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ZGNX > SEC Filings for ZGNX > Form 8-K on 7-Mar-2014All Recent SEC Filings

Show all filings for ZOGENIX, INC.

Form 8-K for ZOGENIX, 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.

1. Bonuses Payable to Named Executive Officers for the 2013 Fiscal Year. On March 4, 2014, the Board of Directors (the "Board") of Zogenix, Inc. (the "Company") approved the cash bonus payment for the 2013 fiscal year to be paid to the Company's Chief Executive Officer. On March 3, 2014, the Compensation Committee of the Board (the "Compensation Committee") approved the cash bonus payments for the 2013 fiscal year for the Company's other named executive officers.

Pursuant to the Company's Annual Incentive Plan (the "Plan"), each named executive officer is eligible for a performance bonus based upon the achievement of certain corporate performance goals approved by the Board and, with respect to the named executive officers other than the Company's Chief Executive Officer, individual performance objectives. Under the Plan, the target levels for executive bonuses for the 2013 fiscal year were as follows: 50% of base salary (100% of which was based on corporate goals) for Roger L. Hawley, the Company's Chief Executive Officer, and 45% of base salary (90% of which was based on corporate goals and 10% of which was based on individual performance) for each of Stephen J. Farr, Ph.D., the Company's President, Ann D. Rhoads, the Company's Executive Vice President and Chief Financial Officer, and Richard S. Shively, the Company's Executive Vice President and Chief Commercial Officer. Cynthia Y. Robinson, the Company's Former Chief Development Officer, was eligible for a target bonus of $75,000 pursuant to the terms of her employment transition agreement effective as of November 1, 2013. The bonuses to be paid to the named executive officers are as follows:

Name                           Title                                Bonus
Roger L. Hawley                Chief Executive Officer             $210,000
Stephen J. Farr, Ph.D.         President                           $160,000
Ann D. Rhoads                  Executive Vice President,
                               Chief Financial Officer,
                               Treasurer and Secretary             $137,213
Richard S. Shively             Executive Vice President,
                               Chief Commercial Officer            $137,183
Cynthia Y. Robinson            Former Chief Development
                               Officer                             $75,000

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