8-K

 

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): March 4, 2008

La Jolla Pharmaceutical Company
__________________________________________
(Exact name of registrant as specified in its charter)

Delaware	0-24274	33-0361285
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
6455 Nancy Ridge Drive, San Diego, California		92121
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: (858) 452-6600

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:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  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 Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 4, 2008, La Jolla Pharmaceutical Company (the "Company") and Luke Seikkula, Vice President of Manufacturing, entered into an employment agreement (the "Employment Agreement"). The Employment Agreement provided that upon Mr. Seikkula’s promotion to Vice President of Manufacturing, effective February 5, 2007, he would receive, as a regular, full-time employee (i) an annual base salary of $164,020, (ii) stock options to purchase 25,000 shares of the Company’s common stock, (iii) a non-guaranteed annual bonus with a target amount of up to 30% of his base salary, with the exact amount to be determined each year based on Mr. Seikkula’s and the Company's performance with respect to performance objectives established by the Company's board of directors, and (iv) severance benefits in qualifying circumstances equal to six months of his then current base salary.

The above description of the Employment Agreement is a summary and is qualified in its entirety by the agreement itself, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

10.1 Employment Agreement, dated March 4, 2008, by and between La Jolla Pharmaceutical Company and Luke Seikkula.

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.

	La Jolla Pharmaceutical Company
March 4, 2008	By:	/s/ Gail A. Sloan
		Name: Gail A. Sloan
		Title: Vice President of Finance and Secretary

Exhibit Index

Exhibit No.	Description
10.1	10.1 Employment Agreement, dated March 4, 2008, by and between La Jolla Pharmaceutical Company and Luke Seikkula

EX-10.1

EXHIBIT 10.1

March 4, 2008

Luke Seikkula
16309 Deer Ridge Road
San Diego, CA 92127

Re: Promotion to VP, Manufacturing

Dear Luke:

We are pleased to confirm your promotion to the position of Vice President, Manufacturing, reporting to Deirdre Gillespie, President & CEO. The effective date of this promotion was February 5, 2007. This offer and your employment relationship will be subject to the terms and conditions of this letter.

In this position, your new salary will be $164,020.00 annualized, less applicable withholdings, paid in accordance with Company’s normal payroll practices. Future adjustments in compensation, if any, will be made by Company in its sole and absolute discretion. This position is an exempt position, which means you are paid for the job and not by the hour. Accordingly, you will not receive overtime pay if you work more than 8 hours in a work day or 40 hours in a workweek.

You will remain eligible for all fringe benefits available to other “full-time” Company employees, including medical, dental insurance, 401k plan, in accordance with Company’s benefit plans. Company reserves the right to change or eliminate these benefits on a prospective basis at any time.

As part of this promotion, the Company’s Board of Directors’ has granted options to purchase 25,000 shares of Company’s common stock in accordance with Company’s 2004 Equity Incentive Plan (the “Plan”) and related option documents.

You will also continue to be eligible to participate in the management incentive compensation plan that has been established by Company during your employment, with a target bonus of up to 30% of your base salary. The bonus will be determined by the achievement of goals tied to your position and the achievement of overall corporate goals and is subject to approval by the Company’s Board of Directors.

Your employment with Company continues to be “at-will.” This means your employment is not for any specific period of time and can be terminated by you at any time for any reason. Likewise, Company may terminate the employment relationship at any time, with or without cause or advance notice. In addition, Company reserves the right to modify your position or duties to meet business needs and to use discretion in deciding on appropriate discipline. Any change to the at-will employment relationship must be by a specific, written agreement signed by you and Company’s President.

If your employment is terminated by Company for other than Cause, you will receive a severance amount equal to 6 months of your then current base salary, provided you sign a separation agreement in a form acceptable to Company, including a complete release of claims. For purposes of this offer letter, “Cause” shall mean your employment is terminated for dishonesty, misconduct, failure or inability to perform your job duties (with reasonable accommodation, if required by law), or other conduct that has a material adverse effect on the name or public image of Company.

This letter constitutes the entire agreement between you and Company relating to this subject matter and supersedes all prior or contemporaneous agreements, understandings, negotiations or representations, whether oral or written, express or implied, on this subject. This letter may not be modified or amended except by a specific, written agreement signed by you and Company’s President.

Luke, congratulations on your promotion and we wish you continued success in this new opportunity. If you have any questions, please feel free to call me at 858-646-6605.

Sincerely,

/s/ Vickie Motte
Vickie Motte
Sr. Director, Human Resources

La Jolla Pharmaceutical Company

* * *

I have read this offer letter in its entirety and agree to the terms and conditions of employment. I understand and agree that my employment with Company is at-will.

Dated	04 Mar 08	/s/ Luke Seikkula
		Luke Seikkula