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SYN > SEC Filings for SYN > Form 8-K on 21-Apr-2014All Recent SEC Filings

Show all filings for SYNTHETIC BIOLOGICS, INC.

Form 8-K for SYNTHETIC BIOLOGICS, INC.


21-Apr-2014

Entry into a Material Definitive Agreement, Change in Directors or Prin


Item 1.01 Entry into a Material Definitive Agreement

On April 17, 2014, the Board of Directors of Synthetic Biologics, Inc. (the "Company") approved an amendment to the Company's employment agreements with its Chief Executive Officer ("CEO"), Jeffrey Riley, and its Chief Financial Officer ("CFO"), C. Evan Ballantyne, which increased their base salaries to $385,000 and $335,000, respectively.



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

The Compensation Committee of the Company conducted an evaluation of the compensation of the Company's CEO and CFO. In order to aid its decision-making, the Compensation Committee considered the compensation practices and the competitive market for executives at companies with which the Company competes for personnel and a study of the Company's peer group compensation. The competitive market information and peer group study results indicated that the overall compensation of the Company's CEO and CFO was below market. Based substantially on the Compensation Committee's review of competitive market information, the Board of Directors of the Company increased the CEO's base salary to $385,000, granted him an option exercisable for 500,000 shares of the Company's common stock vesting pro rata on a monthly basis over 36 months and approved a 2013 year-end cash bonus pursuant to the terms of his employment agreement. The Board of Directors of the Company also increased the CFO's base salary to $335,000, granted him an option exercisable for 150,000 shares of the Company's common stock vesting pro rata on a monthly basis over 36 months and approved a 2013 year-end cash bonus pursuant to the terms of his employment agreement.



Item 9.01 Financial Statements and Exhibits.

10.1 Amendment to Employment Agreement between the Company and Jeffrey Riley

10.2 Amendment to Employment Agreement between the Company and C. Evan Ballantyne

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