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Biotech / Medical : HPFS DISCUSSION -- Ignore unavailable to you. Want to Upgrade?

To: David Sirk who wrote (10)	2/14/1999 6:09:00 PM
From: David Sirk	Read Replies (1) \| Respond to of 21

THE CEO! Mr. Merrigan has served as CEO and President of the Company since September 6, 1997. He has more than twenty-five years of successful senior management experience in the medical, pharmaceutical, technical and chemical industry. Mr. Merrigan was with Warner Lambert Corporation for many years in positions of successive responsibility including new drug application development, marketing and division management. Mr. Merrigan has extensive experience in corporate turnaround and international marketing The Company entered into an employment agreement with Mr. Merrigan, effective as of September 2, 1997, pursuant to which Mr. Merrigan serves as Chief Executive Officer and President of the Company for the three-year term ending September 2, 2000. The employment agreement contains an initial annual base salary of $275,000, plus an incentive bonus equal to 5% of earnings before interest and taxes (EBIT), subject to certain limitations. Additionally, pursuant to the employment agreement, the Company granted Mr. Merrigan options to purchase in an amount of 750,000 shares. The stock options vested as follows: (i) 50% upon execution of Mr. Merrigan's employment agreement; and (ii) 2.08% per month for each month of service thereafter.