Document:

ex10_2.htm

Exhibit 10.2

	  	
Investor Relations Contact:

Brian Ritchie – FTI Consulting

212-850-5683

brian.ritchie@fticonsulting.com

	  
	
Media Contact:

Irma Gomez-Dib – FTI Consulting

212-850-5761

irma.gomez-dib@fticonsulting.com

 

	 Press Release

 

Insmed Appoints 15-Year Life Sciences Industry Veteran Andrew Drechsler

as Chief Financial Officer

Monmouth Junction, N.J. – November 7, 2012 - Insmed Incorporated (Nasdaq CM: INSM), a biopharmaceutical company focused on developing inhaled therapeutics for serious diseases of the lung, today announced the appointment of Andrew Drechsler to the position of Chief Financial Officer. Mr. Drechsler will assume the role of Principal Financial and Accounting Officer as of November 8, 2012.

Mr. Drechsler offers 15 years of financial and operational leadership experience in both public and private life sciences companies. He joins Insmed from VaxInnate Corporation, a privately held clinical-stage biotechnology company developing vaccines for infectious diseases, where he was Chief Financial Officer. During his five years with VaxInnate, Mr. Drechsler led multiple financing transactions totaling more than $55 million. In addition, he was influential in helping VaxInnate secure approximately $200 million in U.S. government funding. Previously, Mr. Drechsler was Chief Financial Officer of publicly-traded Valera Pharmaceuticals where he helped raise $35 million through an initial public offering in 2006, completed a licensing and investment agreement with a partner for two products and worked with senior management to build a commercial team. Mr. Drechsler was part of the team that negotiated the sale of the company to Indevus Pharmaceuticals in 2007 in a transaction valued at $150 million. He was also responsible for all Securities and Exchange Commission reporting at Valera.

Mr. Drechsler’s vast public company and financial reporting duties have also included serving as Controller for a variety of companies, including Abbott Laboratories’ Point of Care Division, which was publicly-traded as i-Stat Corporation prior to being acquired by Abbott, and Biomatrix, Inc., which was publicly-traded prior to being acquired by Genzyme. He graduated Magna Cum Laude from Villanova University with a B.S. in Accounting and received his certified public accountant license in New Jersey.

“With his expertise and leadership in finance and in operations more broadly at several life sciences companies, Andy will bring extensive breadth and capabilities to the Insmed management team,” said Will Lewis, President and CEO of Insmed. “I look forward to working closely with him as we pursue the next stage of Insmed’s growth.”

  

  

  

 

"Insmed has developed a highly innovative and differentiated product candidate that has the potential to change the lives of patients suffering from serious lung infections,” said Mr. Drechsler. “The momentum of the ongoing clinical trials for this promising product candidate in combination with our solid balance sheet provides a strong foundation for our future.”

About Insmed

Insmed Incorporated is a biopharmaceutical company dedicated to improving the lives of patients battling serious orphan lung diseases through the development and commercialization of novel, targeted inhalation therapies in orphan patient populations with critical unmet needs.  Insmed's lead candidate, ARIKACE®, is engineered to deliver a proven and potent anti-infective directly to the site of serious lung infections to improve the efficacy, safety and convenience of treatment for at least two identified patient populations: cystic fibrosis (CF) patients with Pseudomonas lung infections and patients with nontuberculous mycobacteria lung infections (NTM). Following positive phase 2 results in CF patients, Insmed's phase 3 registrational study of ARIKACE (CLEAR-108) in Europe and Canada is well underway, as is the U.S. Phase 2 trial in NTM (TARGET-NTM). The Company expects to report clinical results from both the CF Phase 3 and NTM Phase 2 studies in 2013 and currently is preparing for regulatory filings and for commercialization, if and when regulatory approvals are obtained.  For more information, please visit http://www.insmed.com.

Forward-Looking Statements

This release contains forward-looking statements which are made pursuant to provisions of Section 21E of the Securities Exchange Act of 1934. Words, and variations of words, such as “intend”, “expect”, “will”, “anticipate”, “believe”, “continue”, “propose” and similar expressions are intended to identify forward-looking statements.  Investors are cautioned that such statements in this release, including statements relating to the status, results and timing of results of pre-clinical studies and clinical trials and pre-clinical and clinical data and the anticipated benefits of Insmed's products, constitute forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, without limitation, failure or delay of U.S. Food and Drug Administration and other regulatory reviews and approvals, competitive developments affecting our product development, delays in product development or clinical trials, patent disputes involving currently developing products, unexpected regulatory actions, delays or requests, the failure of future clinical trials, inability to successfully develop our product candidates or receive necessary regulatory approvals, inability to make product candidates commercially successful, changes in anticipated expenses, and other risks and challenges detailed in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2011 and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012. Investors are cautioned not to place undue reliance on any forward-looking statements which speak only as of the date of this release. We undertake no obligation to update these forward-looking statements to reflect events or circumstances or changes in our expectations.

 

 

 - 2 -ex10_ab.htm

Exhibit 10-ab

 

Summary of the Trustmark Corporation

Management Incentive Plan

(as it applies to Trustmark Corporation’s executive officers,

including the named executive officers)

Purpose of the Plan.  Trustmark Corporation maintains the Management Incentive Plan (“MIP”) for the purpose of awarding annual cash bonuses to certain employees of Trustmark and its subsidiaries (collectively, “Trustmark”) based upon the achievement of performance objectives established each year under the plan.   The goal of the MIP is to motivate participants to maximize shareholder value by achieving performance while limiting risk appropriately and maintaining the safety and soundness of Trustmark.

The MIP is designed to award cash bonuses based upon achievement of Trustmark’s corporate goals and objectives, as well as the achievement of business unit goals and objectives within the framework of Trustmark’s multi-year strategic goals.  Successful performance determines whether or not a participant will receive an annual cash bonus for a particular performance year.

Administration.  The MIP is an annual incentive plan that is approved each year with a performance year running from January 1 through December 31.  The Human Resources Committee (the “Committee”) of the Board of Directors of Trustmark Corporation oversees the administration of the MIP, making recommendations to the Board of Directors of Trustmark Corporation (with respect to the CEO and CFO) or Trustmark National Bank (for all other executive officer participants) for approval with respect to plan design, performance objectives and targets and award payouts, based on input from the CEO and executive management.

Eligibility (Participation).  In addition to other specified employees, all of Trustmark’s executive officers (as defined by Rule 3b-7 of the Securities Exchange Act of 1934) are eligible to participate in the MIP.  Employees who are hired or promoted to an MIP participant level during the first quarter of a performance year are eligible to participate in the MIP for that entire year, while employees hired or promoted during the second and third quarters are eligible to participate in the MIP for that year on a prorated basis.

Plan Elements.   At the beginning of each year, Trustmark develops a bonus template for each MIP participant. The primary elements of each template are:

	
  

	
·

	
Target payout opportunity,

	
  

	
·

	
Threshold and maximum payout opportunity,

	
  

	
·

	
Target performance measures selected from Trustmark’s approved profit plan for the year or other financial/statistical measurement, along with ranges that determine threshold and maximum levels of performance, and

	
  

	
·

	
Weightings assigned to the selected performance measures.

Payout Opportunity -- Threshold, Target and Maximum.  Annual bonuses under the MIP are designed to reward achievement of Trustmark’s corporate goals and objectives and, where applicable, line of business goals and objectives. Based on the performance level achieved, the MIP provides three primary payout opportunity levels for each participant: threshold, target and maximum. The target payout opportunity, which equates to achievement of 100% of the target performance measures, is stated as a percentage of the participant’s base salary in March of the performance year and is determined each year by the participant’s job grade and job title (except where the target payout opportunity is established by the participant’s employment agreement).  The threshold and maximum payout opportunities, which allow for a prorated payout for performance below or above the target level, are stated as a percentage of the target opportunity.

The threshold (or minimum) payout opportunity is 50% of the target payout opportunity, and the maximum payout opportunity is 200% (for members of the Executive Committee) and 150% (for other participants) of the target payout opportunity.  Overall performance at the threshold level (see discussion below) would result in a bonus payment of 50% of the target payout opportunity, while performance below the threshold level would not qualify for any bonus payment, absent exercise of discretion.  Overall performance at the maximum level would result in a bonus payment of 200% or 150%, respectively, of the target payout opportunity, but performance above the maximum level would not result in any additional payment, absent exercise of discretion.

Overall performance between the threshold and maximum levels would result in a prorated bonus payment relative to the target payout opportunity.

Performance Measures and Achievement Levels-- Threshold, Target and Maximum.  Performance measures under the MIP are determined each year, with a primary emphasis on corporate/financial performance (“corporate drivers”) and quantitative assessment of strategic achievements in individual areas of management (“corporate operational drivers” and for participants working in specific lines of business, “areas of responsibility drivers”).  Performance measures are selected based on a participant’s job grade and title and may include, but are not limited to, the following:

 

  

  

  

 

	
Corporate Drivers

	
Corporate Operational Drivers

	
    Area of Responsibility

	
·    Earnings Per Common Share

	
·    Total Revenue including:

	
·    Total Line of Business Revenue

	
·    Return on Average Tangible Common Equity

	
o    Net Interest Income

	
·    Non-Interest Expense

	
·    Net Income to Common Shareholders

	
o    Noninterest Income

	
·    Non-Performing Assets (Excluding accruing loans past due 90 days)

	  	
·    Total Noninterest Expense

	
·    Net Charge-offs

	  	
·    Efficiency Ratio

	
·    Provision for Loan Losses

	  	
·    Non-Performing Assets (Excluding accruing loans past due 90 days)

	
·    Net Income to Common Shareholder

	  	
·    Net Charge-Offs

	  
	  	
·    Provision for Loan Losses

	  
	  	
·    Net Income to Common Shareholders

	  
	  	  	  

 

The MIP’s three primary payout opportunity levels are linked to three levels of performance with respect to the performance measures selected for each participant: threshold, target and maximum.  The target performance levels are generally keyed to Trustmark’s profit plan for the applicable performance year, or other relevant financial/statistical measurements.

Subject to certain exceptions established by the Committee, the threshold (or minimum) performance level is generally 80% of the target performance level and the maximum performance level is generally 120% of the target performance level.  The threshold performance level represents the minimum performance that justifies a modest bonus payment (50% of the target payout opportunity), while performance below the threshold level would not qualify for any bonus payment, absent exercise of discretion.  Overall performance at the maximum level would result in a bonus payment of 200% (or 150%) of the target payout opportunity, but performance above the maximum level would not result in any additional payment, absent exercise of discretion.

Overall performance between the threshold and maximum levels would result in a prorated bonus payment relative to the target payout opportunity.

Weightings. The performance measures selected for each MIP participant are typically categorized as corporate drivers, corporate operational drivers and area of responsibility drivers, with each category assigned a weighting for the participant.  Within these categories, which add up to 100%, individual performance measures are further assigned weightings based on the job responsibilities of the participant.  The individual weightings of the various performance measures within each category for a participant add up to 100%, generally with no individual performance measure representing less than 10% of the total for each category.

Determination of Bonus Payment.  Following the end of a performance year, Trustmark’s actual business results are compared to individual performance measures and weightings for each participant to determine the participant’s achieved performance factor, which is then applied to the participant’s target payout opportunity to determine the participant’s bonus payment for the performance year.

Committee Discretion.   In determining the performance measures at the beginning of a performance year, the Committee may recommend excluding the effect of certain events it expects to be outside the influence or control of the MIP participants.  Additionally, after the performance measures, threshold, target and maximum performance levels and individual weightings have been approved for the year, the Committee retains the discretion to recommend adjustments for such items during or after the performance year, on an individual or group basis, if the Committee determines additional adjustments are appropriate.  The Committee also has discretion to recommend an increase or decrease the amount of an award earned under the MIP, including an increase above the maximum or a decrease below the threshold and including approving an award when the minimum performance level is not achieved or to reflect individual contributions to the strategic company results that were not represented in the participant’s established performance measures.

Bonus Payments.  Bonus awards under the MIP are paid in cash on the March 15th payroll following the performance year (which will be payable no later than March 15).  Eligibility for a bonus payment requires satisfactory performance by the participant, active employment with Trustmark on the day of payment (unless a specifically identified exception has been approved, such as certain retirement events), and attainment by Trustmark of at least the threshold performance level with respect to the corporate drivers for the performance year.

 

  

  

  

 

Safety and Soundness.  No bonus payment will be made under the MIP that executive management or the Committee believes would encourage or reward imprudent risk-taking or practices that are inconsistent with the safety and soundness of Trustmark.

Clawback. Any bonus payment made under the MIP is subject to clawback by Trustmark as required by applicable federal law and on such basis as the Board of Directors of Trustmark Corporation determines.

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