-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B6Hggj67NWHMSfSJqREShNLO0smGHd0HCLzTf380nL6ky+qbORHm9GAln8eZtyp1 eeDiipXDTUsF0clpm7kLpg== 0000950135-09-000426.txt : 20090126 0000950135-09-000426.hdr.sgml : 20090126 20090126170110 ACCESSION NUMBER: 0000950135-09-000426 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20090120 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers FILED AS OF DATE: 20090126 DATE AS OF CHANGE: 20090126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENWEST PHARMACEUTICALS CO CENTRAL INDEX KEY: 0001047188 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 911513032 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23467 FILM NUMBER: 09546013 BUSINESS ADDRESS: STREET 1: 39 OLD RIDGEBURY ROAD STREET 2: SUITE 11 CITY: DANBURY STATE: CT ZIP: 06810-5120 BUSINESS PHONE: 877-736-9378 MAIL ADDRESS: STREET 1: 39 OLD RIDGEBURY ROAD STREET 2: SUITE 11 CITY: DANBURY STATE: CT ZIP: 06810-5120 8-K 1 b73790ppe8vk.htm PENWEST PHARMACEUTICALS, INC. e8vk
 
 
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 (Date of earliest event reported): January 20, 2009
Penwest Pharmaceuticals Co.
(Exact Name of Registrant as Specified in Charter)
         
Washington   000-23467   91-1513032
(State or Other Juris-   (Commission   (IRS Employer
diction of Incorporation)   File Number)   Identification No.)
     
39 Old Ridgebury Road, Suite 11    
Danbury, Connecticut   06810-5120
(Address of Principal Executive Offices)   (Zip Code)
Registrant’s telephone number, including area code: (877) 736-9378
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
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):
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 5.02.   Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b)
As part of the staff reductions announced by Penwest Pharmaceuticals Co. (the “Company”), on January 21, 2009, the employment by the Company of Benjamin L. Palleiko, the Company’s Senior Vice President, Corporate Development and Chief Financial Officer, terminated.
(e)
Compensation of Executive Officers
On January 20, 2009, the Compensation Committee of the Board of Directors of the Company approved the following:
  •   2009 annual base salaries for the Company’s executive officers as set forth in the table below, which 2009 salaries reflect no increase from the annual base salaries paid during 2008; and
 
  •   cash bonus awards to the Company’s executive officers for the fiscal year ended December 31, 2008, as set forth in the table below, which cash bonus awards reflect the determination by the Compensation Committee that 60% of the targets with respect to the corporate goals for 2008 had been achieved.
                 
    2009 Base Salary   Cash Bonus
Jennifer L. Good
President and Chief Executive Officer
   $ 387,000     $ 92,880  
 
                
Thomas R. Sciascia, M.D.
Senior Vice President and Chief Medical Officer
     310,000       55,800  
 
                
Benjamin L. Palleiko
Former Senior Vice President, Corporate Development and Chief Financial Officer
     N/A       36,120  
 
                
Amale Hawi, Ph.D.
Senior Vice President, Pharmaceutical Development
     281,600       63,360  
 
                
Anand R. Baichwal, Ph.D.
Senior Vice President, Licensing and Chief Scientific Officer
     248,000       40,920  

 

 

SIGNATURE
     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  PENWEST PHARMACEUTICALS CO.
 		  
Date: January 26, 2009  By:   /s/ Jennifer L. Good    
    Jennifer L. Good   
    President and Chief Executive Officer   
 

 

-----END PRIVACY-ENHANCED MESSAGE-----