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AVNR > SEC Filings for AVNR > Form 8-K on 21-Nov-2012All Recent SEC Filings

Show all filings for AVANIR PHARMACEUTICALS, INC.

Form 8-K for AVANIR PHARMACEUTICALS, INC.


21-Nov-2012

Change in Directors or Principal Officers, Other Events


Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

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

(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 %

(1) Source: Radford, a division of AON, Executive Compensation Review of August 2011.



Item 8.01. Other Events.

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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