Didn't realize being an executive chairman paid so well.
BOSTON, Dec 31 (Reuters) - Sepracor Inc (SEPR.O: Quote, Profile, Research), maker of the insomnia drug Lunesta, said on Monday that Timothy Barberich, its executive chairman and former chief executive, will retire by May 13, 2008.
Barberich will become an adviser to the company and will continue in that capacity until Dec. 31, 2009, according to a regulatory filing with the Securities and Exchange Commission.
Under the agreement, effective Dec. 27, Barberich will receive $1.65 million a year until the agreement expires or is terminated. In addition, Barberich will continue to receive a salary and be eligible for a bonus and equity compensation until the date he ceases to be a company executive.
He will be eligible to receive benefits until the end of 2009. Barberich has also been granted 47,000 restricted shares which will vest in two equal annual installments, Sepracor said. |
