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PPHM > SEC Filings for PPHM > Form 8-K on 8-May-2013All Recent SEC Filings

Show all filings for PEREGRINE PHARMACEUTICALS INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for PEREGRINE PHARMACEUTICALS INC


8-May-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.

On May 6, 2013, the Compensation Committee of the Board of Directors ("Committee") of Peregrine Pharmaceuticals, Inc. (the "Company"), approved a broad based annual grant of stock options ("Grants") for fiscal year 2014 to substantially all of the Company's employees, the Company's three non-employee directors and two consultants to purchase an aggregate of 3,992,786 shares of common stock. The Grants will be from the Company's 2011 Stock Incentive Plan and will be evidenced by and subject to the terms of a Stock Option Agreement. Included as recipients of the Grants are the following named executive officers:

                                                                   Number of Shares
       Named                                                    Underlying Stock Option
 Executive Officer                  Title                               Grants
Steven W. King      President and Chief Executive Officer               400,000
Paul J. Lytle       Chief Financial Officer                             200,000
Mark R. Ziebell     V.P., General Counsel                               175,000
Shelley P.M. Fussey V.P., Intellectual Property                         100,000
Jeffrey L. Masten   V.P., Quality                                       100,000
Joseph S. Shan      V.P., Clinical & Regulatory Affairs                 100,000

In determining the number of shares of common stock covered by the Grants to the named executive officers, the Committee reviewed a report prepared by an independent compensation consulting firm which analyzed, among other compensation elements, the long-term incentive value ("LTI Value") of equity based awards within the Company's peer group to ensure that the Company's stock option granting practices for named executive officers and other employees were aligned with competitive norms. The LTI Value of the Grants to named executive officers were below the fiftieth percentile of LTI Value of the Company's peer group as set forth in the report prepared by the independent compensation consulting firm.

The Committee has determined that the exercise price of the Grants will be equal to the closing price of the Company's common stock on May 6, 2013, the date of grant, and shall vest quarterly in equal installments over a two year period.

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