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Post by afrizzle on Dec 31, 2015 13:42:52 GMT -5
600k plus 400k bonus (bonus guaranteed for 2016) and grant of 8 mil common stock options. some liability if a conflict arising from his separation agreement with Insulet biz.yahoo.com/e/151229/mnkd8-k.html |
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Post by afrizzle on Dec 31, 2015 15:45:05 GMT -5
Getting old and text is getting hard to read
Apologies for the typo in the title.
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Post by nadathing on Dec 31, 2015 16:00:16 GMT -5
There was a typo? At my age I miss most of them  |
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Post by kc on Dec 31, 2015 16:36:46 GMT -5
Reading the document shows that he had a confidentially agreement / non-compete. I am sure that its only as to how it relates to proprietary information on Insulet. I don't think that Mannkind would infringe on anything involving Insulet. They are not in the same type of business. But the paths do cross as being in the business of Diabetes. We know the relationship of Dr. Zisser with Insulet but he is no longer on their board of directors. I see that in Sept 2014 there was a CT order filed by Insulet one day later Insulet announces his retirement agreement, that CT must pertain to DeSisto's exit package.
Form CT ORDER
Confidential Treatment Order
Filed Sep 15, 2014
Wording from the MannKind filing" We also agreed to defend and indemnify Mr. DeSisto for any and all costs, fees, expenses and liabilities Mr. DeSisto may incur arising out of or relating to any action or proceeding initiated by Mr. DeSisto's former employer, Insulet, to enforce any or all noncompetition and/or nonsolicitation obligations that he may have with respect to Insulet pursuant to certain agreements between Mr. DeSisto and Insulet, to the extent any such action or proceeding arises out of or relates to Mr. DeSisto's employment or proposed employment with us. In addition, if Mr. DeSisto's employment with us results in Insulet refusing to continue to pay cash severance payments to Mr. DeSisto under his Retirement Agreement with Insulet dated September 16, 2014, and there is an action that results in a judgment prohibiting Mr. DeSisto from continuing employment with us, then we will be obligated to pay Mr. DeSisto one-half of the amount of lost cash severance payments from Insulet, less any cash payments received by Mr. DeSisto from us for base salary, bonus or severance as of or as a result of Mr. DeSisto's termination of employment with us. Mr. DeSisto will also be entitled to enter into our standard form of indemnity agreement, a copy of which is attached as Exhibit 10.1 to our Registration Statement on Form S-1 (File No. 333-115020), filed with the Securities and Exchange Commission on April 30, 2004. |
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Post by u1682002 on Jan 5, 2016 11:32:13 GMT -5
I am wondering if today's news is known by MNKD before or after MNKD new CEO took the offer? The scary word in my mind now is BK.
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Post by mindovermatter on Jan 5, 2016 11:34:55 GMT -5
I am wondering if today's news is known by MNKD before or after MNKD new CEO took the offer? The scary word in my mind now is BK. MNKD knew the fate of the partnership when it removed HAKAN as CEO. That's obvious. |
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Post by peppy on Jan 5, 2016 11:43:03 GMT -5
the answer in my minds eye is before.
Mannkind got word of the termination.
Al Mann came back in.
Hakan given a package.
Desisto's package.
The salaries makes me think there had better be a plan.
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Post by mnholdem on Jan 5, 2016 12:18:34 GMT -5
Sanofi was required to give 90-day notice. Now we know the real reason behind the layoffs three months ago.
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Post by therealisaching on Jan 5, 2016 12:32:51 GMT -5
I believe today begins the notice period which is why the transition is "over the next 90 — 180 days"
They couldnt have sold shares on Tase without disclosing this |
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Post by u1682002 on Jan 5, 2016 12:34:26 GMT -5
MN, should a 8K be filed within a few days after once SNY notified MNKD its decision?
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Post by mnholdem on Jan 5, 2016 12:50:13 GMT -5
No, because after the notification there is a period that enables the parties to rectify the grievance. It would not become material news until the separation becomes effective.
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Post by u1682002 on Jan 5, 2016 13:17:34 GMT -5
MN, thanks for answer my question. Since I feel the answer for this question is very important for me to decide next move, I hope you do not mind I quiz you further about this timeline. How do you interpret the following statement from the agreement: "If, at any time on or after January 1, 2016, Sanofi determines in good faith that Commercialization of Product is no longer economically viable in the United States, then Sanofi may terminate this Agreement in its entirety upon delivery of at least ninety (90) days’ prior written notice to MannKind. ..."
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Post by Deleted on Jan 5, 2016 13:19:33 GMT -5
MN, thanks for answer my question. Since I feel the answer for this question is very important for me to decide next move, I hope you do not mind I quiz you further about this timeline. How do you interpret the following statement from the agreement: "If, at any time on or after January 1, 2016, Sanofi determines in good faith that Commercialization of Product is no longer economically viable in the United States, then Sanofi may terminate this Agreement in its entirety upon delivery of at least ninety (90) days’ prior written notice to MannKind. ..." Termination is effective Jul 4th.. So its more than a 90 day notice |
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Post by mnholdem on Jan 5, 2016 13:30:46 GMT -5
You are confusing the termination date and the transition period. Afrezza inventory that has been purchased by Sanofi, for example, needs to be dealt with. Transfer of all data related to development, FDA, marketing, patient data... everything specified in the agreement is returned to MannKind during the transition period, which occurs after the termination date.
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Post by humann on Jan 5, 2016 13:40:14 GMT -5
I am wondering if today's news is known by MNKD before or after MNKD new CEO took the offer? The scary word in my mind now is BK. MNKD knew the fate of the partnership when it removed HAKAN as CEO. That's obvious. Given that MNKD knew before firing Hakan and before hiring DeSisto, does anyone have a plausible theory for either action if BK was part of the plan? |
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