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<HEAD>
<TITLE>Form 8-K</TITLE>
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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 16pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 14pt"><B>CURRENT REPORT<BR>
Pursuant To Section&nbsp;13 OR 15 (d)&nbsp;of The Securities Exchange Act of 1934</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 16pt"><B>Date of Report (Date of earliest event reported) &#151; February&nbsp;11, 2009</B>

</DIV>
<DIV align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 24pt; margin-top: 16pt"><B>NUCRYST PHARMACEUTICALS CORP.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><FONT style="font-size:10pt">Alberta, Canada</FONT><BR></B>
(State or other jurisdiction of<BR>
incorporation or organization)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B><FONT style="font-size:10pt">000-51686</FONT><BR></B>
(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B><FONT style="font-size:10pt">Not Applicable</FONT><BR></B>
(I.R.S. Employer Identification No.)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>NUCRYST Pharmaceuticals Corp.<BR>
101 College Road East<BR>
Princeton, New Jersey 08540</B><BR>
(Address of principal executive offices)

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>(609)&nbsp;228-8220</B><BR>
<BR>
(Former name or former address, if changed since last report)<BR>
<DIV align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 16pt">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 (<I>see </I>General Instruction
A.2. below):
</DIV>


<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT> &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT> &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT> &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT> &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B><I>Item&nbsp;5.02 </I></B>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>(b)</I>&nbsp;&nbsp;<I>Departure of Directors or Principal Officers</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;11, 2009, Thomas E. Gardner resigned, effective immediately, from the Board of
Directors of NUCRYST Pharmaceuticals Corp. (the &#147;Company&#148;). Mr.&nbsp;Gardner had previously served as
Chairman, President, &#038; Chief Executive Officer of the Company until January&nbsp;2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>(e)</I>&nbsp;&nbsp;<I>Compensatory Arrangements of Certain Officers</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As previously reported on a Form 8-K filed on January&nbsp;23, 2009 (the &#147;Prior 8-K&#148;), Thomas E.
Gardner resigned as President, Chief Executive Officer and Chairman of the Board of each of NUCRYST
Pharmaceuticals Corp. and its subsidiary, NUCRYST Pharmaceuticals Inc. (&#147;NPI&#148;). In connection with
his resignation, NPI and Mr.&nbsp;Gardner entered into a Confidential Separation Agreement and General
Release on February&nbsp;11, 2009 (the &#147;Separation Agreement&#148;) providing for the termination of his
employment with NPI effective as of January&nbsp;19, 2009 (the &#147;Termination Date&#148;). The Separation
Agreement will become effective on February&nbsp;19, 2009, unless it is revoked by Mr.&nbsp;Gardner before
that date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Separation Agreement, and subject to the terms and conditions set forth therein, Mr.
Gardner&#146;s employment as an employee of NPI was terminated on the Termination Date and he is
entitled to the following severance payments and benefits:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Payment of a lump sum payment of $622,439.00, less deductions for applicable tax withholding
by: (i)&nbsp;payment on the next regular pay date after the Termination Date in the amount of
$13,589.75, less deductions for applicable tax withholding; and (ii)&nbsp;payment of the balance
within 30&nbsp;days after the expiration of the revocation period as set forth in the Separation
Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Until the sixth anniversary of the Termination Date, NPI or any of its affiliates will
provide directors&#146; and officers&#146; liability insurance coverage to Mr.&nbsp;Gardner;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Mr.&nbsp;Gardner elects to continue his group medical and/or dental coverage under COBRA, NPI
will make contributions towards the cost of such COBRA continuation coverage in an amount
equal to the current employer contribution rate until the earlier of: (i)&nbsp;December&nbsp;31, 2009;
or (ii)&nbsp;the date upon which Mr.&nbsp;Gardner secures other employment; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reimbursement of reasonable attorney fees (up to $5,000.00) incurred by Mr.&nbsp;Gardner in
conjunction with the negotiation and review of the Separation Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration for the payments and benefits described above, Mr.&nbsp;Gardner provided to the
Company and NPI a general release of claims and surrendered and forfeited to the Company all vested
and unvested options to purchase common shares of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing description of the Separation Agreement is only a summary, is not complete and
is qualified in its entirety by the copy of the Separation Agreement attached hereto as Exhibit
99.1 and incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As previously reported on the Prior 8-K, Neil Carragher was appointed Chairman of the Board of
Directors of the Company and David B. Holtz was appointed interim President and Chief Executive
Officer of the Company. Both appointments were effective January&nbsp;19, 2009. Mr.&nbsp;Holtz&#146;s
responsibilities are in addition to his continuing role as the Company&#146;s Chief Financial Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;11, 2009, in connection with Mr.&nbsp;Holtz&#146;s new appointment, our Human Resources and
Compensation Committee of the Board of Directors (the &#147;Compensation Committee&#148;) approved an
increase in Mr.&nbsp;Holtz&#146;s annual base salary to $310,000 effective retroactive to January&nbsp;19, 2009.
The Company and Mr.&nbsp;Holtz are negotiating the remaining changes to his current employment
arrangement. We will disclose the material terms of Mr.&nbsp;Holtz&#146;s employment agreement once it has
been finalized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, on February&nbsp;11, 2009, in connection with Mr.&nbsp;Carragher&#146;s appointment as Chairman
of the Board of Directors of the Company, our Compensation Committee approved the payment to Mr.
Carragher of an annual retainer of $100,000 payable in quarterly installments. As Chairman, Mr.
Carragher will also be entitled to annual equity incentive grants of 3,000 Options to purchase our
common shares and 4,500 Restricted Stock Units (&#147;RSUs&#148;) on December&nbsp;21 of each year, which is the anniversary
date of his appointment to our Board of Directors. Mr.&nbsp;Carragher will no longer receive payment of
meeting fees for attendance at board meetings.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B><I>Item&nbsp;9.01</I></B>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Financial Statements and Exhibits</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>(d)</I>&nbsp;&nbsp;<I>Exhibits</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Confidential Separation Agreement and General Release between Thomas E. Gardner and NUCRYST Pharmaceuticals Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR><FONT style="font-variant: SMALL-CAPS"><B>Nucryst Pharmaceuticals Corp.</B></FONT><BR><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><B><I>/s/&nbsp;&nbsp;Carol L. Amelio</I></B>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><B>Carol L. Amelio</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><B>Vice President, General Counsel and<BR>
Corporate Secretary</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated:&nbsp;&nbsp;February&nbsp;18, 2009
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Confidential Separation Agreement and General Release between Thomas E. Gardner and NUCRYST Pharmaceuticals Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
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Form 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) — February 11, 2009
NUCRYST PHARMACEUTICALS CORP.
(Exact name of registrant as specified in its charter)
Alberta, Canada
(State or other jurisdiction of
incorporation or organization)
000-51686
(Commission File Number)
Not Applicable
(I.R.S. Employer Identification No.)
NUCRYST Pharmaceuticals Corp.
101 College Road East
Princeton, New Jersey 08540
(Address of principal executive offices)
Registrant's telephone number, including area code:
(609) 228-8220
(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 (
see
General Instruction
A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
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 Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b)
Departure of Directors or Principal Officers
On February 11, 2009, Thomas E. Gardner resigned, effective immediately, from the Board of
Directors of NUCRYST Pharmaceuticals Corp. (the "Company"). Mr. Gardner had previously served as
Chairman, President, & Chief Executive Officer of the Company until January 2009.
(e)
Compensatory Arrangements of Certain Officers
As previously reported on a Form 8-K filed on January 23, 2009 (the "Prior 8-K"), Thomas E.
Gardner resigned as President, Chief Executive Officer and Chairman of the Board of each of NUCRYST
Pharmaceuticals Corp. and its subsidiary, NUCRYST Pharmaceuticals Inc. ("NPI"). In connection with
his resignation, NPI and Mr. Gardner entered into a Confidential Separation Agreement and General
Release on February 11, 2009 (the "Separation Agreement") providing for the termination of his
employment with NPI effective as of January 19, 2009 (the "Termination Date"). The Separation
Agreement will become effective on February 19, 2009, unless it is revoked by Mr. Gardner before
that date.
Under the Separation Agreement, and subject to the terms and conditions set forth therein, Mr.
Gardner's employment as an employee of NPI was terminated on the Termination Date and he is
entitled to the following severance payments and benefits:
1.
Payment of a lump sum payment of $622,439.00, less deductions for applicable tax withholding
by: (i) payment on the next regular pay date after the Termination Date in the amount of
$13,589.75, less deductions for applicable tax withholding; and (ii) payment of the balance
within 30 days after the expiration of the revocation period as set forth in the Separation
Agreement;
2.
Until the sixth anniversary of the Termination Date, NPI or any of its affiliates will
provide directors' and officers' liability insurance coverage to Mr. Gardner;
3.
If Mr. Gardner elects to continue his group medical and/or dental coverage under COBRA, NPI
will make contributions towards the cost of such COBRA continuation coverage in an amount
equal to the current employer contribution rate until the earlier of: (i) December 31, 2009;
or (ii) the date upon which Mr. Gardner secures other employment; and
4.
Reimbursement of reasonable attorney fees (up to $5,000.00) incurred by Mr. Gardner in
conjunction with the negotiation and review of the Separation Agreement.
In consideration for the payments and benefits described above, Mr. Gardner provided to the
Company and NPI a general release of claims and surrendered and forfeited to the Company all vested
and unvested options to purchase common shares of the Company.
The foregoing description of the Separation Agreement is only a summary, is not complete and
is qualified in its entirety by the copy of the Separation Agreement attached hereto as Exhibit
99.1 and incorporated herein by reference.
As previously reported on the Prior 8-K, Neil Carragher was appointed Chairman of the Board of
Directors of the Company and David B. Holtz was appointed interim President and Chief Executive
Officer of the Company. Both appointments were effective January 19, 2009. Mr. Holtz's
responsibilities are in addition to his continuing role as the Company's Chief Financial Officer.
On February 11, 2009, in connection with Mr. Holtz's new appointment, our Human Resources and
Compensation Committee of the Board of Directors (the "Compensation Committee") approved an
increase in Mr. Holtz's annual base salary to $310,000 effective retroactive to January 19, 2009.
The Company and Mr. Holtz are negotiating the remaining changes to his current employment
arrangement. We will disclose the material terms of Mr. Holtz's employment agreement once it has
been finalized.
In addition, on February 11, 2009, in connection with Mr. Carragher's appointment as Chairman
of the Board of Directors of the Company, our Compensation Committee approved the payment to Mr.
Carragher of an annual retainer of $100,000 payable in quarterly installments. As Chairman, Mr.
Carragher will also be entitled to annual equity incentive grants of 3,000 Options to purchase our
common shares and 4,500 Restricted Stock Units ("RSUs") on December 21 of each year, which is the anniversary
date of his appointment to our Board of Directors. Mr. Carragher will no longer receive payment of
meeting fees for attendance at board meetings.
Item 9.01
Financial Statements and Exhibits
(d)
Exhibits
Exhibit
Number
Description
99.1
Confidential Separation Agreement and General Release between Thomas E. Gardner and NUCRYST Pharmaceuticals Inc.
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.
Nucryst Pharmaceuticals Corp.
By:
/s/  Carol L. Amelio
Carol L. Amelio
Vice President, General Counsel and
Corporate Secretary
Dated:  February 18, 2009
EXHIBIT INDEX
Exhibit
Number
Description
99.1
Confidential Separation Agreement and General Release between Thomas E. Gardner and NUCRYST Pharmaceuticals Inc.