Lexicon Pharmaceuticals Inc.
09/16/2024 | Press release | Distributed by Public on 09/16/2024 04:53
Management Change/Compensation Form 8 K
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b) On September 13, 2024, we and Jeffrey L. Wade determined that his employment as our president and chief operating officer (in which capacity, Mr. Wade has functioned as our principal financial officer) would terminate as of September 30, 2024.
In connection with the termination of his employment, we entered into a separation agreement with Mr. Wade providing that we will pay Mr. Wade salary continuation payments in an amount equal to his current base annual salary of $585,000 for a period of twelve months following the date of his termination of employment (the "Separation Date"). We will also pay Mr. Wade an additional, lump sum payment of $175,500, or 50% of his current target cash bonus, payable within 30 days of the Separation Date. In addition, we will make monthly payments of $3,700 for a period of 12 months to provide for his cost of continued benefit coverage under COBRA during such period and provide certain executive outplacement services.
Also in connection with the termination of his employment, we entered into a consulting agreement with Mr. Wade on September 13, 2024 pursuant to which he will provide his consulting and advisory services for a period of eight months following the date of his termination of employment and we will pay Mr. Wade fees of $3,000 per month.
Copies of the separation agreement and consulting agreement are attached to this current report on Form 8-K as Exhibit 10.1 and 10.2, respectively, and the above summaries are qualified in their entirety by reference to the full text of such agreements.
(c) Effective as of the date of termination of Mr. Wade's employment, Kristen L. Alexander will assume the function of our principal financial officer. Ms. Alexander, 56, has been our vice president, finance and accounting and principal accounting officer since September 2021 and previously served as controller since joining our company in 2017. Ms. Alexander previously served as controller of Johnson Specialty Tools, LLC and in a variety of finance and accounting management positions for Trican Well Services, L.P., Nabors Industries Ltd. and Ernst & Young, LLP. Ms. Alexander is a certified public accountant and received her B.B.A. from the University of Oklahoma.
(e) The information set forth in the second and third paragraphs of Item 5.02(b) is incorporated herein by reference.