According to an April 3 regulatory filing by Marlborough, Mass.-Sepracor, Adams stands to receive a $5.6 million severance payment and another $302,892 to cover such personal expenditures as life insurance premiums, automobile expenses, a housing allowance and a medical-insurance opt-out payment. Another $4.2 million in restricted stock also is scheduled to vest, now that a change in control has occurred. The value of those vested shares is based on Dainippon Sumitomo Pharma’s $23-per-share acquisition price.
Adams also is set to receive $867,790 in tax gross-up payments to help cover the tax liabilities stemming from his change-in-control compensation.
The payment and stock-vesting only go into effect if Adams remains with the company after the change-in-control occurs. The deal officially closed Oct. 20.
Adams, who was 58 as of Sepracor’s April filing, has been the company’s CEO and president since 2007.
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