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0000950137-08-005962.txt : 20080425 0000950137-08-005962.hdr.sgml : 20080425 20080424183401 ACCESSION NUMBER: 0000950137-08-005962 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080422 ITEM INFORMATION: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080425 DATE AS OF CHANGE: 20080424 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: 08775557 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 c26063e8vk.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 22, 2008
(Date of earliest event reported)

Akorn, Inc.

(Exact name of registrant as specified in its charter)


Louisiana	001-32360	72-0717400
(State or other jurisdiction of	(Commission	(I.R.S. Employer
incorporation)	File Number)	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 communication 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 communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o		Pre-commencement communication 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 22, 2008, the Compensation Committee (the “Committee”) of the Board of Directors of Akorn, Inc. (the “Company”) approved certain management bonus objectives for 2008 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; Dr. 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 and Trade Relations; and Mr. Mark Silverberg, Senior Vice President, Global Quality Assurance and Regulatory (each of the foregoing individuals, an “Executive Officer”). These objectives are intended to incentivize achievement of the Company’s strategic plan and budget for 2008.

Pursuant to the objectives approved by the Committee, Mr. Przybyl is eligible to receive a one-time cash bonus of 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 2008.

Pursuant to the objectives approved by the Committee, Mr. Whitnell is eligible to receive a one-time cash bonus of 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 2008.

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 2008. Dr. Alam’s annual base compensation rate for 2008 is $213,675. Mr. Sabat’s annual base compensation rate for 2008 is $213,675. Mr. Silverberg’s annual base compensation rate for 2008 is $236,500.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits.

10.1

2008 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 24, 2008

EX-10.1 2 c26063exv10w1.htm 2008 MANAGEMENT BONUS OBJECTIVES exv10w1

Exhibit 10.1