Current Report Filing (8-k)
January 30 2015 - 4:06PM
Edgar (US Regulatory)
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): January 26, 2015
RIGEL PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-29889 |
|
94-3248524 |
(Commission File No.) |
|
(IRS Employer Identification No.) |
1180 Veterans Boulevard
South San Francisco, CA
(Address of principal executive offices)
94080
(Zip Code)
Registrants telephone number, including area code: (650) 624-1100
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 (see General Instruction A.2. below):
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))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e)
On January 26, 2015, the Compensation Committee (the Compensation Committee) of the Board of Directors (the Board) of Rigel Pharmaceuticals, Inc. (the Company) approved stock option grants to certain of the Companys officers (collectively, the Officers):
Name |
|
Title |
|
Stock Options |
|
Raul Rodriguez |
|
President and Chief Executive Officer |
|
900,000 |
|
Donald Payan |
|
Executive Vice President, President of Discovery and Research |
|
400,000 |
|
Elliott Grossbard |
|
Executive Vice President, Chief Medical Officer |
|
350,000 |
|
Dolly Vance |
|
Executive Vice President, Corporate Affairs, General Counsel and Secretary |
|
350,000 |
|
Ryan Maynard |
|
Executive Vice President, Chief Financial Officer |
|
350,000 |
|
The stock options vest as follows: 50% of the shares of common stock subject to the award vest in equal monthly installments over two years from the vesting commencement date of January 1, 2015; and 50% of the shares of common stock subject to the award vest based on the achievement of one or more performance conditions.
The Compensation Committee also approved an increase to the 2015 base salary for Raul Rodriguez, the Companys President and Chief Executive Officer, from $551,720 to $600,000. The Compensation Committee did not approve any changes to the salaries of any other Officers, and no payouts were made under the Companys 2014 Cash Incentive Plan.
On January 27, 2015, the Board approved the 2015 Cash Incentive Plan (the Incentive Plan), pursuant to which the Companys named executive officers and other employees may become entitled to cash bonus payments based on attainment of specified corporate performance goals. A copy of the Incentive Plan is attached as Exhibit 10.30 hereto and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit |
|
Description |
|
|
|
10.30 |
|
2015 Cash Incentive Plan |
2
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.
Dated: January 30, 2015 |
|
RIGEL PHARMACEUTICALS, INC. |
|
|
|
|
By: |
/s/ Dolly A. Vance |
|
|
Dolly A. Vance |
|
|
Executive Vice President, General Counsel and Corporate Secretary |
3
EXHIBIT INDEX
Exhibit |
|
Description |
|
|
|
10.30 |
|
2015 Cash Incentive Plan |
4
Exhibit 10.30
2015 CASH INCENTIVE PLAN
Purpose:
The terms of the 2015 Cash Incentive Plan (the Plan) have been established to reward the executives and other employees of Rigel Pharmaceuticals, Inc. (the Company) for assisting the Company in achieving its operational goals through exemplary performance. Under the Plan, cash bonuses, if any, will be based on both the achievement of corporate goals and a review of personal performance, which is determined at the discretion of the Compensation Committee of the Board of Directors (the Compensation Committee) and/or the Board of Directors (the Board). The overarching intent in setting and achieving the goals is to build long-term shareholder value.
Determination of 2015 Cash Bonuses:
Target bonuses for participants in the Plan will range from 5% to 60% of such recipients 2015 base salary, with a range for executives of 40% to 60% of such executives 2015 base salary. The maximum bonus that a participant will be eligible to receive is 120% of such participants 2015 base salary and in no event will a bonus be paid later than March 15 of the year following the year in which the bonus was earned. The objective Company performance goals for each participant will be based on meeting certain goals with respect to the Companys financial and operational performance, initiating clinical development of a product candidate (weighted at 10%), establishing a business partnership to advance a pre-clinical program (weighted at 10%), advancing the development of a product candidate in phase 2 (weighted at 10%), advancing the development of a product candidate in phase 3 clinical trials and initiating processes required for commercialization of a product candidate (weighted at 60%), and maintaining a viable cash position for the Company at December 31, 2015 (weighted at 10%), as well as other Company performance goals to be determined by the Compensation Committee. The Board and Compensation Committee reserve the right to modify these goals and criteria at any time or to grant bonuses to the participants even if the performance goals are not met, as well as to withhold bonuses if a minimum threshold of 40% of the goals are not met.
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