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 27, 2017
Alder BioPharmaceuticals, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 001-36431 | 90-0134860 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) | ||
11804 North Creek Parkway South Bothell, WA |
98011 | |||
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (425) 205-2900
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.
2016 Performance Bonus Program
On January 27, 2017, the Compensation Committee (the Committee) of the Board of Directors of Alder BioPharmaceuticals, Inc. reviewed the achievement of company and individual performance goals and other factors deemed relevant by the Committee in determining the amounts earned by our named executive officers under our performance bonus program for 2016. The company performance goals related to advancement of our clinical trials and preclinical programs and financial, business and corporate development objectives. The individual performance goals consisted of a subjective assessment of each named executive officers individual contributions to Alder. Dr. Randall C. Schatzmans annual performance bonus was based solely upon the achievement of company performance goals. The following table sets forth the 2016 performance bonuses, which will be paid during 2017:
Name and Principal Position |
2016 Performance Bonus Award |
|||
Randall C. Schatzman, Ph.D. |
$ | 274,313 | ||
President, Chief Executive Officer and Director |
||||
Larry Benedict. |
$ | 99,735 | ||
Executive Vice President and Principal Accounting Officer |
||||
John A. Latham, Ph.D. |
$ | 170,413 | ||
Chief Scientific Officer |
||||
Mark J. Litton, Ph.D. |
$ | 121,395 | ||
Chief Business Officer |
||||
Jeffrey T.L. Smith, M.D., FRCP |
$ | 149,955 | ||
Senior Vice President, Translational Medicine |
2017 Performance Bonus Program and Salary Increases
On January 27, 2017, the Committee approved annual base salaries and target bonus percentages for our 2017 performance bonus program for our named executive officers. The 2017 annual performance bonuses for each named executive officer, other than Dr. Schatzman, will be based upon the achievement of company performance goals (50%) and individual performance goals (50%). Dr. Schatzmans annual performance bonus will be based solely upon the achievement of company performance goals. The company performance goals will be established by the Board of Directors at a later date. The individual performance goals will consist of a subjective assessment of each named executive officers individual contributions to Alder. The following table sets forth the base salary and target performance bonus percentages for 2017:
Name and Principal Position |
2017 Base Salary | 2017 Target Performance Bonus as Percentage of Base Salary |
||||||
Randall C. Schatzman, Ph.D. |
$ | 560,750 | 55 | % | ||||
President, Chief Executive, Officer and Director |
||||||||
Larry Benedict. |
$ | 343,804 | 35 | % | ||||
Executive Vice President and Principal Accounting Officer |
||||||||
John A. Latham, Ph.D. |
$ | 441,974 | 40 | % | ||||
Chief Scientific Officer |
||||||||
Mark J. Litton, Ph.D. |
$ | 386,050 | 40 | % | ||||
Chief Business Officer |
||||||||
Jeffrey T.L. Smith, M.D., FRCP |
$ | 414,494 | 35 | % | ||||
Senior Vice President, Translational Medicine |
Additional information regarding compensation of our named executive officers, including the factors considered by the Compensation Committee in determining compensation, will be included in the proxy statement for the companys 2017 Annual Meeting of Stockholders.
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.
Alder BioPharmaceuticals, Inc. | ||||||
Dated: January 31, 2017 | ||||||
By: | Randall C. Schatzman | |||||
Randall C. Schatzman, Ph.D. | ||||||
President and Chief Executive Officer |