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MACK > SEC Filings for MACK > Form 8-K on 14-Feb-2014All Recent SEC Filings




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) On February 11, 2014, the Organization and Compensation Committee of the Board of Directors of Merrimack Pharmaceuticals, Inc. (the "Company") took the following actions regarding the compensation of the Company's named executive officers:

1. Approved 2013 annual cash bonus awards for each named executive officer pursuant to the Company's annual cash bonus program, as set forth below:

                                                      Bonus        Target                               Bonus as
                                    2013 Base       Percentage      Cash          2013 Actual             % of
Name                                  Salary          Range         Bonus         Cash Bonus             Salary
Robert J. Mulroy
President and Chief Executive
Officer                             $  520,000        0-50%       $ 260,000      $     187,778 (1)             36 %
William A. Sullivan
Chief Financial Officer and
Treasurer                           $  289,831        0-35%       $ 101,441      $     101,441 (2)             35 %
William M. McClements
Senior Vice President of
Corporate Operations                $  346,762        0-35%       $ 121,367      $     121,367 (2)             35 %
Ulrik B. Nielsen
Senior Vice President and Chief
Scientific Officer                  $  371,219        0-35%       $ 129,927      $     129,927 (2)             35 %
Edward J. Stewart
Senior Vice President and
President, Merrimack Healthcare
Solutions                           $  309,975        0-35%       $ 108,491      $     108,491 (2)             35 %

(1) Established based on a determination that the corporate objectives had been achieved at a level of 100%, the individual objectives had been achieved at a level of 50% and the general management contribution had been achieved at a level of 67%.

(2) Established based on a determination that the corporate objective, individual objective and general management contribution elements had been substantially satisfied as a whole.

2. Established 2014 base salaries, effective April 1, 2014, as set forth below:

                    Name                    2014 Base Salary
                    Robert J. Mulroy        $         530,400
                    William A. Sullivan     $         295,628
                    William M. McClements   $         353,697
                    Ulrik B. Nielsen        $         389,780
                    Edward J. Stewart       $         316,175

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