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SNSS > SEC Filings for SNSS > Form 8-K on 28-Feb-2014All Recent SEC Filings

Show all filings for SUNESIS PHARMACEUTICALS INC

Form 8-K for SUNESIS PHARMACEUTICALS INC


28-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.

2014 Compensation

On February 28, 2014, the Compensation Committee of our Board of Directors, or
the Committee, approved a merit increase to the base salaries of our named
executive officers. Effective as of February 16, 2014, the base salaries for our
named executive officers will be as follows:



Named Executive Officer                                            2014 Base Salary
Daniel N. Swisher, Jr.
President and Chief Executive Officer                              $         490,000
Eric H. Bjerkholt
Executive Vice President, Corporate Development and
Finance, Chief Financial Officer and Corporate Secretary                     391,500
Adam R. Craig, Ph.D.
Executive Vice President, Development and Chief Medical
Officer                                                                      422,500

2013 Bonus Awards

On February 28, 2014, the Committee approved the payment of cash bonuses to certain of our employees, including our named executive officers, pursuant to our 2013 Bonus Program, as previously described in our Current Report on Form 8-K filed with the Securities and Exchange Commission on March 27, 2013.

Under the 2013 Bonus Program, each participant was eligible to receive a cash bonus in an amount up to a specified target percentage of such participant's annual base salary for 2013 based on the level of achievement of certain corporate and individual objectives. The bonus payment amounts approved by the Committee were based on its determination of the degree to which such corporate and individual objectives were achieved.

A portion of the bonuses awarded to Mr. Swisher will consist of fully vested shares of our common stock granted under our 2011 Equity Incentive Plan, or the 2011 Plan. The bonus payment amounts for each of our named executive officers and the portion thereof to be paid in cash and shares of our common stock are as follows:

                                         Total Bonus                                  Stock Award
Named Executive Officer                    Amount            Cash Bonus Amount           Amount
Daniel N. Swisher, Jr.
President and Chief Executive
Officer                                 $  261,250.00       $        195,937.50       $  65,312.50
Eric H. Bjerkholt
Executive Vice President, Corporate
Development and Finance, Chief
Financial Officer and Corporate
Secretary                                  152,000.00                152,000.00                 -
Adam R. Craig, Ph.D
Executive Vice President,
Development and Chief Medical
Officer                                    164,000.00                164,000.00                 -

The cash bonus payments will be made and the stock awards will be granted effective as of February 28, 2014. The number of shares of our common stock awarded to Mr. Swisher under the 2011 Plan will be determined based on the closing price of our common stock as quoted on the NASDAQ Capital Market on February 28, 2014, rounded down to the nearest whole share.


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