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 3, 2009
ABRAXIS BIOSCIENCE, INC.
(Exact Name of Registrant as Specified in its Charter)
| | | | |
| Delaware | | 001-33657 | | 30-0431735 |
(State or Other Jurisdiction of Incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
11755 Wilshire Boulevard, Suite 2000
Los Angeles, California 90025
(Address of Principal Executive Offices) (Zip Code)
(310) 883-1300
(Registrant’s Telephone Number, Including Area Code)
N/A
(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:
| ¨ | 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(e) | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On February 3, 2009, the Compensation Committee of the Board of Directors of Abraxis BioScience, Inc. (the “Company”) approved bonuses to the Company’s executive officers pursuant to a corporate bonus plan for fiscal year 2008 (the “Bonus Plan”). Under the terms of the Bonus Plan, 60% of the total bonus to be paid to each executive officer will be paid in cash with the balance in restricted stock units. The bonuses awarded to the Company’s executive officers were as follows
| | | | | |
Name and Title | | Cash
Portion
of Bonus | | Restricted
Stock Unit
Awards(1) |
Patrick Soon-Shiong, Chief Executive Officer | | $ | 567,000 | | 5,641 |
David O’Toole, Executive Vice President, Chief Financial Officer | | $ | 124,800 | | 1,241 |
Bruce Wendel, Executive Vice President, Corporate Operations and Development | | $ | 145,350 | | 1,446 |
Edward Geehr, Executive Vice President of Operations | | $ | 30,600 | | 304 |
| (1) | Each restricted stock unit represents a contingent right to receive one share of the Company’s common stock. The restricted stock units vested as to 25% on the date of grant, with the balance vesting in two equal installments on January 15, 2010 and January 15, 2011. |
SIGNATURE
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.
| | | | | | | | |
| | | | ABRAXIS BIOSCIENCE, INC. |
| | | | |
| | | | | | By: | | /s/ David O’Toole |
| | | | | | | | David O’Toole |
| | | | | | | | Executive Vice President and Chief Financial Officer |
| | | | | | | | Date: February 9, 2009 |
