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POZN > SEC Filings for POZN > Form 8-K on 2-Jan-2014All Recent SEC Filings

Show all filings for POZEN INC /NC

Form 8-K for POZEN INC /NC


2-Jan-2014

Change in Directors or Principal Officers, Financial Statements and Exhibits


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

On January 1, 2014, POZEN Inc. (the "Company") entered into an executive employment agreement with Dennis L. McNamara defining the terms of his continuing employment with the Company as its Senior Vice President and Chief Business Officer. Prior to January 1, 2014, Mr. McNamara held the position of Vice President, Business Development. The initial term of Mr. McNamara's employment agreement is one year, commencing January 1, 2014, with automatic one-year renewals unless either party gives written notice of nonrenewal at least ninety days prior to the end of the term. Mr. McNamara's annual base salary is $260,000, which is subject to performance and merit-based increases. Mr. McNamara is eligible to receive an annual bonus of up to 40% of his base salary, based on performance and the achievement of identified objectives. Mr. McNamara is also entitled to participate in the benefit programs generally available to Company employees.

If Mr. McNamara's employment is terminated by the Company without cause, or by Mr. McNamara for good reason (as defined in the agreement), or (ii) the election by Mr. McNamara within 60 days following a change of control of the Company (as defined in the agreement) to terminate his employment as a result of the change of control, the agreement provides for payment of a severance benefit equivalent to one year's annual base salary plus the average of Mr. McNamara's annual bonus awarded over the prior two years and the continuation of Mr. McNamara's employee benefits (or the cash equivalent thereof) for the shorter of one year or until he obtains comparable coverage from another employer.

In connection with his employment by the Company, Mr. McNamara previously executed the Company's standard non-disclosure, invention and non-competition agreement.

A copy of Mr. McNamara's employment agreement is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.



Item 9.01. Financial Statements and Exhibits

(c) Exhibits

10.1 Executive Employment Agreement dated January 1, 2014 between the Company and Dennis L. McNamara


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