Akorn Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
09 January 2019 - 10:30AM
Akorn, Inc. (NASDAQ: AKRX), today announced that Akorn granted an
inducement equity award in accordance with Nasdaq Listing Rule
5635(c)(4) pursuant to an employment arrangement with Akorn’s newly
appointed President and Chief Executive Officer Douglas S. Boothe
on January 8, 2019.
In accordance with the terms of the offer letter disclosed by
Akorn in a Form 8-K filing with the Securities and Exchange
Commission on December 20, 2018, Akorn granted Mr. Boothe 405,938
nonqualified stock options with an exercise price of $3.94 per
share (which is equal to the closing price of Akorn’s common stock
on January 8, 2019) and 507,614 restricted stock units, in each
case vesting in equal installments on the first four anniversaries
of the grant date, and a grant of 253,807 performance stock units
that will vest at between 0% and 300% of target based upon the
achievement of a specified price of Akorn common stock (from $8 to
$20) at the end of the four-year performance period. In the
event of certain qualifying terminations in connection with a
change in control of Akorn, all unvested nonqualified stock
options, restricted stock units and performance stock units will
vest, with any applicable performance criteria determined based
upon actual performance as of the change in control. These
nonqualified stock options, restricted stock units and performance
stock units have been approved by the Compensation Committee of
Akorn’s Board of Directors as employment inducement grants within
the meaning of Nasdaq Listing Rule 5635(c)(4). Although the
inducement equity awards are not being made under Akorn’s 2017
Omnibus Incentive Compensation Plan, the terms of such awards are
consistent with the terms of the plan and Akorn's previous filed
forms of award agreement, as applicable, except as described
above.
About Akorn
Akorn, Inc. is a specialty generic pharmaceutical company
engaged in the development, manufacture and marketing of
multisource and branded pharmaceuticals. Akorn has manufacturing
facilities located in Decatur, Illinois; Somerset, New Jersey;
Amityville, New York; Hettlingen, Switzerland and Paonta Sahib,
India that manufacture ophthalmic, injectable and specialty sterile
and non-sterile pharmaceuticals. Additional information is
available on Akorn’s website at www.akorn.com.
Investors/Media:(847)
279-6162Investor.relations@akorn.com
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