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0000950137-07-005852.txt : 20070423 0000950137-07-005852.hdr.sgml : 20070423 20070423125449 ACCESSION NUMBER: 0000950137-07-005852 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070423 ITEM INFORMATION: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070423 DATE AS OF CHANGE: 20070423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AKORN INC CENTRAL INDEX KEY: 0000003116 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 720717400 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32360 FILM NUMBER: 07781046 BUSINESS ADDRESS: STREET 1: 2500 MILLBROOK DRIVE CITY: BUFFALO GROVE STATE: IL ZIP: 60089 BUSINESS PHONE: 8472796100 MAIL ADDRESS: STREET 1: 2500 MILLBROOK DRIVE CITY: BUFFALO GROVE STATE: IL ZIP: 60089 8-K 1 c14422e8vk.htm CURRENT REPORT 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: April 23, 2007
(Date of Earliest Event Reported)

Akorn, Inc.

(Exact Name of Registrant as Specified in its Charter)


Louisiana (State or other Jurisdiction of Incorporation)		0-13976 (Commission File Number)		72-0717400 (I.R.S. Employer Identification No.)

2500 MILLBROOK DRIVE
BUFFALO GROVE, ILLINOIS 60089
(Address of principal executive offices, zip code)

(847) 279-6100
(Registrant’s telephone number, including area code)

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 5.03 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 17, 2007, the Compensation Committee (the “Committee”) of the Board of Directors of Akorn, Inc. (the “Company”) approved certain management bonus objectives for 2007 for each of Mr. Arthur S. Przybyl, the Company’s President and Chief Executive Officer; Mr. Jeffrey A. Whitnell, the Company’s Chief Financial Officer; Mr. Abu S. Alam, the Company’s Senior Vice President, New Business and Product Development; Mr. John R. Sabat, the Company’s Senior Vice President, National Accounts; Mr. Jay Stern, Vice President, Hospital and Contract Sales; and Mr. Mark Silverberg, Senior Vice President, Global Quality Assurance (each of the foregoing individuals, an “Executive Officer”). These objectives are intended to incentivize achievement of the Company’s strategic plan and budget for 2007.

Pursuant to the objectives approved by the Committee, Mr. Przybyl is eligible to receive a one-time cash bonus equal to the sum of (a) up to $330,000, which equals 75% of his annual base compensation rate, if he achieves all of the financial and operational objectives set forth for him in 2007, and (b) up to 25% of his annual base compensation rate for overachievement of certain objectives.

Pursuant to the objectives approved by the Committee, Mr. Whitnell is eligible to receive a one-time cash bonus equal to the sum of (a) up to $123,750, which equals 45% of his annual base compensation rate, if he achieves all of the financial and operational objectives set forth for him in 2007, and (b) up to 15% of his annual base compensation rate for overachievement of certain objectives.

Pursuant to the objectives approved by the Committee, the Executive Officers other than Mr. Przybyl and Mr. Whitnell are each eligible to receive a one-time cash bonus of up to 30% of their respective annual base compensation rate, if such Executive Officer achieves all of the financial and operational objectives set forth for him in 2007. Mr. Alam’s annual base compensation rate for 2007 is $213,675. Mr. Sabat’s annual base compensation rate for 2007 is $213,675. Mr. Silverberg’s annual base compensation rate for 2007 is $236,500. Mr. Stern’s annual base compensation rate for 2007 is $176,000.

Item 9.01 Financial Statements and Exhibits.


(d)		Exhibits.

		10.1 2007 Management Bonus Objectives*

* Confidential Treatment Requested for portions of this exhibit Under 17 C.F.R. §§ 200.80(b)(4), 200.83 and 240.24b-2.

SIGNATURES

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.


	Akorn, Inc.
	By:	/s/ Jeffrey A. Whitnell
		Jeffrey A. Whitnell
		Chief Financial Officer, Treasurer and Secretary

Date: April 20, 2007

EX-10.1 2 c14422exv10w1.htm 2007 MANAGEMENT BONUS OBJECTIVES exv10w1

*Confidential Treatment Requested Under
17 C.F.R. §§ 200.80(b)(4) and 240.24b-2

Exhibit 10.1

2007 Akorn MBO’s: Art Przybyl

Up to $330,000 (75% of Base Comp)


1. [...]	[...]	[...]
2. [...]	[...];	[...]
3. [...]	[...];	[...]
4. [...]	[...]
5. [...]:	[...]
6. [...]:	[...]
7. [...].	[...]

Total	[...]

Over Achievement Bonus. If, and only if, all of the objectives (and the entire bonus) set forth above have been achieved in full, a bonus of up to $110,000 (25% of Base Comp) for over achievement of the [***...***] performance measures in accordance with the sum of the following:

-If Akorn’s [***...***] is at least [***...***], an additional $55,000 (12.5% of Base Comp); and

-If Akorn’s [***...***] is at least [***...***], an additional $55,000 (12.5% of Base Comp).

* CONFIDENTIAL TREATMENT REQUESTED — This language has been omitted and filed separately with the Securities and Exchange Commission.

*Confidential Treatment Requested Under
17 C.F.R. §§ 200.80(b)(4) and 240.24b-2

2007 Akorn MBO’s: Jeff Whitnell

Up to $123,750 (45% of Base Comp)


1. [...]	[...];	[...]
2. [...]	[...];	[...]
3. [...]	[...];	[...]
4. [...]	[...]
5. [...]:	[...]
6. [...]:	[...]
7. [...]	[...]

Total	[...]

Over Achievement Bonus. If, and only if, all of the objectives (and the entire bonus) set forth above have been achieved in full, a bonus of up to $41,250 (15% of Base Comp) for over achievement of the [***...***] performance measures in accordance with the sum of the following:

-If Akorn’s [***...***] is at least [***...***], an additional $20,625 (7.5% of Base Comp); and

-If Akorn’s [***...***] is at least [***...***], an additional $20,625 (7.5% of Base Comp).

* CONFIDENTIAL TREATMENT REQUESTED — This language has been omitted and filed separately with the Securities and Exchange Commission.

*Confidential Treatment Requested Under
17 C.F.R. §§ 200.80(b)(4) and 240.24b-2

2007 Akorn MBO’s: Mark Silverberg

Up to $70,950 (30% of Base Comp)


1. [...]	[...];	[...]
2. [...]	[...];	[...]
3. [...]	[...];	[...]
4. [...]	[...]
5. [...]	[...]
6. [...]	[...]

Total	[...]

* CONFIDENTIAL TREATMENT REQUESTED — This language has been omitted and filed separately with the Securities and Exchange Commission.

*Confidential Treatment Requested Under
17 C.F.R. §§ 200.80(b)(4) and 240.24b-2

2007 Akorn MBO’s: John Sabat

Up to $64,103 (30% of Base Comp)


1. [...]	[...];	[...]
2. [...]	[...];	[...]
3. [...]	[...];	[...]
4. [...]:	[...]
5. [...]:	[...]
6. [...]:	[...]

Total	[...]

* CONFIDENTIAL TREATMENT REQUESTED — This language has been omitted and filed separately with the Securities and Exchange Commission.

*Confidential Treatment Requested Under
17 C.F.R. §§ 200.80(b)(4) and 240.24b-2

2007 Akorn MBO’s: Jay Stern

Up to $52,800 (30% of Base Comp)


1. [...]	[...];	[...]
2. [...]	[...];	[...]
3. [...]	[...];	[...]
4. [...]	[...]
5. [...]:	[...]
6. [...]:	[...]

Total	[...]

* CONFIDENTIAL TREATMENT REQUESTED — This language has been omitted and filed separately with the Securities and Exchange Commission.

*Confidential Treatment Requested Under
17 C.F.R. §§ 200.80(b)(4) and 240.24b-2

2007 Akorn MBO’s: Abu Alam

Up to $64,103 (30% of Base Comp)


1. [...]	[...];	[...]
2. [...]	[...];	[...]
3. [...]	[...];	[...]
4. [...]:	[...]
5. [...]:	[...]
6. [...]:	[...]

Total	[...]

* CONFIDENTIAL TREATMENT REQUESTED — This language has been omitted and filed separately with the Securities and Exchange Commission.


1. [...]	[...]	[...]
2. [...]	[...];	[...]
3. [...]	[...];	[...]
4. [...]	[...]
5. [...]:	[...]
6. [...]:	[...]
7. [...].	[...]

Total	[...]


1. [...]	[...];	[...]
2. [...]	[...];	[...]
3. [...]	[...];	[...]
4. [...]	[...]
5. [...]:	[...]
6. [...]:	[...]
7. [...]	[...]

Total	[...]


1. [...]	[...];	[...]
2. [...]	[...];	[...]
3. [...]	[...];	[...]
4. [...]	[...]
5. [...]	[...]
6. [...]	[...]

Total	[...]


1. [...]	[...];	[...]
2. [...]	[...];	[...]
3. [...]	[...];	[...]
4. [...]:	[...]
5. [...]:	[...]
6. [...]:	[...]

Total	[...]


1. [...]	[...];	[...]
2. [...]	[...];	[...]
3. [...]	[...];	[...]
4. [...]	[...]
5. [...]:	[...]
6. [...]:	[...]

Total	[...]