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ANAC > SEC Filings for ANAC > Form 8-K on 15-Apr-2013All Recent SEC Filings

Show all filings for ANACOR PHARMACEUTICALS, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for ANACOR PHARMACEUTICALS, INC.


15-Apr-2013

Change in Directors or Principal Officers


ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

2012 Total Bonus Payment, 2013 Base Salaries and 2013 Cash Incentive Bonus Targets

On April 9, 2013, the Compensation Committee (the "Compensation Committee") of the Board of Directors (the "Board") of Anacor Pharmaceuticals, Inc. (the "Company"), approved the 2013 base salaries (effective retroactively to January 1, 2013), and their target bonuses under the Company's 2013 cash incentive bonus plan, as set forth in the table below, and payable to the Company's named executive officers (as defined in Item 402(a)(3) of Regulation S-K promulgated by the Securities and Exchange Commission) other than the chief executive officer.

On April 12, 2013, the Board, upon recommendation by the Compensation Committee, approved the cash incentive bonus payable under the Company's 2012 cash incentive bonus plan to the Company's named executive officers (as defined in Item 402(a)(3) of Regulation S-K promulgated by the Securities and Exchange Commission), and, for the Company's chief executive officer, his 2013 base salary (effective retroactively to January 1, 2013) and target bonus under the Company's 2013 cash incentive bonus plan, all as set forth in the table below.

The Board annually evaluates the performance, and determines the compensation of the Company's executive officers based on the Board's assessment of the individual's performance, corporate performance and relative compensation for competitive positions in similar life sciences companies. The Company's 2013 compensation program includes the 2013 cash incentive bonus plan with pre-defined target payouts as a percentage of base salary based on achievement of corporate and individual objectives.

                                            2012 Total
                                           Bonus Payment                            2013 Target
Named Executive Officer                         (1)           2013 Base Salary       Bonus (2)
David P. Perry, President and Chief
Executive Officer                         $       116,049     $         504,563              50 %

Geoffrey M. Parker, Senior Vice
President, Chief Financial Officer        $        63,938     $         335,000              35 %

Kirk R. Maples, Ph.D., Senior Vice
President, Program Management             $        62,514     $         330,000              35 %

Jacob J. Plattner, Ph.D., Senior Vice
President, Research                       $        64,970     $         335,000              35 %

Irwin A. Heyman, Ph.D., Senior Vice
President, Drug Development               $        41,423 (3) $          90,000 (3)          35 %



(1) For the named executive officers other than the chief executive officer, the 2012 Total Bonus Payment is based on achievement of 2012 corporate and individual objectives, and for the chief executive officer, is based entirely on achievement of the 2012 corporate objectives. For each such named executive officer other than the chief executive officer, the level of achievement of individual objectives was determined quarterly, and the applicable individual component of the bonus was paid quarterly.

(2) The 2013 Target Bonus represents a percentage of 2013 Base Salary.

(3) Reflects Dr. Heyman's current status as a 20% of full-time service-provider.


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