UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 21, 2011
IDENIX PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
Delaware | 000-49839 | 45-0478605 | ||
(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
60 Hampshire Street Cambridge, MA | 02139 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code:(617) 995-9800
(Former name or former address if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02. | Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers |
2010 | 2011 | |||||||||||||||||||
Target | Target | |||||||||||||||||||
Option | Bonus (% | Option | ||||||||||||||||||
Grant | of base | Award | ||||||||||||||||||
Named Executive Officer | Cash Bonus | (shares)(1) | Base Salary | salary) | (shares) | |||||||||||||||
Ronald C. Renaud, Jr.(2) | $ | 66,850 | 300,000 | (3) | $ | 485,000 | 60 | % | 300,000 | |||||||||||
President and Chief Executive Officer | ||||||||||||||||||||
Daniella Beckman(2) | 12,128 | 30,000 | (3) | 185,000 | 20 | % | N/A | (4) | ||||||||||||
Interim Chief Financial Officer and Treasurer | ||||||||||||||||||||
Douglas Mayers | 51,975 | 60,000 | (3) | 350,000 | 50 | % | 60,000 | |||||||||||||
Executive Vice President and Chief Medical Officer | ||||||||||||||||||||
David Standring(5) | 37,800 | 125,000 | (3)(6) | 325,000 | 50 | % | 50,000 | |||||||||||||
Executive Vice President and Chief Scientific Officer | ||||||||||||||||||||
Maria Stahl(7) | 8,269 | 80,000 | (3) | 300,000 | 35 | % | 80,000 | |||||||||||||
Senior Vice President, General Counsel |
(1 | ) | The options have been granted pursuant to our stock incentive plans and are evidenced by stock option agreements that been approved by the Committee. The terms and conditions of these awards are substantially consistent with those granted to other employees of the Company. These terms and conditions are set forth in the employment agreements or arrangements between the Company and the respective officer. | ||
(2 | ) | The cash bonus for Mr. Renaud was pro rated to reflect his election to President and Chief Executive Officer in October 2010 and the cash bonus for Ms. Beckman was pro rated to reflect her appointment as Interim Chief Financial Officer and Treasurer in October 2010. | ||
(3 | ) | The option vests in 48 equal monthly installments beginning on February 28, 2011. | ||
(4 | ) | Ms. Beckman is not a party to a written employment arrangement with the Company and therefore does not have an option target. | ||
(5 | ) | Dr. Standring served as Executive Vice President, Biology during the year ended December 31, 2010. He was promoted to Executive Vice President and Chief Scientific Officer in February 2011. | ||
(6 | ) | Dr. Standring’s option was granted on February 22, 2011 and consists of 50,000 shares for his annual target grant for 2010 and an additional 75,000 shares in connection with his promotion to Chief Scientific Officer in February 2011. | ||
(7 | ) | Ms. Stahl’s 2010 cash bonus was pro rated based upon the date she rejoined the Company, October 11, 2010. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed by the undersigned hereunto duly authorized.
IDENIX PHARMACEUTICALS, INC.
Date: February 25, 2011
By:/s/Maria Stahl
Maria Stahl
Senior Vice President and General Counsel
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