Delaware
(State
or Other Jurisdiction
of
Incorporation)
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000-30929
(Commission
File Number)
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13-4087132
(IRS
Employer Identification No.)
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£ Written
communications pursuant to Rule 425 under the Securities
Act.
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£ Soliciting
material pursuant to Rule 14a-12 under the Exchange
Act.
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£ Pre-commencement
communications pursuant to Rule 14d-2b under the Exchange
Act.
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£ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act.
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Item
1.02.
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Termination
of a Material Definitive Agreement.
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(a)
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The
Employment Agreement (the “Agreement”) between Dr. I. Craig Henderson and
Keryx Biopharmaceuticals, Inc. (the “Company”) dated April 25, 2007, will
be terminated as of April 15, 2008.
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The
Agreement provides that Dr. Henderson will be entitled to receive
as
severance a lump-sum payment equal to one year’s base salary, any earned
and unpaid bonus as of April 15, 2008, and an additional year
of vesting
on all time-based stock options and restricted stock granted
to Dr.
Henderson. The Agreement has been filed as Exhibit 10.3 to
the Company’s
Quarterly Report on Form 10-Q for the quarter ended March 31,
2007, filed
on May 7, 2007, and incorporated herein by reference.
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Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b)
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As
a result of cost-cutting initiatives resulting from the recent
clinical
failure of Sulonex (sulodexide), on March 26, 2008, the Company
notified
its President, I.
Craig Henderson, M.D.,
that it is terminating his employment with the Company, effective
as of
April 15, 2008. Dr. Henderson will remain in his position as
a Director of
the Company until the Company’s next annual meeting.
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Keryx
Biopharmaceuticals, Inc.
(Registrant)
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Date: April 1, 2008 | ||
By: | /s/ Michael S. Weiss | |
Michael S. Weiss |
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Chief Executive Officer |