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 10, 2014
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.) |
| | |
| 30 Enterprise, Suite 400, 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 10, 2014, the Compensation Committee of the Board of Directors of the Company approved (i) annual increases in the base salaries of those officers identified below and (ii) the payment of annual cash bonus awards for fiscal 2014 for the same officers. Salary increases were effective as of October 1, 2014, which was the start of the current fiscal year. Bonuses were awarded based on individual and overall Company performance in fiscal 2014.
| | | | | | | | | | |
| Name | | Title | | New Salary | | | Bonus Payment | |
Keith A. Katkin | | President and Chief Executive Officer | | $ | 675,000 | | | $ | 475,000 | |
Rohan Palekar | | Senior Vice President, Chief Commercial Officer | | $ | 404,478 | | | $ | 158,821 | |
Joao Siffert, M.D. | | Senior Vice President, R&D & Chief Scientific Officer | | $ | 404,613 | | | $ | 194,618 | |
Christine G. Ocampo | | Vice President, Chief Accounting Officer | | $ | 295,267 | | | $ | 84,130 | |
The following table shows the base salaries for those officers for fiscal 2015, after giving effect to salary increases effective as of October 1, 2014.
| | | | | | |
Name | | Title | | Fiscal 2015
Base Salary | |
Keith A. Katkin | | President and Chief Executive Officer | | $ | 675,000 | |
Rohan Palekar | | Senior Vice President, Chief Commercial Officer | | $ | 404,478 | |
Joao Siffert, M.D. | | Senior Vice President, R&D & Chief Scientific Officer | | $ | 404,613 | |
Christine G. Ocampo | | Vice President, Chief Accounting Officer | | $ | 295,267 | |
The target bonuses as a percentage of base salary for those officers for fiscal 2015 are set forth in the following table:
| | | | | | |
Name | | Title | | Target Bonus
(% of Base
Salary) | |
Keith A. Katkin | | President and Chief Executive Officer | | | 65 | % |
Rohan Palekar | | Senior Vice President, Chief Commercial Officer | | | 45 | % |
Joao Siffert, M.D. | | Senior Vice President, R&D & Chief Scientific Officer | | | 45 | % |
Christine G. Ocampo | | Vice President, Chief Accounting Officer | | | 32.5 | % |
* * *
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 12, 2014 | | | | Avanir Pharmaceuticals, Inc. |
| | | |
| | | | By: | | /s/ Christine G. Ocampo |
| | | | | | Christine G. Ocampo |
| | | | | | Vice President, Chief Accounting Officer |
