E. Lawrence Hill, Jr. will stay in charge at drug development firm Trimeris a bit longer.
Hill, the acting president and chief operating officer, will run the company on a part-time basis at an hourly rate of $450 through Dec. 31, 2008, under a new “engagement” agreement, Trimeris (NASDAQ: TRMS) said in a filing with the Securities and Exchange Commission. Hill took the president’s post in March as part of a management shakeup.
If Trimeris ends Hill’s agreement before Dec. 31 of this year, Hill will receive no less than 90 days of estimated fees.
Trimeris also signed a new agreement with Carol Ohmstede, the vice president of alliances and project planning. Her contract was extended to Dec. 31, 2008, from Oct. 1 of this year. She will receive a salary of $215,004 a year.
Andrew Graham, director of finance, received a contract extension through Dec. 31 of next year. His earlier agreement expired next March.
Daniel Ratto, who works with Hill at Hickey & Hill, Inc., will continue to serve as chief financial officer at Trimeris. His agreement was extended through 2008 at an hourly rate of $380. He joined Trimeris as part of the executive suite shakeup.