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REPH > SEC Filings for REPH > Form 8-K on 11-Apr-2014All Recent SEC Filings

Show all filings for RECRO PHARMA, INC.



Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 8, 2014, the Compensation Committee of the Board of Directors of Recro Pharma, Inc. (the "Company") approved the grant of annual cash incentive bonuses and stock options to the Company's executive officers in connection with their service to the Company during the fiscal year ended December 31, 2013. The following table sets forth the cash incentive bonuses and stock options granted to each of the Company's executive officers:

Executive Officer                         2013 Cash Incentive Bonus              Stock Option Award

Gerri A. Henwood
President and Chief Executive
Officer                                  $                   125,000                          40,000

Charles Garner
Chief Financial Officer, Chief
Business Officer and Treasurer           $                   100,000                          34,474

Randall Mack
Senior Vice President,
Development, and Secretary               $                    20,000                          20,000

Diane Myers
Senior Vice President,
Regulatory and Quality                   $                    10,000                          10,000

Donna Nichols
Chief Accounting Officer and
Corporate Controller                     $                    25,000                          20,000

As a result of Ms. Henwood's cash incentive bonus, the total compensation for Ms. Henwood, our only named executive officer, for 2013 was $250,000.

The stock options were granted under the Company's 2013 Equity Incentive Plan, with an exercise price of $7.00 per share, the closing price of the Company's common stock on April 8, 2014, the date of grant. The stock options vest monthly in equal proportions over a period of four years beginning on the date of grant. The stock options terminate on the earliest to occur of the following: (i) three months after termination of service with the Company for any reason other than death, disability or a termination for cause; (ii) one year after termination of service due to death or disability; (iii) the employee's termination for cause, including the breach by the employee of any non-competition agreement entered into with the Company or the unauthorized disclosure of any confidential or trade secret information of the Company; and (iv) the ten year anniversary of the date of grant.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are filed herewith:

10.1    2013 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to
        Recro Pharma, Inc.'s Current Report on Form 8-K filed on March 13, 2014).

10.2    Form of 2013 Equity Incentive Plan Award Agreement (incorporated by
        reference to Exhibit 10.2 to Recro Pharma, Inc.'s Current Report on Form
        8-K filed on March 13, 2014).

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