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POZEN INC /NC 8-K (Events or Changes Between Quarterly Reports) 2009-02-24

POZEN INC /NC 8-K (Events or Changes Between Quarterly Reports) 2009-02-24

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Published by http://secwatch.com
POZEN INC /NC 8-K (Events or Changes Between Quarterly Reports) 2009-02-24
POZEN INC /NC 8-K (Events or Changes Between Quarterly Reports) 2009-02-24

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Published by: http://secwatch.com on Feb 26, 2009
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05/10/2014

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UNITED\ue000 STATES
SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
\ue000
Washington,\ue000 D.C.\ue000 20549
\ue000
_______________________________
\ue000
FORM\ue000 8-K
\ue000
CURRENT\ue000 REPORT
\ue000
PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE
\ue000
SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
\ue000
\ue000
Date\ue000 of\ue000 report\ue000 (Date\ue000 of\ue000 earliest\ue000 event\ue000 reported):\ue000 February\ue000 19,\ue000 2009
\ue000
POZEN\ue000 INC.
\ue000
(Exact\ue000 Name\ue000 of\ue000 Registrant\ue000 as\ue000 Specified\ue000 in\ue000 Charter)
Delaware
000-31719
62-1657552
(State\ue000 or\ue000 Other\ue000 Jurisdiction
of\ue000 Incorporation)
(Commission\ue000 File\ue000 Number)
(IRS\ue000 Employer\ue000 Identification\ue000 No.)
\ue000
1414\ue000 Raleigh\ue000 Road,\ue000 Suite\ue000 400
Chapel\ue000 Hill,\ue000 North\ue000 Carolina
27517
(Address\ue000 of\ue000 Principal\ue000 Executive\ue000 Offices)
(Zip\ue000 Code)
(919)\ue000 913-1030
(Registrant's\ue000 telephone\ue000 number,
including\ue000 area\ue000 code)
\ue000
Not\ue000 applicable
\ue000
\ue000
(Former\ue000 Name\ue000 or\ue000 Former\ue000 Address,\ue000 if\ue000 Changed\ue000 Since\ue000 Last\ue000 Report)
\ue000
\ue000
Check\ue000 the\ue000 appropriate\ue000 box\ue000 below\ue000 if\ue000 the\ue000 Form\ue000 8-K\ue000 is\ue000 intended\ue000 to\ue000 simultaneously\ue000 satisfy\ue000 the\ue000 filing\ue000 obligation\ue000 of\ue000 the\ue000 registrant\ue000 under\ue000 any\ue000 of\ue000 the
following\ue000 provisions:
\ue000
o\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Written\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 425\ue000 under\ue000 the\ue000 Securities\ue000 Act\ue000 (17\ue000 CFR\ue000 230.425).
\ue000
o\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Soliciting\ue000 material\ue000 pursuant\ue000 to\ue000 Rule\ue000 14a-12\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.14a-12).
\ue000
o
Pre-commencement\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 14d-2(b)\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.14d-2(b)).
\ue000
o
Pre-commencement\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 13e-4(c)\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.13e-4(c)).
\ue000
\ue000
\ue000
Processed and formatted by SEC Watch - Visit SECWatch.com
\ue000
Item\ue000 5.02.
Departure\ue000 of\ue000 Directors\ue000 or\ue000 Certain\ue000 Officers;\ue000 Election\ue000 of\ue000 Directors;\ue000 Appointment\ue000 of\ue000 Certain
Officers;\ue000 Compensatory\ue000 Arrangements\ue000 of\ue000 Certain\ue000 Officers.

On\ue000 February\ue000 19,\ue000 2009,\ue000 Dr.\ue000 Marshall\ue000 E.\ue000 Reese\ue000 notified\ue000 POZEN,\ue000 Inc.,\ue000 a\ue000 Delaware\ue000 corporation\ue000 (\u201cPOZEN\u201d),\ue000 that\ue000 he\ue000 would\ue000 retire\ue000 as Executive\ue000 Vice\ue000 President,\ue000 Product\ue000 Development,\ue000 effective\ue000 as\ue000 of\ue000 March\ue000 31,\ue000 2009.\ue000 \ue000 Dr.\ue000 Reese\ue000 has\ue000 agreed\ue000 to\ue000 continue\ue000 to\ue000 provide\ue000 certain\ue000 services to\ue000 POZEN\ue000 as\ue000 a\ue000 consultant.\ue000 \ue000 POZEN\ue000 anticipates\ue000 an\ue000 orderly\ue000 transition\ue000 of\ue000 Dr.\ue000 Reese\u2019s\ue000 responsibilities\ue000 to\ue000 other\ue000 key\ue000 POZEN\ue000 employees.

In\ue000 connection\ue000 with\ue000 entering\ue000 into\ue000 the\ue000 Consulting\ue000 Agreement,\ue000 effective\ue000 April\ue000 1,\ue000 2009,\ue000 between\ue000 POZEN\ue000 and\ue000 Dr.\ue000 Reese\ue000 (the\ue000 \u201cConsulting Agreement\u201d),\ue000 the\ue000 Executive\ue000 Employment\ue000 Agreement,\ue000 dated\ue000 October\ue000 8,\ue000 2004,\ue000 between\ue000 Dr.\ue000 Reese\ue000 and\ue000 POZEN\ue000 (the\ue000 \u201cEmployment\ue000 Agreement\u201d), has\ue000 been\ue000 terminated.\ue000 \ue000 Under\ue000 the\ue000 terms\ue000 of\ue000 the\ue000 Consulting\ue000 Agreement,\ue000 Dr.\ue000 Reese\ue000 will\ue000 perform\ue000 specified\ue000 product\ue000 development\ue000 activities\ue000 as requested\ue000 by\ue000 POZEN\ue000 for\ue000 a\ue000 fee\ue000 of\ue000 $625\ue000 per\ue000 hour\ue000 for\ue000 up\ue000 to\ue000 40\ue000 hours\ue000 each\ue000 month\ue000 (10\ue000 hours\ue000 per\ue000 week)\ue000 during\ue000 the\ue000 term.\ue000 \ue000 The\ue000 term\ue000 of\ue000 the\ue000 Consulting Agreement\ue000 will\ue000 begin\ue000 on\ue000 April\ue000 1,\ue000 2009\ue000 and\ue000 will\ue000 expire\ue000 on\ue000 the\ue000 earlier\ue000 of\ue000 (i)\ue000 the\ue000 date\ue000 the\ue000 United\ue000 States\ue000 Food\ue000 and\ue000 Drug\ue000 Administration\ue000 accepts POZEN\u2019s\ue000 New\ue000 Drug\ue000 Application\ue000 for\ue000 its\ue000 product\ue000 candidate\ue000 PN\ue000 400,\ue000 or\ue000 (ii)\ue000 September\ue000 30,\ue000 2009.\ue000 \ue000 In\ue000 addition,\ue000 notwithstanding\ue000 the\ue000 termination\ue000 of the\ue000 Employment\ue000 Agreement,\ue000 Dr.\ue000 Reese\u2019s\ue000 outstanding\ue000 stock\ue000 options\ue000 will\ue000 continue\ue000 to\ue000 vest\ue000 during\ue000 the\ue000 term\ue000 of\ue000 the\ue000 Consulting\ue000 Agreement.

The\ue000 foregoing\ue000 description\ue000 is\ue000 intended\ue000 only\ue000 as\ue000 a\ue000 summary\ue000 of\ue000 the\ue000 material\ue000 terms\ue000 of\ue000 the\ue000 Consulting\ue000 Agreement\ue000 and\ue000 is\ue000 qualified\ue000 in\ue000 its
entirety\ue000 by\ue000 reference\ue000 to\ue000 the\ue000 full\ue000 Consulting\ue000 Agreement,\ue000 a\ue000 copy\ue000 of\ue000 which\ue000 is\ue000 filed\ue000 as\ue000 Exhibit\ue000 10.1\ue000 of\ue000 this\ue000 Form\ue000 8-K.
Item\ue000 9.01.
Financial\ue000 Statements\ue000 and\ue000 Exhibits.
\ue000
(d)\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Exhibits.
\ue000
\ue000 Exhibit
No.\ue000
\ue000
\ue000 Description
10.1 \ue000
Consulting\ue000 Agreement\ue000 dated\ue000 as\ue000 of\ue000 April\ue000 1,\ue000 2009,\ue000 between\ue000 the\ue000 Company\ue000 and
Marshall\ue000 E.\ue000 Reese,\ue000 Ph.D.
\ue000
-\ue000 2\ue000 -\ue000 -
Processed and formatted by SEC Watch - Visit SECWatch.com
\ue000
SIGNATURES
Pursuant\ue000 to\ue000 the\ue000 requirements\ue000 of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934,\ue000 the\ue000 registrant\ue000 has\ue000 duly\ue000 caused\ue000 this\ue000 report\ue000 to\ue000 be\ue000 signed\ue000 on\ue000 its
behalf\ue000 by\ue000 the\ue000 undersigned\ue000 hereunto\ue000 duly\ue000 authorized.
\ue000
\ue000
POZEN\ue000 Inc.
\ue000
\ue000
\ue000
\ue000
\ue000
By:
/s/\ue000 William\ue000 L\ue000 Hodges
\ue000
\ue000
Name:
William\ue000 L.\ue000 Hodges
\ue000
\ue000
Title:
Chief\ue000 Financial\ue000 Officer
Date:\ue000 \ue000 February\ue000 24,\ue000 2009
\ue000
-\ue000 3\ue000 -\ue000 -
Processed and formatted by SEC Watch - Visit SECWatch.com

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