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NBIX > SEC Filings for NBIX > Form 8-K on 21-Jan-2014All Recent SEC Filings

Show all filings for NEUROCRINE BIOSCIENCES INC

Form 8-K for NEUROCRINE BIOSCIENCES INC


21-Jan-2014

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

Neurocrine Biosciences, Inc. (the "Company") maintains a bonus program for all employees of the Company, including its executive officers (the "Bonus Plan"). The Bonus Plan is administered by the Compensation Committee of the Board of Directors (the "Compensation Committee"), in consultation with the Board of Directors. The purpose of the Bonus Plan is to reward employees, including executive officers, for successful achievement of specified performance goals.

The Compensation Committee, in consultation with the Board of Directors, may, at their sole discretion, eliminate any individual bonus or reduce or increase the amount of compensation payable with respect to any individual bonus. An executive officer must be an employee of the Company on the date of payment to qualify for a bonus under the Bonus Plan. Any executive officer who leaves the employment of the Company, voluntarily or involuntarily, prior to the payment date, is ineligible for any bonus under the Bonus Plan. An employee who becomes an executive officer during the fiscal year may be eligible for a pro-rated bonus, provided the employee has been employed a minimum of three months during such fiscal year.

On January 16, 2014, the Compensation Committee, in consultation with the Board of Directors, approved bonus payouts under the Bonus Plan for 2013 goal achievement. The individual amounts approved for payment to the Company's named executive officers are set forth below:

    Officer                               Title                    Bonus Amount
    Kevin Gorman          President and Chief Executive Officer   $      178,600
    Timothy Coughlin      Chief Financial Officer                 $      109,400
    Christopher O'Brien   Chief Medical Officer                   $      122,500
    Haig Bozigian         Chief Development Officer               $       97,000
    Dimitri Grigoriadis   Chief Research Officer                  $       88,400

On January 16, 2014, the Compensation Committee, in consultation with the Board of Directors, approved 2014 base salaries for the Company's executive officers. The individual 2014 base salaries approved for the Company's named executive officers are set forth below:

    Officer                               Title                    Base Salary
    Kevin Gorman          President and Chief Executive Officer   $     557,300
    Timothy Coughlin      Chief Financial Officer                 $     409,700
    Christopher O'Brien   Chief Medical Officer                   $     459,000
    Haig Bozigian         Chief Development Officer               $     363,400
    Dimitri Grigoriadis   Chief Research Officer                  $     331,100

On January 16, 2014, the Compensation Committee, in consultation with the Board of Directors, approved the grant of stock options to the Company's executive officers pursuant to the Company's 2011 Equity Incentive Plan. The exercise price for these options is equal to the closing price of the Company's stock on the NASDAQ Global Select Market on January 16, 2014 of $19.59. These options have a 10 year term and vest ratably on a monthly basis over a four year period, subject to the executive officer's continued service to the Company. The individual option grants approved for the Company's named executive officers are set forth below:

  Officer                               Title                    Options Granted
  Kevin Gorman          President and Chief Executive Officer             175,000
  Timothy Coughlin      Chief Financial Officer                            86,000
  Christopher O'Brien   Chief Medical Officer                              86,000
  Haig Bozigian         Chief Development Officer                          75,000
  Dimitri Grigoriadis   Chief Research Officer                             75,000


On January 16, 2014, the Compensation Committee, in consultation with the Board of Directors, approved the grant of restricted stock units ("RSU") to the Company's executive officers pursuant to the Company's 2011 Equity Incentive Plan. These RSU vest ratably on an annual basis over a four year period, subject to the executive officer's continued service to the Company. The individual RSU approved for the Company's named executive officers are set forth below:

    Officer                               Title                    RSU Granted
    Kevin Gorman          President and Chief Executive Officer          30,000
    Timothy Coughlin      Chief Financial Officer                        14,000
    Christopher O'Brien   Chief Medical Officer                          14,000
    Haig Bozigian         Chief Development Officer                      13,000
    Dimitri Grigoriadis   Chief Research Officer                         13,000

On January 16, 2014, the Compensation Committee, in consultation with the Board of Directors, approved the grant of performance-based RSU to the Company's executive officers pursuant to the Company's 2011 Equity Incentive Plan. Approximately two-thirds of these performance-based RSU vest upon the Company achieving the primary endpoint in a U.S. Food and Drug Administration ("FDA") approved Phase 3 study, while the remaining performance-based RSU vest upon the Company obtaining FDA approval of a New Drug Application. These RSU have a five year term and the vesting provisions are exclusive of the elagolix program. The individual performance-based RSU approved for the Company's named executive officers are set forth below:

    Officer                               Title                    RSU Granted
    Kevin Gorman          President and Chief Executive Officer         100,000
    Timothy Coughlin      Chief Financial Officer                        75,000
    Christopher O'Brien   Chief Medical Officer                          75,000
    Haig Bozigian         Chief Development Officer                      75,000
    Dimitri Grigoriadis   Chief Research Officer                         75,000


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