UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 10-K/A

 

 

Amendment to Annual Report Pursuant to Section 13 of theSecurities Exchange Act of 1934

 

 

Year Ended December 31, 2001

 

Commission File Number 0-24320

 

 

NAPRO BIOTHERAPEUTICS, INC.

 

| Incorporated in Delaware
IRS ID No. 84-1187753
 

6304 Spine Road, Unit ABoulder, CO 80301(303) 516-8500

 

Securities Registered pursuant to Section 12(b) of the Act:none

Securities Registered pursuant to Section 12(g) of the Act:Common Stock, $0.0075 par value; Preferred Stock Purchase Rights

 

The registrant (1) has filed all reports required to be filedby Section 13 or 15(b) of the Securities Exchange Act of 1934 during thepreceding 12 months, and (2) has been subject to such filing requirements forthe past 90 days.

 

Disclosure of delinquent filers pursuant to Item 405 ofRegulation S-K is reported in Item 11 herein.

 

The aggregate market value of the voting common stock held bynon-affiliates of the registrant was $205,059,929 as of April 10, 2002

 

The number of shares outstanding of each of the registrant'sclasses of common stock, as of April 10, 2002:

 

CommonStock                            29,697,213

Nonvoting CommonStock                    0

 

 

 

 

 

 

 

NaPro BioTherapeutics, Inc. is filing this amendment to its2001 Form 10-K in order to provide the information required by Part III of Form10-K.

 

Part III

Item 10

Directors and Executive Officers

Directors

 

Our Board of Directors currently consists of eight members:Sterling Ainsworth, Ph.D. (Vice Chairman); Edward Erickson; Arthur Hayes, Jr.,M.D.; Marc Ostro, Ph. D.; The Honorable Richard Perle; Patricia Pilia, Ph.D.;Robert Pollack, Ph.D., and Leonard Shaykin (Chairman). These directors aredivided into three classes. Drs. Ainsworth and Ostro are Class III directorswith terms of office expiring at the 2002 Annual Meeting of Stockholders. Mr.Shaykin and Drs. Hayes and Pollack are Class I directors with terms of officeexpiring at the 2003 Annual Meeting. Dr. Pilia and Messrs. Erickson and Perleare Class II directors with terms of office expiring at the 2004 Annual Meeting.

 

Sterling K. Ainsworth, Ph.D.**,** 62, a co-founder,has served as an executive officer and director since our inception. He servedas our Chief Executive Officer from November 1991 to August 1999, and has servedas our President since October 1992 and as Vice Chairman of the Board and ChiefScientific Officer since August 1999. In 1990, he co-founded, with Dr. Pilia,Pacific Biotechnology, Inc. (a predecessor of ours) and served as Chairman andPresident of such company until our inception. From 1972 to 1990, Dr. Ainsworthheld various levels of professorships of Pathology with tenure in the College ofMedicine and Dental Medicine and Graduate Studies at the Medical University ofSouth Carolina ("MUSC"), where he established, developed and directedMUSC's Immunopathology Diagnostic Laboratory. Dr. Ainsworth received aBachelor's degree from the University of Mississippi in 1963. He received aMaster's degree in medical microbiology in 1965 and a Doctoral degree inmedical science in 1969 from the University of Mississippi Medical School. Hecompleted his post-doctoral fellowship in the Department of Pathology at HarvardMedical School from 1970 to 1972.

 

Edward L. Erickson, 55, has served as a director since 2000.He is currently Chairman of the Board, President and Chief Executive Officer ofImmunicon Corporation, a venture capital backed medical products company withtechnology for use in diagnostics, life science research, and therapeuticapplications. He was appointed Chairman of Immunicon in April 1998 and ChiefExecutive Officer in September 1998. From 1993 to 1998, Mr. Erickson wasPresident, Chief Executive Officer and a director of DepoTech Corporation, abiopharmaceutical company in the drug delivery field. Additionally, from 1995 to1998, he served as a director of MegaBios Corporation, a gene therapy company.From 1991 to 1993, he was President, Chief Executive Officer and a director ofCholestech Corporation, a diagnostic products company in point-of-carecholesterol testing and screening. Mr. Erickson holds B.S. and M.S. degrees inmathematics from the Illinois Institute of Technology and an M.B.A. with highdistinction from Harvard University.

 

Arthur H. Hayes, Jr., M.D.**,** 66, has served as adirector since March 1996. He is currently President and Chief Operating Officerof MediScience Associates, Inc., a pharmaceutical consulting company, and is aProfessor of Medicine at New York Medical College and Pennsylvania StateUniversity College of Medicine. From 1981 to 1983, Dr. Hayes served asCommissioner of the United States Food and Drug Administration. From 1986 to1991, he was President and Chief Executive Officer of EM Pharmaceuticals, aswell as a member of their board of directors. Dr. Hayes served as Provost &Dean at New York Medical College from 1983 to 1986, and served as the Directorof the Institute of Human Values in Medical Ethics, International Health andBiomedical Sciences, the latter of which he also served as Chairman. Dr. Hayeshas held several posts with Pennsylvania State University which includedProfessor of Medicine and Pharmacology from 1977 to 1981, Dean of Admissionsfrom 1976 to 1979 and Associate Professor of Medicine and Pharmacology andDirector of the Division of Clinical Pharmacology from 1972 to 1977. Dr. Hayescurrently serves on the board of directors of Myriad Genetics, Inc. (a genomicresearch and pharmaceutical company), Celgene Corporation (a pharmaceuticalcompany), and Premier Research Worldwide. Dr. Hayes' received his M.D. fromCornell University Medical College, and also attended Cornell's GraduateSchool of Medical Sciences, Department of Pharmacology. He undertook premedicalstudies, and attended medical school at Georgetown University. Dr. Hayesreceived his M.S. (philosophy, politics and economics) from Oxford University,where he was a Rhodes Scholar, and his B.A. (philosophy) from Santa ClaraUniversity.

 

Marc J. Ostro, Ph.D., 52, has served as a director since2000. He has been a partner in TL Ventures, a Pennsylvania-based venture capitalfirm since January 1, 2002. Immediately prior to that, Dr. Ostro was a privateconsultant to the biotechnology industry since May 2000. From November 1997 toMay 2000, he was Senior Managing Director and GroupLeader for KPMG Life ScienceCorporate Finance (Mergers and Acquisitions). From June 1997 to November 1997,Dr. Ostro was a Senior Vice President at Ross Financial Group engaged inportfolio management. From May 1994 to June 1997, he was Managing Director andSenior Biotechnology Analyst at UBS Securities. Prior to that, he was a SeniorVice President and Senior Biotechnology Analyst at Mabon Securities. In July1981, he co-founded the Liposome Company (Princeton) where he held variouspositions in that company including President, Vice Chairman and ChiefScientific Officer until May 1993. Dr. Ostro received a B.A. in biology fromLehigh University, a Ph.D. in biochemistry from Syracuse University, and was apostdoctoral fellow and assistant professor at the University of IllinoisMedical School.

 

The Honorable Richard N. Perle, 60, has served as a directorsince 2000. He is a fellow at the American Enterprise Institute. Additionally,Mr. Perle is a director of Hollinger International, Inc., a company thatpublishes English language newspapers in the United States, the United Kingdom,Canada and Israel. Mr. Perle is also a director of Autonomy, PLC, a companyengaged in the development of various software applications, as well as adirector of Morgan Crucible, PLC, a company specializing in the design,development, manufacture and marketing of engineered products for use in variousindustries. Mr. Perle is also Chairman of the United States Defense PolicyBoard. From 1981 to 1987, Mr. Perle was the United States Assistant Secretary ofDefense for International Security Policy at the United States Department ofDefense. Mr. Perle attended the London School of Economics with HonorsExaminations, received a B.A. in international relations from the University ofSouthern California, an M.A. in politics from Princeton University, andcompleted various fellowships at Princeton University, the Ford Foundation andthe American Council of Learned Societies.

 

Patricia A. Pilia, Ph.D., 53, a co-founder, has served as adirector since our inception. She has served as our Secretary since November1991, our Vice President of BioResearch and Toxicology since March 1993, and ourExecutive Vice President since October 1998. Additionally, in 2002, she wasappointed Acting Head, Research and Development. In 1990, she co-founded, withDr. Ainsworth, Pacific Biotechnology, Inc. (a predecessor of ours) and served asits Vice President and Director of Biotechnology. From 1983 to 1991, Dr. Piliawas an Assistant Professor of Pathology in the College of Medicine and DentalMedicine and the College of Graduate Studies at MUSC. Dr. Pilia served as theAssistant Director of the MUSC Immunopathology Diagnostic and ResearchLaboratories from 1985 to 1991. Since 1984 she has been a consultant on thedesign and development of biomedical devices and treatment modalities and thedesign and performance of clinical trials. Dr. Pilia received a Bachelor'sdegree from Boston University, a Master's degree in immunology/microbiologyand a Doctoral degree in pathology from MUSC.

 

Robert E. Pollack, Ph.D., 60, has served as a director since2000. He is currently Professor of Biological Sciences, Lecturer in Psychiatryat the Center for Psychoanalytic Training and Research, and Director of theCenter for the Study of Science and Religion, at Columbia University. He hasbeen a Professor of Biological Sciences at Columbia since 1978, and was Dean ofColumbia College from 1982-1989. He received the Alexander Hamilton Medal fromColumbia University, and has held a Guggenheim Fellowship. He currently serveson Advisory Boards of the John Templeton Foundation, California Newsreels, TheFred Friendly Seminars, the Program in Religion and Ecology of the Center forthe Study of World Religions at Harvard University, and as a Senior Consultantfor the Director, Program of Dialogue on Science, Ethics and Religion, AmericanAssociation for the Advancement of Science. He is also currently a director andChair of the Scientific Advisory Board of Nutrition 21, Inc., a company focusingon the development and marketing of proprietary nutritional products. Dr.Pollack graduated from Columbia University with a B.A. in physics, and receiveda Ph.D. in biology from Brandeis University.

 

Leonard P. Shaykin, 58, has served as our Chairman of theBoard since June 1993, and our Chairman and Chief Executive Officer since August1999. In 1995, Mr. Shaykin founded Shaykin & Co., LLC, a privateinvestment and management company. Prior to founding Shaykin & Co., Mr.Shaykin was a managing partner of Adler & Shaykin, an investment partnershiporganized to sponsor management leveraged buyouts. Prior to that, Mr. Shaykinwas Vice President, Director and a member of the Investment Committee ofCiticorp Venture Capital, Ltd. and Citicorp Capital Investors, Inc., the venturecapital and equity investment subsidiaries of Citicorp and Citibank. He iscurrently a Director of the Jerusalem Post, a subsidiary of HollingerInternational, a Board Member of the Friends of Sheba Medical Center-TelHashomer, Israel, and a trustee of the Jackson Laboratories, a not-for-profitgenetic research institute. Mr. Shaykin received a B.A. and an M.A. from theUniversity of Chicago, and an M.B.A. from the University of Chicago GraduateSchool of Business.

 

Other Executive Officers

 

We have the following executive officers in addition to thosewho serve as directors:

 

Gordon H. Link, Jr., 48, a certified public accountant and acertified management accountant, joined us as Vice President and Chief FinancialOfficer in September 1993. Prior to that, Mr. Link served concurrently asCorporate Controller of Synergen, Inc. and Treasurer of the Syntex-SynergenNeuroscience Joint Venture. From February 1991 to April 1993, Mr. Link wasTreasurer of Synergen Development Corporation. From October 1983 to May 1990,Mr. Link practiced as a certified public accountant, most recently in theposition of Audit Manager with Deloitte & Touche. He received undergraduatedegrees in chemistry from Rensselaer Polytechnic Institute in 1976 and inaccounting from Metropolitan State College in 1983.

 

David L. Denny, 50, has served as our Vice President,Operations since September 1995, except for a nine month period during 1997 whenhe served as our Vice President, Quality Assurance. From 1991 to 1993, Mr. Dennyserved as Vice-President of Operations for Somatogen, Inc. Prior to that, Mr.Denny served in manufacturing and quality assurance capacities with MilesPharmaceutical, Abbott Laboratories and Kabi-Pharmacia. He received a B.S. inbiological sciences from Tennessee Technological University in 1972 and attendedgraduate school at the same institution from 1972 to 1974.

 

James D. McChesney, Ph.D.**,** 62, joined us as VicePresident of Natural Products Chemistry in January 1996. From 1987 to June 1995,he served as Director of the Research Institute of Pharmaceutical Sciences atthe University of Mississippi, specializing in natural product pharmaceuticalresearch and development. In July 1993, Dr. McChesney was named Frederick A.P.Barnard Distinguished Professor of Pharmacognosy at the University ofMississippi. Dr. McChesney joined the School of Pharmacy at the University ofMississippi in 1978 as Professor and Chair of the Department of Pharmacognosy.After graduating with honors from Iowa State University in 1961 with a B.S. inchemical technology, he earned degrees in botany (M.A. 1964) and naturalproducts chemistry (Ph.D. 1965) at Indiana University. He has been a FulbrightLecturer in Brazil and a Visiting Professor at several South Americanuniversities.

 

Kai P. Larson, Esq., 38, served as our Director of LegalAffairs from 1994 to December 1999, when his position was changed to VicePresident and General Counsel. Prior to joining us, he worked as an attorney inthe New York office of Kirkland and Ellis. Mr. Larson received a B.A. fromBrigham Young University, and a J.D. from Columbia University School of Law.

 

Steve J. Bannister, Ph.D., 50, has served as our VicePresident of Drug Development since September 2000, and served as our SeniorDirector of Product and Analytical Development from September 1998 to September2000. Prior to joining us, he served as Director of Preformulation Developmentat Baker Norton Pharmaceuticals, IVAX Corporation from 1995 to September 1998.Dr. Bannister received a B.S. in pharmacy from the University of Georgia and aPh.D. in pharmaceutical chemistry from the University of Kansas.

 

Brenda Fielding, 47, has served as our Vice President,Regulatory Affairs since June 2001, and served as our Senior Director ofRegulatory Affairs from March 2000 to June 2001. Prior to joining us, she servedas Director of Regulatory Affairs at Gilead Sciences, Inc. from 1996 to 2000.Ms. Fielding received a B.S.c. in biology from London University, England.

 

Brian McCudden, 42, has served as our Vice President,Manufacturing since January 2002. Prior to joining us, from 1997 to December2001, he served as Director, Manufacturing at Roche Colorado Corporation, asubsidiary of F. Hoffman-La Roche Ltd. Previously, he held the position ofDirector, Large Scale Manufacturing with Roche Colorado Corporation from 1995 to1997. Mr. McCudden received a B.S. in chemical engineering, Cum Laude, from theUniversity of Delaware and an M.B.A from Loyola College (Baltimore).

 

Hope Liebke, Ph.D., Esq., 56, has served as Vice President,General Counsel, NaPro Genomics and Vice President, Business Development, NaProGenomics since April 2002. Prior to joining us, from 1998 to 2002, she served asOf Counsel at the law firm of Fish and Neave. Previously, she held the positionof Associate Attorney at the law firm of Pennie and Edmonds, LLP from 1989 to1998. Dr. Liebke received a B.S. in Biology from Newcomb College of TulaneUniversity and received a Ph.D. in Molecular and Cellular Biology from theUniversity of Southern California. She performed research in the fields ofbiochemistry, genetics, physiology, nucleic acid sequencing and molecularbiology at the University of Connecticut, Farmington and Storrs campuses and atYale University, and received a J.D. from the University of Connecticut.

 

Section 16(a) Beneficial Ownership Reporting Compliance

Under Section 16(a) of the Securities Exchange Act of 1934,our directors and certain of our officers, and persons holding more than tenpercent of our common stock are required to file forms reporting theirbeneficial ownership of our common stock and subsequent changes in thatownership with the Securities and Exchange Commission. Such persons are alsorequired to furnish us copies of forms so filed. Based solely upon a review ofcopies of such forms furnished to us, Brian McCudden was late in filing one Form3 in which he reported one transaction, Sterling Ainsworth and Patricia Piliawere each late in filing one Form 4 in which they reported one transaction each,and Richard Perle was late in filing one Form 5 in which he reported onetransaction. No other directors or officers were late in filing any reports onForms 3, 4 or 5.

 

Item 11

Executive Compensation

The following table shows for the years ended December 31,1999, 2000 and 2001, compensation awarded or paid to, or earned by, our ChiefExecutive Officer and our other four most highly compensated executive officersat December 31, 2001 (the "Named Executive Officers"):

 

Summary Compensation Table

 

 

      Annual Compensation
                      Long Term Compensation                                  Awards
Nameand      Principal Position

      Year
      Salary($)
      Bonus($)
Restricted      Stock Awards($)(1)
Securities Underlying      Options(#)

      All Other Compensation(2)

Leonard Shaykin

Chairman of the Board, Chief Executive Officer
2001

2000

1999

239,331

221,397

189,699
200,000

214,977

81,977
0

0

74,592

 
375,000

120,000

200,000
$33,188

$28,349

$28,534

 
Sterling Ainsworth

Vice Chairman of the Board, President, Chief Scientific Officer
2001

2000

1999
259,423

243,654

208,788

 
100,000

203,453

103,453

 

 
0

0

74,592
150,000 100,000

200,000
$33,188

$28,349

$28,534
Patricia Pilia

Executive Vice President, Secretary
2001

2000

1999
199,577

187,962

161,065
125,000

156,114

56,114
0

0

55,945
200,000

100,000

125,000

$33,188

$26,641

$28,534
Gordon Link

Vice President,      Chief Financial Officer
2001

2000

1999
179,615

169,231

149,135
125,000

105,934

38,934
0

0

55,945
250,000

80,000

100,000
$33,188

$28,349

$28,534
Kai Larson

Vice President, General Counsel
2001

2000

1999
159,615

149,215

130,566
125,000

84,758

17,758
0

0

29,837
200,000

80,000

50,000
$33,188

$28,349

$20,000
(1) The total number of shares of restricted stock awarded was  172,001.These shares vested at a rate of half on the grant date of 7/23/99 and  the remaining half vested daily until all were fully vested on 7/23/00.

(2) Represents our 401(k) plan and Employee Stock Ownership Plan (ESOP)  contributions of common stock (valued at fair market value as of the date of  contribution) for each of the Named Executive Officers.

The following table reports each grant of options to purchase common stockmade during the year ended December 31, 2001 to the Named Executive Officers:

Option Grants in Last Fiscal Year

 

 

Name
Number of Securities underlying Options      Granted(#)(1)
      % of Total Options Granted to Employees in Year(2)
      Exercise or       Base Price Per Share($/sh)
      Expiration Date(3)
      Potential Realizable      Value at Assumed Annual Rates of Stock Price Appreciation forOption Terms ($)(4)
 

5%
10%
Leonard P. Shaykin
187,500

187,500
9.99%

9.99%
$6.61

$9.55
4/16/2011

6/21/2011
779,436

1,126,114
1,975,245

2,853,795
Sterling K. Ainsworth
75,000

75,000
4.00%

4.00%
$6.61

$9.55
4/16/2011

6/21/2011
311,775

450,446
790,098

1,141,518
Patricia A. Pilia
100,000

100,000
5.33%

5.33%
$6.61

$9.55
4/16/2011

6/21/2011
415,699

600,594
1,053,464

1,522,024
Gordon H. Link
125,000

125,000
6.66%

6.66%
$6.61

$9.55
4/16/2011

6/21/2011
519,624

750,743
1,316,830

1,902,530
Kai P. Larson
100,000

100,000
5.33%

5.33%
$6.61

$9.55
4/16/2011

6/21/2011
415,699

600,594
1,053,464

1,522,024
 

(1) Each of the options listed on this table was granted    under our 1994 Long Term Performance Incentive Plan (the "1994    Plan"). The options granted become exercisable in percentages according    to the closing price of our common stock on the Nasdaq market. The options    that expire on April 16, 2011 have the following terms: Vesting shall be    determined by a comparison of the closing price of our common stock on April    16, 2001 ($6.61) (the "Base Price") compared with a rolling 20 day    average of the closing price of our common stock over the period from April    16, 2001 to April 16, 2006 (the "Target Price"). When the Target    Price exceeds the Base Price by 30%, then 16.67% of the shares allocated to    each individual shall vest. When the Target Price exceeds the Base Price by    60%, then an additional 16.67% of the shares allocated to each individual    shall vest. Similarly, an additional 16.67% of the shares shall vest when    the Target Price exceeds the Base Price by 90%; 120%; 150% and 200%. All    such shares shall be fully vested, regardless of our common stock price, on    April 16, 2006. The options that expire on June 21, 2011 have the following    terms: Vesting shall be determined by a comparison of the closing price of    our common stock on June 21, 2001 ($9.55) (the "Base Price")    compared with a rolling 20 day average of the closing price of our common    stock over the period from June 21, 2001 to April 16, 2006 (the "Target    Price"). When the Target Price exceeds the Base Price by 30%, then    16.67% of the shares allocated to each individual shall vest. When the    Target Price exceeds the Base Price by 60%, then an additional 16.67% of the    shares allocated to each individual shall vest. Similarly, an additional    16.67% of the shares shall vest when the Target Price exceeds the Base Price    by 90%; 120%; 150%; and 200%. All such shares shall be fully vested,    regardless of our closing stock price, on June 21, 2006.

(2) Based on the aggregate of 1,876,050 options granted    to our employees, including the Named Executive Officers, in 2001, and    consisting of options granted under the 1994 Plan and options granted under    the 1998 Stock Incentive Plan.

(3) Options granted under the 1994 Plan have a 10-year    term and are subject to earlier termination upon death, disability or    termination of employment.

(4) The potential realizable value is calculated based on    the term of the option at its time of grant (10 years) assuming that the    stock price on the date of grant appreciates at the indicated annual rate    compounded annually for the entire term of the option and that the option is    exercised and sold on the last day of its term for the appreciated stock    price. Stock price appreciation of 5% and 10% is assumed pursuant to rules    promulgated by the Securities and Exchange Commission and does not represent    our prediction of our future stock price performance. In addition, the    potential realizable value computation does not take into account federal or    state income tax consequences of option exercises or sales of appreciated    stock.

 

The following table reports information, as to each of theNamed Executive Officers, concerning the number of shares subject to bothexercisable and unexercisable stock options held as of December 31, 2001. Alsoreported are values for "in-the-money" options that represent thepositive spread between the respective exercise prices of outstanding stockoptions and the fair market value of our common stock as of December 31, 2001:

 

Aggregated Options Exercises in Last Fiscal Year and FiscalYear-End Option Values
** **
      Name
      Shares Acquired on Exercise (#)
      Value      Realized ($)(1)
Number of Securities Underlying Unexercised Options at      Year End(#)      Exercisable/Unexercisable
      Value of Unexercised      in-the-Money Options at Year End($)(2)      Exercisable/Unexercisable
Leonard P. Shaykin
0
0
502,500 / 472,500
4,263,771 / 1,999,812
Sterling K. Ainsworth
0
0
424,001 / 258,000
3,718,622 / 1,256,258
Patricia A. Pilia
0
0
285,334 / 275,667
2,388,551 / 1,148,179
Gordon H. Link
10,000
75,334
197,502 / 345,832
1,596,045 / 1,612,256
Kai P. Larson
162,818
1,300,751
0 / 274,166
0 / 1,206,488
 

(1) Calculated on the basis of the closing price per share ofour common stock on the date of exercise on the Nasdaq National Market, minusthe exercise price.

(2) Represents the difference between the option exerciseprice and the closing price of the common stock as reported by the NasdaqNational Market on December 31, 2001 ($11.40), multiplied by the correspondingnumber of underlying shares.

 

Compensation of Directors

 

Pursuant to the1994 Plan, each year non-employee directorsare automatically granted, on the date of our annual meeting of stockholders,non-qualified options to purchase 10,000 shares of common stock. In addition,any non-employee director who is first appointed or elected other than at anannual meeting of stockholders automatically receives non-qualified options topurchase 10,000 shares of common stock upon such appointment or election. The1994 Plan also provides for automatic annual grants of non-qualified stockoptions to purchase 10,000 shares of common stock to directors who serve aschair of the Audit, Compensation, Strategic Planning, and Research andDevelopment committees of the Board of Directors. The 1994 Plan also providesfor an automatic grant of non-qualified stock options to purchase 7,500 sharesof common stock to members of the Research and Development Committee (the "RDC")upon their initial appointment to the committee, and an automatic grant ofnon-qualified stock options to purchase 3,000 shares of common stock to a RDCmember who continues service on the RDC after an annual meeting of stockholders.In addition, the 1994 Plan permits the discretionary grant by the Board ofDirectors of non-qualified options to non-employee directors under certaincircumstances. All such options are exercisable at an exercise price equal tothe fair market value of the common stock on the date of grant and are subjectto certain vesting schedules.

 

Directors are paid $3,000 for each meeting attended in personand $500 for each meeting attended by telephone. In addition, directors servingon committees of the Board of Directors are paid for attendance at eachcommittee meeting as follows: $1,000 for the committee chairperson attending inperson and $500 for non-chair committee members attending in person or anycommittee members attending by telephone. The RDC chairman receives $16,000 peryear for service as chairman of the RDC. RDC members receive $2,500 forattendance at RDC meetings which are not held concurrently with regularlyscheduled Board of Directors meetings. Directors are also reimbursed for theircost incurred in attending Board of Directors meetings.

 

Employment Agreements and Termination of EmploymentAgreements

 

Effective October 1, 2001, we entered into employmentagreements (collectively, the "Senior Executive EmploymentAgreements"), with Leonard Shaykin, Dr. Sterling Ainsworth, and Dr.Patricia Pilia (collectively, the "Senior Executives"). In addition,effective October 1, 2001, we entered into employment agreements (collectively,the "Employment Agreements") with Gordon Link and Kai Larson(collectively, the "Executive Officers"). The Senior ExecutiveEmployment Agreements, and the Employment Agreements are referred to together asthe "Executive Agreements," and the Senior Executives and theExecutive Officers are referred to together as the "Executives."

 

Each of the Senior Executive Employment Agreements providefor an initial three year employment term that expires on October 1, 2004 and isautomatically renewed on each anniversary of the date of the agreement for a newone year term unless either party gives notice of termination to the other partyat least 180 days prior to the commencement of any additional one-year term. Nosuch notice of termination has been given by or to any of the Senior Executives.The Employment Agreements provide for initial two year employment terms thatexpire on October 1, 2003 and are automatically renewed at the end of theinitial term for an additional one-year term unless either party gives notice oftermination to the other party at least 180 days prior to the commencement ofany additional one-year term. No such notice of termination has been given by orto any of the Executive Officers.

 

The Senior Executive Employment Agreements provide forinitial annual base salaries for Mr. Shaykin and Drs. Ainsworth and Pilia of$270,000, $260,000 and $210,000 respectively. Under the Senior ExecutiveEmployment Agreements, in the event of a change of control, the SeniorExecutives are to be granted a payment equal to the greater of 100% of theirprior year's bonus or 75% of their base annual salary and a payment equal to apercentage of the Senior Executive's base annual salary (300% for Mr. Shaykin,200% for Dr. Pilia, and 150% for Dr. Ainsworth). Mr. Shaykin is a part-timeemployee, and is not required under his Amended Senior Executive EmploymentAgreement to spend more than 32 hours in any week or 128 hours per month on ouraffairs. However, since 1999, when Mr. Shaykin became Chief Executive Officer,he has spent a majority of his business time on our affairs.

 

The Employment Agreements provide for initial annual basesalaries for Mr. Link and Mr. Larson of $210,000 and $180,000 respectively.Under the Employment Agreements, in the event of a change of control, theExecutive Officers are to be granted a payment equal to the greater of 100% oftheir prior year's bonus or 75% of their base annual salary and a paymentequal 200% of the Executive Officer's base annual salary.

 

Under the Employment Agreements and Senior ExecutiveEmployment Agreements, Executives may receive an annual bonus in such amount, ifany, as the Compensation Committee (or if the Board has no CompensationCommittee at the time, then the Board), in its discretion, may award toExecutives, based upon the Executive's and the Company's performance duringeach year of the Employment Period.

 

Each Executive Agreement provides for certain benefits if,prior to the end of the initial term or any additional one-year term, anExecutive's employment is terminated either by us other than for Cause (asdefined in the Executive Agreements) or by the Executive for Good Reason (asdefined in the Executive Agreements). In general, each Executive would beentitled to receive, subject to certain limitations, (i) a continuance of theirrespective salary and bonus, if any, through the end of the initial term or thethen current term, (ii) health and welfare benefits as in effect immediatelyprior to termination for a maximum of 18 months following termination, (iii)full vesting for all outstanding Company stock options owned by the Executive,which become immediately fully exercisable, and (iv) a bonus payment in anamount determined by whether or not a change of control of the company isoccurring at the time of the termination of the Executive's employment. If achange in control occurs, the Executive is entitled to receive a payment equalto a percentage of the individual Executive's base salary, according to theterms set forth above for each named individual. If a change in control does notoccur, the Executive is entitled to receive a payment equal to 100% of his orher base salary for the preceding 12 months. The foregoing benefits would belimited by the amount deductible for income tax purposes under the InternalRevenue Code of 1986, as amended (the "Code").

 

The Executive Agreements also contain provisions (i)prohibiting disclosure of confidential information, (ii) granting to us rightsto intellectual property developed by the Executives that relate to our businessor are developed in the course of employment with us and (iii) prohibitingcompetition with us under certain circumstances during and for five years afterthe Executive's employment.

 

Compensation Committee Interlocks and Insider Participation

 

During the year ended December 31, 2001, our compensationcommittee consisted of Mr. Edward Erickson, The Honorable Richard Perle(Chairman), and Dr. Robert Pollack. None of our executive officers serve asmembers of the board of directors or compensation committee of any entity thathas one or more executive officers who serve on the Board of Directors orcompensation committee.

 

Item 12

 

Security Ownership of Certain Beneficial Owners and Management

 

The following table sets forth certain information as ofApril 10, 2002 regarding the ownership of our common stock by (1) personsbelieved by us to be the beneficial owners of more than five percent of ouroutstanding common stock; (2) by each director and by each executive officernamed in the Summary Compensation Table above; and (3) by all executive officersand directors as a group. Except where otherwise indicated, the address for eachof the persons listed in the table is: NaPro BioTherapeutics, Inc., 6304 SpineRoad, Unit A, Boulder, CO 80301.

 

      Name of Director, Officer orBeneficial Owner(1)
Number of      Shares ofCommon Stock
      Percent ofClass
Leonard Shaykin
1,220,538 (2)
4.03%
Sterling Ainsworth
1,438,019 (3)
4.77%
Patricia Pilia
575,410 (4)
1.92%
Gordon Link
284,497 (5)
*
Kai Larson
28,905 (6)
*
Edward Erickson
20,000 (7)
*
Arthur Hayes, Jr.
70,000 (8)
*
Marc Ostro
40,000 (9)
*
Richard Perle
50,000(10)
*
Robert Pollack
18,000(11)
*
All Directors and Executive Officers as a Group (16 persons)
4,230,909(12)
14.25%
State of Wisconsin Investment Board      P.O. Box 7842      Madison, Wisconsin 53707

3,772,000(13)
12.70%
Abbott Laboratories      100 Abbott Park Road      Abbott Park, IL 60064

2,000,000(14)

 
6.73%
* Less than 1%

(1) Unless otherwise noted, we believe that all persons named in the table  have sole voting and investment power with respect to all shares of common  stock beneficially owned by them. Percentage of beneficial ownership is based  on 29,697,213 shares of common stock outstanding as of April 10, 2002, as  adjusted as required by the rules promulgated by the SEC. Beneficial ownership  is determined in accordance with the rules of the SEC and generally include  voting or investment power with respect to securities. Shares of stock subject  to options or warrants currently exercisable or exercisable within 60 days of  April 10, 2002 are deemed outstanding for computing the percentage of the  person or entity holding such securities, but not outstanding for computing  the percentage of any other person or entity.

(2) Includes 552,500 shares of common stock issuable upon exercise of  options granted to Mr. Shaykin under the 1994 Planand  33,721 shares of common stock beneficially owned through our 401(k) and ESOP  plans as of 12/31/01.
(3) Includes 462,001 shares of common stock issuable upon exercise of 1994  Plan options; 31,803 shares of common stock beneficially owned through our  401(k) and ESOP plans as of 12/31/01; and 42,550 shares of common stock gifted  by Dr. Ainsworth to relatives and certain other persons, which Dr.  Ainsworth may be deemed to beneficially own by virtue of holding powers of  attorney to vote and take certain other actions with respect to such shares.  Does not include shares held by Dr. Pilia, who is engaged to be married to  Dr. Ainsworth, and Dr. Ainsworth disclaims beneficial ownership of the  shares of common stock beneficially owned by Dr. Pilia as well as of the  gifted shares over which Dr. Ainsworth holds powers of attorney. See note (4)  below.

(4) Includes 304,334 shares of common stock issuable upon exercise of 1994  Plan options; 33,570 shares of common stock beneficially owned through our  401(k) and ESOP plans as of 12/31/01; and 10,800 shares of common stock gifted  by Dr. Pilia to relatives and certain other persons which Dr. Pilia may be  deemed to beneficially own by virtue of holding powers of attorney to vote and  take certain other actions with respect to such shares. Does not include  shares held by Dr. Ainsworth, who is engaged to be married to Dr. Pilia. Dr.  Pilia disclaims beneficial ownership of shares of common stock beneficially  owned by Dr. Ainsworth and the gifted shares over which Dr. Pilia holds powers  of attorney. See note (3) above.

(5) Includes 212,502 shares of common stock issuable upon the exercise of  options granted to Mr. Link under the 1994 Plan and 33,818 shares of common  stock beneficially owned through our 401(k) and ESOP plans as of 12/31/01.

(6) Includes 28,905 shares of common stock beneficially owned by Mr. Larson  through our 401(k) and ESOP plans as of 12/31/01.

(7) Includes 20,000 shares of common stock issuable upon exercise of  options granted to Mr. Erickson under the 1994 Plan.

(8) Includes 70,000 shares of common stock issuable upon exercise of  options granted to Dr. Hayes under the 1994 Plan.

(9) Includes 40,000 shares of common stock issuable upon exercise of  options granted to Dr. Ostro under the 1994 Plan.

(10) Includes 40,000 shares of common stock issuable upon exercise of  options granted to Mr. Perle under the 1994 Plan.

(11) Includes 18,000 shares of common stock issuable upon exercise of  options granted to Dr. Pollack under the 1994 Plan.

(12) Includes an aggregate of 2,051,340 shares of common stock issuable  upon exercise of outstanding stock options held by such persons.

(13) Information in the table as to beneficial ownership of common stock by  the State of Wisconsin Investment Board is based upon filings on Schedule 13G  made by the State of Wisconsin Investment Board.

(14) Information in the table as to beneficial ownership of common stock by  Abbott Laboratories is based upon filings on Schedule 13D made by Abbott  Laboratories.

 

Item 13

 

Certain Relationships and Related Transactions

 

Dr. Hayes provides certain consulting services to us. We areparties with MediScience Associates to a consulting agreement (the "MediScienceAgreement") whereby Dr. Hayes, who is President and Chief Operating Officerof MediScience, provides us with consulting services in a variety of areas,including clinical research planning, strategic positioning and regulatoryguidance. We make quarterly payments to MediScience under the MediScienceAgreement in the amount of $12,500 for such services. Dr. Hayes is obligated toprovide consulting services to us under the MediScience Agreement indefinitely,but the MediScience Agreement is terminable by us or MediScience at any timewith 90 days prior written notice.

In February 2002, we entered into a Securities PurchaseAgreement with TL Ventures V, L.P. and one of its affiliated funds(collectively, the "TL Venture Funds") pursuant to which we sold anaggregate of $8 million of our common stock at $9.00 per share and an aggregateof $8 million principal amount of our 4% Convertible Subordinated Debentures dueFebruary 12, 2007. Dr. Ostro, one of our directors, is a managing director of anaffiliate of the investment manager of the TL Venture Funds, and a votinglimited partner in the TL Venture Funds. No placement agent was involved in thetransaction, and our net proceeds were approximately $15,725,000. The debenturessold in the transaction are convertible into shares of common stock from time totime at the option of the holders thereof at $15.00 per share. In addition, wemay issue shares of common stock in lieu of cash, from time to time and at ouroption, as interest on the debentures. We may pay the debentures at maturity incash or common stock at our option. The debentures will automatically convertinto common stock during the first two years if the average price of the commonstock for 15 trading days is $22.00 per share, and during the last three yeas ifthe average trading price for 30 trading days is $16.00 per share. If we haveinsufficient funds to repay the debentures in full at maturity or uponacceleration, the holders of the debentures may elect to convert the outstandingprincipal balance and any unpaid accrued interest on the debentures into sharesof common stock at a conversion price equal to the then current twenty dayaverage trading price of the common stock. We have filed a registrationstatement on Form S-3 with the SEC to register the resale of the shares ofcommon stock issued to the TL Venture Funds in the transaction, as well as theshares of common stock issuable upon conversion of the debentures and issuablein lieu of cash as interest on the debentures.

 

Signatures

 

Pursuant to Section 13 of the Securities Exchange Act of1934, we have caused this amendment to our report on Form 10-K to be signed onour behalf.

 

April 26, 2002                        NAPRO BIOTHERAPEUTICS, INC.

 

Gordon H. Link, Jr.        Vice President,        Chief Financial Officer        (Principal Financial Officer) |
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