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SUPN > SEC Filings for SUPN > Form 8-K on 22-Oct-2012All Recent SEC Filings




Change in Directors or Principal Officers, Other Events, Financial S

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

(e) Modification of Compensatory Arrangements With Executive Officers

The Compensation Committee of Supernus Pharmaceuticals, Inc. (the "Company") has approved the following adjustments to the cash bonus opportunities for the Company's executive officers for 2012, with the percentage listed representing the percentage of each such executive officer's annual base salary that could be payable as the bonus earned for 2012:

                                                  Target                       New Target
                                                Incentive                      Incentive
Executive Officer             Title            Opportunity     Adjustment     Opportunity
Jack A. Khattar        President and Chief         40%            10%             50%
                        Executive Officer
Gregory S. Patrick     Vice President and          25%            10%             35%
                     Chief Financial Officer
Stefan K.F.              Executive Vice            25%            10%             35%
Schwabe                President and Chief
                         Medical Officer
Padmanabh P.               Senior Vice             25%             5%             30%
Bhatt, Ph.D.         President, Intellectual
                       Property and Chief
                       Scientific Officer
Jones W. Bryan,         Vice President of          25%             5%             30%
Ph.D.                 Business Development
Tami T. Martin,         Vice President of          25%             5%             30%
R.N., Esq.             Regulatory Affairs

These increases were the result of the Compensation Committee's review of 2012 data to ensure that the maximum target incentive bonus opportunity of the Company's executive officers are in line with the maximum target incentive bonus opportunities of executive officers of other public companies operating in its industry. These increases are effective for 2012 bonuses that are customarily paid in 2013. The increase in these percentages is not necessarily indicative of a decision by the Compensation Committee to increase bonuses paid to the executive officers of the Company. Any such decisions will be made by the Compensation Committee in 2013 after full deliberation regarding the Company's performance for the full year of 2012. All other terms and conditions of the Company's compensatory arrangements with these executive officers remain unchanged.

Item 8.01 Other Events

On October 19, 2012, Supernus Pharmaceuticals, Inc. (the "Company") received approval from the Food & Drug Administration (the "FDA") for Oxtellar XRTM, a novel once-daily extended release formulation of oxcarbazepine (formerly known as SPN-804). The Company plans to launch Oxtellar XRTM in the first quarter of 2013.

On October 22, 2012, the Company issued a press release to announce the receipt of this approval from the FDA, a copy of which is filed as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following document is furnished as an Exhibit pursuant to Item 8.01 hereof:

Exhibit 99.1 - Press Release dated October 22, 2012 of the Company regarding receipt of approval of Oxtellar XRTM from the FDA.

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