(Edgar Glimpses Via Acquire Media NewsEdge) ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Directors; Compensatory Arrangements of Certain Officers
On March 28, 2014, Insys Therapeutics, Inc. (the "Company") entered into a
Separation and Consulting Agreement (the "Agreement") with Larry Dillaha, M.D.,
its Chief Medical Officer. Pursuant to the Agreement, Dr. Dillaha resigns his
positions with the Company as of June 11, 2014 (the "Resignation Date"). For a
period of twelve months from the Resignation Date, Dr. Dillaha is obligated to
perform certain consulting services in exchange for consulting fees that, in the
aggregate, will total $303,334. The Agreement provides for other agreements and
obligations including: (i) in consideration for Dr. Dillaha's release of claims
in the Agreement, the acceleration of vesting of unvested shares subject to any
outstanding stock options granted to Dr. Dillaha and (ii) other customary
covenants by Dr. Dillaha, such as non-compete, non-disparagement,
confidentiality and cooperation obligations.
Dr. Dillaha is leaving the Company to pursue other employment interests and the
Company and Dr. Dillaha have jointly planned the transition of his departure.
Dr. Dillaha joined the Company as Chief Medical Officer in April 2010. During
his time at the Company, Dr. Dillaha provided valuable insight and direction in
connection with clinical research and regulatory processes and the Company's
management team believes it was in the best interest of the Company to secure
Dr. Dillaha's consulting services during this transition period. Under the terms
and conditions of the Agreement, Dr. Dillaha is permitted to pursue other
employment opportunities during the period of his consulting services.
The above description of the Agreement is qualified in its entirety by the full
terms and conditions of the Agreement, a copy of which is filed with this Form
8-K at Exhibit 10.1 and is incorporated by reference herein.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
10.1 Separation and Consulting Agreement dated March 28, 2014 between Insys
Therapeutics, Inc. and Larry Dillaha, M.D.