UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: April 23, 2007
(Date of Earliest Event Reported)
Akorn, Inc.
(Exact Name of Registrant as Specified in its Charter)
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Louisiana
(State or other
Jurisdiction of
Incorporation)
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0-13976
(Commission
File Number)
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72-0717400
(I.R.S. Employer
Identification No.) |
2500 MILLBROOK DRIVE
BUFFALO GROVE, ILLINOIS 60089
(Address of principal executive offices, zip code)
(847) 279-6100
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
Item 5.03 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On April 17, 2007, the Compensation Committee (the “Committee”) of the Board of Directors of
Akorn, Inc. (the “Company”) approved certain management bonus objectives for 2007 for each of Mr.
Arthur S. Przybyl, the Company’s President and Chief Executive Officer; Mr. Jeffrey A. Whitnell,
the Company’s Chief Financial Officer; Mr. Abu S. Alam, the Company’s Senior Vice President, New
Business and Product Development; Mr. John R. Sabat, the Company’s Senior Vice President, National
Accounts; Mr. Jay Stern, Vice President, Hospital and Contract Sales; and Mr. Mark Silverberg,
Senior Vice President, Global Quality Assurance (each of the foregoing individuals, an “Executive
Officer”). These objectives are intended to incentivize achievement of the Company’s strategic
plan and budget for 2007.
Pursuant to the objectives approved by the Committee, Mr. Przybyl is eligible to receive a
one-time cash bonus equal to the sum of (a) up to $330,000, which equals 75% of his annual base
compensation rate, if he achieves all of the financial and operational objectives set forth for him
in 2007, and (b) up to 25% of his annual base compensation rate for overachievement of certain
objectives.
Pursuant to the objectives approved by the Committee, Mr. Whitnell is eligible to receive a
one-time cash bonus equal to the sum of (a) up to $123,750, which equals 45% of his annual base
compensation rate, if he achieves all of the financial and operational objectives set forth for him
in 2007, and (b) up to 15% of his annual base compensation rate for overachievement of certain
objectives.
Pursuant to the objectives approved by the Committee, the Executive Officers other than Mr.
Przybyl and Mr. Whitnell are each eligible to receive a one-time cash bonus of up to 30% of their
respective annual base compensation rate, if such Executive Officer achieves all of the financial
and operational objectives set forth for him in 2007. Mr. Alam’s annual base compensation rate for
2007 is $213,675. Mr. Sabat’s annual base compensation rate for 2007 is $213,675. Mr.
Silverberg’s annual base compensation rate for 2007 is $236,500. Mr. Stern’s annual base
compensation rate for 2007 is $176,000.
Item 9.01 Financial Statements and Exhibits.
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(d)
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Exhibits. |
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10.1 2007 Management Bonus Objectives* |
* Confidential Treatment Requested for portions of this exhibit Under 17 C.F.R. §§ 200.80(b)(4),
200.83 and 240.24b-2.