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): November 15, 2012
Avanir Pharmaceuticals, Inc.
(Exact name of registrant as specified in its charter)
| | | | |
| Delaware | | 001-15803 | | 33-0314804 |
(State or other jurisdiction
of incorporation) | | (Commission File Number) | | (I.R.S. Employer
Identification No.) |
| |
| 20 Enterprise, Suite 200, Aliso Viejo, California | | 92656 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (949) 389-6700
Not Applicable
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. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On November 15, 2012, the Compensation Committee of the Board of Directors of Avanir Pharmaceuticals, Inc. (the “Company”) approved (i) annual increases in the base salaries for those officers identified below and (ii) the payment of annual cash bonus awards for fiscal 2012 for the same officers. Salary increases were effective as of October 1, 2012, which was the start of the current fiscal year. Bonuses were awarded based on individual and overall Company performance in fiscal 2012.
| | | | | | | | | | |
| Name | | Title | | New Salary | | | Bonus Payment | |
Keith A. Katkin | | President and Chief Executive Officer | | $ | 578,782 | | | $ | 306,367 | |
Joao Siffert, M.D. | | Senior Vice President, Research & Development | | $ | 362,152 | | | $ | 141,872 | |
Christine G. Ocampo | | Vice President, Finance | | $ | 260,101 | | | $ | 82,006 | |
The following table shows the base salaries for those officers for fiscal 2013, after giving effect to salary increases effective as of October 1, 2012, as well as the average salaries in the Company’s peer group at the 25th, 50th and 75th percentiles.
| | | | | | | | | | | | | | | | | | |
| | | | | | | | Base Salary – Market Data(1) | |
Name | | Title | | Fiscal 2013
Base Salary | | | 25th
Percentile | | | 50th
Percentile | | | 75th
Percentile | |
Keith A. Katkin | | President and Chief Executive Officer | | $ | 578,782 | | | $ | 520,954 | | | $ | 578,333 | | | $ | 673,586 | |
Joao Siffert, M.D. | | Senior Vice President, Research & Development | | $ | 362,152 | | | $ | 324,770 | | | $ | 352,841 | | | $ | 373,997 | |
Christine G. Ocampo | | Vice President, Finance | | $ | 260,101 | | | $ | 246,854 | | | $ | 266,256 | | | $ | 283,387 | |
| (1) | Source: Radford, a division of AON, Executive Compensation Review of August 2011, subject to a 3.2% increase for fiscal 2013. |
The target bonuses as a percentage of base salary for those officers for fiscal 2012 are set forth in the following table:
| | | | | | | | | | | | | | | | | | |
| | | | | | | | Target Annual Incentive Bonus
– Market Data(1) | |
Name | | Title | | Target Bonus
(% of Base
Salary) | | | 25th
Percentile | | | 50th
Percentile | | | 75th
Percentile | |
Keith A. Katkin | | President and Chief Executive Officer | | | 50 | % | | | 50 | % | | | 55 | % | | | 60 | % |
Joao Siffert, M.D. | | Senior Vice President, Research & Development | | | 40 | % | | | 30 | % | | | 35 | % | | | 40 | % |
Christine G. Ocampo | | Vice President, Finance | | | 30 | % | | | 30 | % | | | 30 | % | | | 35 | % |
| (1) | Source: Radford, a division of AON, Executive Compensation Review of August 2011. |
On November 15, 2012, the Compensation Committee recommended, and the Board of Directors approved, an increase in the number of shares reserved for issuance under the Company’s 2005 Equity Incentive Plan (the “Plan”) pursuant to the Plan’s evergreen provision. Under the Plan, the Board of Directors approved an increase of 325,000 shares for fiscal 2013.
* * *
SIGNATURES
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.
| | | | | | |
| Date: November 21, 2012 | | | | Avanir Pharmaceuticals, Inc. |
| | | |
| | | | By: | | /s/ Christine G. Ocampo |
| | | | | | Christine G. Ocampo |
| | | | | | Vice President, Finance |
