymax, Inc (the "Company") entered into a Consulting Engagement Agreement (the "Agreement") with The Brenner Group, Inc. ("TBG"), an experienced restructuring firm, to provide restructuring support and related management services in order to implement a company-wide restructuring plan. The responsibilities of TBG include knowledge transfer from our existing employees, appointment of a Chief Restructuring Officer who will remain an employee of TBG and negotiation of existing creditor obligations, including our lease commitments, in an effort to structure the company appropriately to support the continuing investigation by Takeda Pharmaceutical Company Ltd. of the OMONTYS product safety issues, which we have previously announced. The representatives of TBG will report to our Board of Directors in the undertaking of the engagement.

The Agreement has an initial term of one year, subject to automatic three month renewals thereafter. Either party may terminate the engagement for cause or upon two month prior written notice. The Company committed to a $50,000 retainer and are engaging TBG at hourly rates depending on the qualifications and responsibilities of the TBG employees engaged. The Agreement contemplates that TBG representatives may assume various Company officer roles and responsibilities in addition to the Chief Restructuring Officer position over the course of the engagement.

With the retention of TBG in connection with the restructuring, the Company plans to terminate the employment of the remaining named executive officers, John Orwin and Herb Cross, no later than June 15, 2013.


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