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Affymax, Inc. Message Board

  • omg4321 omg4321 May 14, 2013 5:15 PM Flag

    FORM 8-K - May 14 , 2013 - Expect more news to follow in coming weeks

    ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

    On June 14, 2013, the Board of Directors of Affymax, Inc (the “Company”) approved an amendment to the Company’s 2006 Equity Incentive Plan to eliminate the automatic initial and annual equity grants to non-employee directors, effective immediately. In addition, the Board of Directors eliminated the cash compensation per meeting fee for non-employee directors.

    ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

    As previously disclosed, the Company has retained The Brenner Group, Inc. (“TBG”), an experienced restructuring firm, to provide restructuring support and related management services in order to implement a company-wide restructuring plan. With the retention of TBG in connection with the restructuring, John Orwin’s employment will be terminated and he will no longer hold the position of Chief Executive Officer after May 15, 2013. Mr. Orwin will remain on the Company’s Board of Directors. In connection with the continuing restructuring efforts led by TBG, the Board of Directors plans to appoint a TBG representative to the position of Chief Executive Officer in the coming weeks and to have TBG representatives appointed as Company officers.

    Sentiment: Buy

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