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SVNTQ > SEC Filings for SVNTQ > Form 8-K on 15-Oct-2013All Recent SEC Filings

Show all filings for SAVIENT PHARMACEUTICALS INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for SAVIENT PHARMACEUTICALS INC


15-Oct-2013

Change in Directors or Principal Officers, Financial Statements and E


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

(e) Savient Pharmaceuticals, Inc. (the "Company") has entered into Incentive Bonus Agreements (the "Incentive Agreements") with each of the Company's three Co-Presidents, Philip K. Yachmetz, John P. Hamill and Richard Crowley and with the Company's Senior Vice President and Chief Medical Officer, Dr. Kenneth M. Bahrt. The Incentive Agreements with each of Mssrs. Yachmetz, Hamill and Crowley were entered into on October 11, 2013 and provide for a one-time incentive payment of $200,000 to each individual. The Incentive Agreement with Mr. Bahrt was entered into on September 11, 2013 and provides for an incentive payment of $180,000, payable in two equal installments.

Under the Incentive Agreements, Mssrs. Yachmetz, Hamill, Crowley and Bahrt agree to repay the Company the full amount of the incentive payment if their employment with the Company is terminated, other than due to termination by the Company without "cause," as defined in the Incentive Agreements, before the Company completes a sale or merger of the Company, a sale of all or substantially all of the Company's assets or a debt exchange, recapitalization, refinancing, or restructuring of substantially all of the Company's outstanding indebtedness, or if none of the aforementioned events is completed before April 1, 2014.

The foregoing description of the Incentive Agreements does not purport to be complete and is qualified in its entirety by reference to the Form of Incentive Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

10.1 Form of Incentive Agreement


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