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<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>UNITED STATES</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Washington, D.C.&nbsp; 20549</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>FORM 8-K</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CURRENT REPORT</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Pursuant to Section 13 or 15(d) of the<br>
Securities Exchange Act of 1934</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Date of Report (Date of earliest event reported): <b>October </b><b>1</b><b>1</b><b>,</b><b> 201</b><b>9</b>&nbsp;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:24pt;margin:0pt;text-align:center;"><b>Progenics Pharmaceuticals, Inc. </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(Exact Name of Registrant as Specified in Charter) </b></p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Delaware</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>000-23143</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>13-3379479</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State or other jurisdiction<br>
			of incorporation)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Commission File Number)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(IRS Employer<br>
			Identification No.)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>One World Trade Center, 47th Floor, New York, New York&nbsp;10007</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;(Address of Principal Executive Offices)&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; (Zip Code)</p>
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			<td colspan="5" style="vertical-align:top;width:100%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Registrant&#8217;s telephone number, including area code: &nbsp;<b>(646) 975-2500</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Not Applicable</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Former name or former address, if changed since last report)</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">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:</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#9744;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#9744;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Securities registered pursuant to Section 12(b) of the Act:</b></p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Title of each class</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Trading Symbol(s)</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Name of each exchange on which registered</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Common stock, par value $0.0013</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">PGNX</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">The Nasdaq Global Select Market</p>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</p>

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<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Emerging growth company &#9744;&nbsp;</p>

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<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Item&nbsp;</b><b>5</b><b>.0</b><b>2</b><b>. </b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory</b><b> </b><b>Ar</b><b>rangements of Certain Officers.</b></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"><u><i>Director Resignations</i></u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 0.1pt;text-align:justify;text-indent:36pt;">As previously disclosed in the Current Report on Form 8-K filed by Progenics Pharmaceuticals, Inc. (the &#8220;Company&#8221;) with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) on July 17, 2019 (as amended on July 22, 2019), directors Peter J. Crowley and Michael D. Kishbauch each submitted a contingent resignation on July 11, 2019 to the Board of Directors (the &#8220;Board&#8221;) of the Company in connection with the 2019 annual meeting of shareholders. As previously disclosed in the Current Report on Form 8-K filed by the Company with the SEC on August 8, 2019, the Board accepted the contingent resignations of Messrs. Crowley and Kishbauch on August 7, 2019 in accordance with the Company&#8217;s Amended and Restated By-Laws and the recommendation of the Nominating and Corporate Governance Committee. The resignations of Messrs. Crowley and Kishbauch became effective on October 17, 2019.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 0.1pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 0.1pt;text-align:justify;text-indent:36pt;">On October 11, 2019, the Board unanimously elected Karen J. Ferrante, M.D. and Nicole S. Williams as Co-Chairs of the Board, effective as of October 17, 2019.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"><u><i>Compensatory A</i></u><u><i>rrangements of Certain Officers</i></u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 0.1pt;text-align:justify;text-indent:36pt;">On October 11, 2019, the Compensation Committee of the Board (the &#8220;Compensation Committee&#8221;) of the Company approved retention payment opportunities for approximately one-half of the employees of the Company, including each of the Company&#8217;s executive officers (other than Mark Baker, its Chief Executive Officer, who will not be receiving a retention payment), to provide a retention incentive for the award recipient to remain employed with the Company and sustain the Company&#8217;s operations through the closing of the pending acquisition of the Company by Lantheus Holdings, Inc. (the &#8220;Closing&#8221;) and for a period of up to six months after the Closing.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 0.1pt;text-align:justify;text-indent:36pt;">Each retention payment opportunity provides that if the award recipient remains employed with the Company through the Closing, and the Closing occurs on or before July 1, 2020, the award recipient will be entitled to a payment of 50 percent of his or her total retention payment opportunity. If the Closing occurs on or before July 1, 2020 and the award recipient remains employed with the Company for six months after the Closing (or the award recipient&#8217;s employment is terminated during that six-month period by the Company without cause, by the award recipient for good reason, or due to the award recipient&#8217;s death or disability), the award recipient will be entitled to a payment of the remaining 50 percent of his or her total retention payment opportunity. For these purposes, &#8220;cause&#8221; is generally defined as the award recipient&#8217;s willful and continued failure to substantially perform his or her duties to the Company, conviction of a felony or other crime involving moral turpitude, engagement in malfeasance, fraud or dishonesty of a material nature in connection with his or her position with the Company, or other willful act that materially damages the reputation of the Company; and &#8220;good reason&#8221; is generally defined as a material reduction in the award recipient&#8217;s rate of base salary or target annual cash incentive opportunity or a requirement that the award recipient relocate his or her principal place of employment outside of a 75-mile radius of New York City.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 0.1pt;text-align:justify;text-indent:36pt;">The total retention payment opportunity for each of the Company&#8217;s named executive officers other than Mr. Baker (<i>i.e.</i>, Patrick Fabbio, the Company&#8217;s Executive Vice President and Chief Financial Officer; Benedict Osorio, the Company&#8217;s Chief Operating Officer; Bryce Tenbarge, the Company&#8217;s Senior Vice President, Commercial; and Vivien Wong, the Company&#8217;s Executive Vice President, Development) is $180,000. As noted above, Mr. Baker was not awarded a retention payment.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SIGNATURES </b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:17.25pt;">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.</p>

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			<td colspan="3" style="vertical-align: top; width: 38%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>PROGENICS PHARMACEUTICALS, INC.</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">By:</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ Patrick Fabbio</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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			<td style="vertical-align: top; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Patrick Fabbio</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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			<td style="vertical-align: top; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 35%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Executive Vice President and Chief Financial Officer</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Date: October 18, 2019</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>


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prog20191017_8k.htm
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):
October
1
1
,
201
9
Progenics Pharmaceuticals, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
000-23143
13-3379479
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
One World Trade Center, 47th Floor, New York, New York 10007
(Address of Principal Executive Offices)                        (Zip Code)
Registrant's telephone number, including area code:
(646) 975-2500
Not Applicable
(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:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.0013
PGNX
The Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
5
.0
2
.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory
Ar
rangements of Certain Officers.
Director Resignations
As previously disclosed in the Current Report on Form 8-K filed by Progenics Pharmaceuticals, Inc. (the "Company") with the U.S. Securities and Exchange Commission (the "SEC") on July 17, 2019 (as amended on July 22, 2019), directors Peter J. Crowley and Michael D. Kishbauch each submitted a contingent resignation on July 11, 2019 to the Board of Directors (the "Board") of the Company in connection with the 2019 annual meeting of shareholders. As previously disclosed in the Current Report on Form 8-K filed by the Company with the SEC on August 8, 2019, the Board accepted the contingent resignations of Messrs. Crowley and Kishbauch on August 7, 2019 in accordance with the Company's Amended and Restated By-Laws and the recommendation of the Nominating and Corporate Governance Committee. The resignations of Messrs. Crowley and Kishbauch became effective on October 17, 2019.
On October 11, 2019, the Board unanimously elected Karen J. Ferrante, M.D. and Nicole S. Williams as Co-Chairs of the Board, effective as of October 17, 2019.
Compensatory A
rrangements of Certain Officers
On October 11, 2019, the Compensation Committee of the Board (the "Compensation Committee") of the Company approved retention payment opportunities for approximately one-half of the employees of the Company, including each of the Company's executive officers (other than Mark Baker, its Chief Executive Officer, who will not be receiving a retention payment), to provide a retention incentive for the award recipient to remain employed with the Company and sustain the Company's operations through the closing of the pending acquisition of the Company by Lantheus Holdings, Inc. (the "Closing") and for a period of up to six months after the Closing.
Each retention payment opportunity provides that if the award recipient remains employed with the Company through the Closing, and the Closing occurs on or before July 1, 2020, the award recipient will be entitled to a payment of 50 percent of his or her total retention payment opportunity. If the Closing occurs on or before July 1, 2020 and the award recipient remains employed with the Company for six months after the Closing (or the award recipient's employment is terminated during that six-month period by the Company without cause, by the award recipient for good reason, or due to the award recipient's death or disability), the award recipient will be entitled to a payment of the remaining 50 percent of his or her total retention payment opportunity. For these purposes, "cause" is generally defined as the award recipient's willful and continued failure to substantially perform his or her duties to the Company, conviction of a felony or other crime involving moral turpitude, engagement in malfeasance, fraud or dishonesty of a material nature in connection with his or her position with the Company, or other willful act that materially damages the reputation of the Company; and "good reason" is generally defined as a material reduction in the award recipient's rate of base salary or target annual cash incentive opportunity or a requirement that the award recipient relocate his or her principal place of employment outside of a 75-mile radius of New York City.
The total retention payment opportunity for each of the Company's named executive officers other than Mr. Baker (
i.e.
, Patrick Fabbio, the Company's Executive Vice President and Chief Financial Officer; Benedict Osorio, the Company's Chief Operating Officer; Bryce Tenbarge, the Company's Senior Vice President, Commercial; and Vivien Wong, the Company's Executive Vice President, Development) is $180,000. As noted above, Mr. Baker was not awarded a retention payment.
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.
PROGENICS PHARMACEUTICALS, INC.
By:
/s/ Patrick Fabbio
Patrick Fabbio
Executive Vice President and Chief Financial Officer
Date: October 18, 2019