Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Retirement of Chief Medical Officer
On June 17, 2020, Louis St. L. O'Dea, Chief Medical Officer of Akcea
Therapeutics, Inc. (the "Company") notified the Company that he plans to retire
and therefore will resign his position as Chief Medical Officer of the Company.
Dr. O'Dea's resignation will be effective July 7, 2020.
In accordance with the retention agreement dated March 16, 2020 (the "Retention
Agreement") entered between Dr. O'Dea and the Company, Dr. O'Dea will be
entitled to receive medical benefit continuation, a lump sum severance payment
equal to 12 months of his then-current base salary, and an amount equal to 50%
of his target annual cash performance bonus for 2020.
In addition, in accordance with the Retention Agreement, following his departure
from the Company, Dr. O'Dea has agreed to provide consulting services to the
Company to support ongoing development and regulatory initiatives and to assist
with the transition of his responsibilities as Chief Medical Officer to his
successor for up to six months.
The foregoing description of the Retention Agreement does not purport to be
complete and is qualified in its entirety by the full text of such document,
which was filed as an exhibit to the Current Report on Form 8-K filed on
March 20, 2020.
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