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| AVNR > SEC Filings for AVNR > Form 8-K on 21-Nov-2012 | All Recent SEC Filings |
21-Nov-2012
Change in Directors or Principal Officers, Other Events
On November 15, 2012, the Compensation Committee of the Board of Directors of Avanir Pharmaceuticals, Inc. (the "Company") approved (i) annual increases in the base salaries for those officers identified below and (ii) the payment of annual cash bonus awards for fiscal 2012 for the same officers. Salary increases were effective as of October 1, 2012, which was the start of the current fiscal year. Bonuses were awarded based on individual and overall Company performance in fiscal 2012.
Name Title New Salary Bonus Payment Keith A. President and Chief Executive Katkin Officer $ 578,782 $ 306,367 Joao Siffert, Senior Vice President, Research & M.D. Development $ 362,152 $ 141,872 Christine G. Ocampo Vice President, Finance $ 260,101 $ 82,006 |
The following table shows the base salaries for those officers for fiscal 2013, after giving effect to salary increases effective as of October 1, 2012, as well as the average salaries in the Company's peer group at the 25th, 50th and 75th percentiles.
Base Salary - Market Data(1)
Fiscal 2013 25th 50th 75th
Name Title Base Salary Percentile Percentile Percentile
Keith A. President and Chief Executive
Katkin Officer $ 578,782 $ 520,954 $ 578,333 $ 673,586
Joao
Siffert, Senior Vice President,
M.D. Research & Development $ 362,152 $ 324,770 $ 352,841 $ 373,997
Christine
G. Ocampo Vice President, Finance $ 260,101 $ 246,854 $ 266,256 $ 283,387
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(1) Source: Radford, a division of AON, Executive Compensation Review of August 2011, subject to a 3.2% increase for fiscal 2013.
The target bonuses as a percentage of base salary for those officers for fiscal 2012 are set forth in the following table:
Target Annual Incentive Bonus
- Market Data(1)
Target Bonus
(% of Base 25th 50th 75th
Name Title Salary) Percentile Percentile Percentile
Keith A. Katkin President and Chief Executive
Officer 50 % 50 % 55 % 60 %
Joao Siffert, M.D. Senior Vice President, Research &
Development 40 % 30 % 35 % 40 %
Christine G. Ocampo Vice President, Finance 30 % 30 % 30 % 35 %
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(1) Source: Radford, a division of AON, Executive Compensation Review of August 2011.
On November 15, 2012, the Compensation Committee recommended, and the Board of Directors approved, an increase in the number of shares reserved for issuance under the Company's 2005 Equity Incentive Plan (the "Plan") pursuant to the Plan's evergreen provision. Under the Plan, the Board of Directors approved an increase of 325,000 shares for fiscal 2013.
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