Lexicon Pharmaceuticals , Inc. (NASDAQ:LXRX), a biopharmaceutical company, has reported executive transitions in a recent SEC filing dated September 13, 2024. Jeffrey L. Wade, who served as the company's president and chief operating officer, will end his employment on September 30, 2024.
The company disclosed that Wade will receive salary continuation payments totaling his current base annual salary of $585,000 over twelve months post-termination. Moreover, a lump sum of $175,500, representing 50% of his target cash bonus, will be paid within 30 days of his departure. Lexicon will also cover Wade's COBRA benefits costs at $3,700 monthly for a year and provide executive outplacement services.
Following his departure, Wade has agreed to a consulting agreement with Lexicon, effective for eight months, during which he will provide advisory services for $3,000 per month.
Simultaneously, Kristen L. Alexander has been appointed to take over the role of principal financial officer upon Wade's exit. Alexander, who has been with Lexicon since 2017, previously held the position of vice president, finance and accounting, and principal accounting officer.
Her experience includes roles at Johnson Specialty Tools, LLC, Trican Well Services, L.P., Nabors Industries Ltd (NYSE:NBR)., and Ernst & Young, LLP. Alexander is a certified public accountant and a University of Oklahoma alumnus.
The details of these executive changes, including the terms of Wade's separation and consulting agreements, are outlined in the exhibits attached to the SEC filing. Lexicon Pharmaceuticals has formalized these transitions in compliance with corporate governance practices and SEC regulations.
This report is based on statements from a press release and does not include any speculative information regarding the company's future direction or the implications of these executive changes.
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