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TTPH > SEC Filings for TTPH > Form 8-K on 17-May-2013All Recent SEC Filings

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

Form 8-K for TETRAPHASE PHARMACEUTICALS INC


17-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 15, 2013, the Compensation Committee of the Board of Directors of Tetraphase Pharmaceuticals, Inc. (the "Company") approved compensation for its named executive officers, as set forth in the bullets and the table below:

New annual base salaries, effective June 1, 2013;

Bonus targets as a percentage of annual base salary for 2013; and

The grant of options to purchase shares of common stock of the Company.

                                        Annual Salary,
Name                                effective June 1, 2013       2013 Bonus Target       Stock Options
Guy Macdonald                              $400,000                     50%                 270,000

David C. Lubner                            $300,000                     35%                 135,000

Patrick T. Horn, M.D., Ph.D.               $340,000                     35%                 135,000

Each of the options to purchase shares of the Company's common stock is granted effective as of May 15, 2013 and made pursuant to the Company's 2013 Stock Incentive Plan. The exercise price per share is $7.94, equal to the closing price of the Company's Common Stock on the NASDAQ Global Market on the date of grant. The options will vest over four years, with 25% vesting on the first anniversary of the date of grant and the remaining shares vesting quarterly over the following three years. If the named executive officer is terminated without cause, or resigns for good reason, in connection with or within one year after a change in control of the Company (as defined in the applicable stock option agreement) the options vest in full.


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