Attached files
DE
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13-3033811
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(State or other jurisdiction of
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(IRS Employer
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incorporation)
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Identification No.)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Mr. Hamelin's termination is deemed an "involuntary termination by the Company without Cause" (as defined in the Employment Agreement dated as of May 23, 2006 between Mr. Hamelin and the Company, as amended on February 15, 2008 and on December 19, 2008 (as so amended, the "Employment Agreement")), and as a result, Mr. Hamelin is entitled to receive the compensation and benefits required under the Employment Agreement in the event of an involuntary termination from the Company without Cause.
Mr. Hamelin is not entitled to any payments or benefits, except those required by the terms of the Employment Agreement.
Mr. Hamelin options to purchase shares of the Company's common stock will be exercisable until November 30, 2011, after which their exercisability will terminate. In addition, the vesting of 37,500 stock options previously granted to Mr. Hamelin and scheduled to vest on December 19, 2011 was accelerated and vested immediately on May 30, 2011.
In consideration for receiving accelerated stock option vesting and extended exercisability, Mr. Hamelin has released the Company from all claims and causes of action that he may have had against the Company.
This summary description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated herein by reference.
Savient Pharmaceuticals, Inc.
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Date: June 02, 2011
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By:
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/s/ Philip K. Yachmetz
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Philip K. Yachmetz
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SVP & General Counsel
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Exhibit No.
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Description
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EX-10.1
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Ex 10.1 Separation and General Release Agreement, dated as of May 30, 2011, by and between Savient Pharmaceuticals, Inc. and Paul R. Hamelin.
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