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

Show all filings for RECEPTOS, INC.

Form 8-K for RECEPTOS, INC.


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 January 28, 2014, the Board of Directors (the "Board") of Receptos, Inc. (the "Company") approved performance-based cash bonuses for fiscal year 2013 performance for the Company's executive officers. This resulted in cash bonuses payable in the amounts shown below for the Company's named executive officers:

                                                Non-Equity Incentive
Named Executive Officer                          Plan Compensation          Total Compensation(1)
Faheem Hasnain                                 $              348,233      $             4,670,037
President and Chief Executive Officer
Sheila Gujrathi, M.D.                          $              153,180      $             2,884,778
Chief Medical Officer
Graham Cooper                                  $              119,707 (2)  $             1,893,668
Chief Financial Officer

(1) Updates total compensation for fiscal year ended December 31, 2013 as previously disclosed in the Summary Compensation Table included in the Company's Registration Statement on Form S-1 (File No. 333-193074) which was declared effective by the Securities and Exchange Commission on January 8, 2014.

(2) Mr. Cooper's bonus was pro-rated to reflect his February employment start date.

For 2013, the Company-based performance factor (or CPF) goals were weighted at 100% for Mr. Hasnain and 80% for the balance of the management team. CPF Goals established and achieved included various financing and drug development activities and objectives. The individual performance factor (or IPF) goals were weighted at 20% and varied among the non-CEO members of the management team, with categories including strategic leadership, communication, results, performance, collaboration and personnel development. The Board approved the recommendation of its Compensation Committee for a 2013 CPF achievement of 135%.
Mr. Hasnain's bonus, weighted 100% on CPF goals determined to be 135% achieved, resulted in a performance-based bonus of $348,233. A CPF rate of 108% (135% achievement at 80% weighting), combined with IPF achievements of 150% and 140% based on individual performances of Dr. Gujrathi and Mr. Cooper, respectively, resulted in a total bonus of $153,180 for Dr. Gujrathi and $119,707 for Mr. Cooper.

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