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 2, 2017
TRACON Pharmaceuticals, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
| 001-36818 |
| 34-2037594 |
(State or other jurisdiction |
| (Commission File Number) |
| (IRS Employer Identification No.) |
of incorporation) |
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8910 University Center Lane, Suite 700 San Diego, California |
| 92122 |
(Address of principal executive offices) |
| (Zip Code) |
Registrant’s telephone number, including area code: (858) 550-0780
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:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(e)On February 2, 2017, our Board of Directors approved 2017 corporate goals under our performance-based bonus plan. The 2017 corporate goals consist of financial goals, including budgeting and cash runway goals (weighted at 25%), project-based goals, including clinical development, manufacturing, regulatory and business development goals (weighted at 65%), and team-based goals, consisting of maintaining company culture and employee retention (weighted at 10%). After the end of the year, our Board of Directors will assess our achievement against the corporate goals, as well as each executive officer’s individual contributions towards reaching the corporate goals, in determining awards to our executive officers under our performance-based bonus plan. Target bonus percentages have been set at 50% and 35% for the Chief Executive Officer and the Named Executive Officers, respectively, for the year ended December 31, 2017.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| TRACON Pharmaceuticals, Inc. | ||
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Dated: February 3, 2017 |
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| By: | /s/ Charles P. Theuer, M.D., Ph.D. |
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| Charles P. Theuer, M.D., Ph.D. | |
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| President and Chief Executive Officer | |