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AVEO > SEC Filings for AVEO > Form 8-K on 4-Feb-2014All Recent SEC Filings

Show all filings for AVEO PHARMACEUTICALS INC

Form 8-K for AVEO PHARMACEUTICALS INC


4-Feb-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.

(e)(i) AVEO Pharmaceuticals, Inc. (the "Company") has an annual cash incentive program, which is designed to provide cash bonus awards to the Company's employees, including the Company's executive officers. On January 29, 2014, the independent members of the Board of Directors (the "Independent Board Members") of the Company, upon the recommendation of the Company's compensation committee (the "Compensation Committee"), established 2014 annual base salaries (which represents no increase from 2013 for the Company's Chief Executive Officer, Tuan Ha-Ngoc and a 3% increase from 2013 for the Company's Chief Business Officer, Michael Bailey and the Company's Chief Medical Officer, William Slichenmyer) and 2014 target annual cash incentive award levels (expressed as a percentage of each executive's 2014 annual base salary), as set forth below:

                                                                        Target Cash Incentive
                                                                        Award as a Percentage
                                                 2014 Annual             of 2014 Annual Base
Name                                             Base Salary                  Salary (%)
Tuan Ha-Ngoc, President and Chief
Executive Officer                               $     567,875                               65 %
Michael Bailey, Chief Business Officer          $     361,611                               40 %
William Slichenmyer, Chief Medical
Officer                                         $     401,549                               40 %

Although they have determined the target annual cash incentive award levels for each executive officer named above, the Compensation Committee and Independent Board Members have not yet determined the corporate and individual goals for the fiscal year ending December 31, 2014. The Company will report such goals in a future filing with the Securities and Exchange Commission once they are so determined. After the end of the 2014 fiscal year, the Compensation Committee and the Independent Board Members will evaluate the performance of the Company and each executive officer against such goals and will determine the annual cash incentive awards, if any, to be granted.

(ii) On January 29, 2014, the Independent Board Members, upon the recommendation of the Compensation Committee, approved the grant of two cash retention payments as a retention incentive (the "2014 Cash Retention Awards") to each of the Company's executive officers, other than Mr. Ha-Ngoc, including the Company's other named executive officers, Mr. Bailey and Dr. Slichenmyer.

Each cash retention payment shall be equal to twenty percent (20%) of the executive officer's base pay. Provided that the applicable executive officer continues to be employed by the Company on such date and otherwise subject to the terms of the executive officer's Severance Agreement with the Company, as amended (as described below), the payments shall be made on each of June 1, 2014 and June 1, 2015 (each, a "Cash Retention Payment Date").

On February 4, 2014, the Company entered into Letter Agreements with each of its executive officers, including its named executive officers, other than Mr. Ha-Ngoc, setting forth the terms of the cash retention payments, including provisions for the payment of a pro-rated portion of these grants in the event the executive officer's employment is terminated without cause, due to a disability or for good reason prior to the applicable Cash Retention Payment Date.

Additional information regarding the compensation of the Company's executive officers will be included in the Company's proxy statement to be filed in connection with its 2014 annual meeting of stockholders.


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