|ACELRX PHARMACEUTICALS INC filed this Form 8-K on 02/10/2014|
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 4, 2014
ACELRX PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
351 Galveston Drive
Redwood City, CA 94063
(Address of principal executive offices and zip code)
Registrants telephone number, including area code: (650) 216-3500
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):
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
2014 Cash Bonus Plan
On February 4, 2014, the Board approved a cash bonus plan for the Companys employees for the 2014 fiscal year, under which the Companys named executive officers are participants. The cash bonus plan is summarized in Exhibit 10.1 hereto and incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
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.
INDEX TO EXHIBITS
Summary of 2014 Cash Bonus Plan
Target bonuses for named executive officers of AcelRx Pharmaceuticals, Inc. (the Company) under the 2014 Cash Bonus Plan (the Plan) will range from 35% to 50% of such executives 2014 base salary. The amount of cash bonus, if any, for each named executive officer will be based on both the named executive officer achieving his or her individual performance goals and on the Company meeting the 2014 corporate objectives approved by the Board. The 2014 corporate objectives are primarily related to product development, including regulatory approval of Zalviso and related commercial preparation and financial objectives. The target bonuses for the Companys named executive officers for 2014 are as follows:
Mr. Kings cash bonus under the Plan shall be based 100% on the achievement of the 2014 corporate objectives. The cash bonus for all other named executive officers shall be based 40% on the achievement of his or her individual performance goals, as determined by the Board, and 60% on the achievement of the 2014 corporate objectives. The named executive officers actual bonuses may exceed 100% of target in the event performance exceeds the predetermined goals.