Summary
This 8-K filing from Amgen Inc. (AMGN) dated September 14, 2007, details an amendment to a promissory note with former executive Richard D. Nanula. The amendment, effective September 11, 2007, allows Mr. Nanula to defer repayment of the full $3,000,000 principal and accrued interest until June 27, 2010. This provides Mr. Nanula with extended repayment flexibility following his termination on July 31, 2007, while not altering the ultimate repayment obligation or the interest rate. The filing reassures investors that the principal and interest remain due as per the original terms, with the amendment solely addressing the timing of payments. While this is a relatively minor event concerning a single former executive's debt, it's important for investors to note that such arrangements are disclosed. The amendment does not change the total amount owed, merely the schedule of payments. The company previously announced Mr. Nanula's departure, and this filing clarifies the status of his outstanding debt to the company.
Key Highlights
- 1Amendment to a $3,000,000 promissory note between Amgen and former executive Richard D. Nanula.
- 2The amendment allows for deferral of the entire principal and accrued interest until June 27, 2010.
- 3The interest rate on the note remains at 5% per annum, compounded annually.
- 4The amendment does not forgive the principal or interest repayment obligations.
- 5The final repayment date for the note has not been extended.
- 6The amendment was effective September 11, 2007.
- 7Richard D. Nanula previously resigned from Amgen on July 31, 2007.