-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BH05fnHKy7OIQgQnvL5v+pQ7lFSgF3Xio4syxnw/6d6h6vJDsRTySPpaLgX7PXqa zkIXzP0MAiqJ+opuxYCJew== 0000950135-08-001298.txt : 20080228 0000950135-08-001298.hdr.sgml : 20080228 20080228131310 ACCESSION NUMBER: 0000950135-08-001298 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080222 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080228 DATE AS OF CHANGE: 20080228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IDENIX PHARMACEUTICALS INC CENTRAL INDEX KEY: 0001093649 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 450478605 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-49839 FILM NUMBER: 08649488 BUSINESS ADDRESS: STREET 1: 60 HAMPSHIRE STREET STREET 2: . CITY: CAMBRIDGE STATE: MA ZIP: 02139 BUSINESS PHONE: (617) 250-3100 MAIL ADDRESS: STREET 1: 60 HAMPSHIRE STREET CITY: CAMBRIDGE STATE: MA ZIP: 02139 FORMER COMPANY: FORMER CONFORMED NAME: NOVIRIO PHARMACEUTICALS LTD DATE OF NAME CHANGE: 19990820 8-K 1 b68907ipe8vk.htm IDENIX PHARMACEUTICALS, INC. e8vk
 

 
 
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): February 22, 2008
IDENIX PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
         
Delaware
(State or other jurisdiction of
incorporation or organization) 		  000-49839
(Commission File Number) 		  45-0478605
(I.R.S. Employer Identification No.)
     
60 Hampshire Street
Cambridge, MA 		  02139
(Zip Code)
(Address of principal executive offices)    
(617) 995-9800
(Registrant’s telephone number, including area code)
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:
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 Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers
     At a meeting of the Compensation Committee of the Board of Directors of Idenix Pharmaceuticals, Inc. (the “Company”) held on February 22, 2008, the Committee authorized the payment of annual bonus awards to the Company’s executive officers (other than Jean-Pierre Sommadossi, the Company’s Chief Executive Officer) identified below for services rendered during the year ended December 31, 2007. Additionally, the Committee approved annual base salaries and targets for cash bonus and equity incentives for 2008 for each of these executive officers. The Committee proposed a recommendation to the Company’s Board of Directors (the “Board”) regarding Dr. Sommadossi’s annual bonus award for services rendered during 2007 and his base salary and targets for cash bonus and equity incentives for 2008.
     At a subsequent meeting of the Board also held on February 22, 2008, the Board authorized the payment of an annual bonus award to Dr. Sommadossi for services rendered during the year ended December 31, 2007 and approved his annual base salary and targets for cash bonus and equity incentives for 2008 based upon the Committee’s recommendation. The Committee and the Board’s respective determinations were made following a comprehensive review of the level of achievement of both corporate and individual performance goals for the year ended December 31, 2007.
     Identified below is the 2007 cash bonus award and 2008 annual base salary, target cash bonus and equity incentive data with respect to each of the Company’s “named executive officers” (as used in Instruction 4 to Item 5.02 of Form 8-K), other than Guy Macdonald, the Company’s former Executive Vice President, Operations, who ceased to be an officer of the Company on December 31, 2007. For each named executive officer, the 2007 cash bonus was based on the Company’s performance of corporate goals related to preclinical, clinical, regulatory and financial targets. In addition to these corporate goals, which were applicable to all of the Company’s executive officers, individual performance goals specific to each executive officer were also considered.
     Each executive officer named below is a party to an employment agreement or written employment arrangement with the Company. These agreements and arrangements have been filed as exhibits to the Company’s annual and quarterly reports on file with the Securities and Exchange Commission. These agreements and arrangements provide for the annual payment of bonuses in a range from zero to 200% of the target amount, dependent upon achievement of the previously determined performance goals. The bonus targets for each officer were established in the respective employment agreements and arrangements. To the extent that such bonus targets increase, the newly increased bonus target amount becomes the minimum bonus target amount for all future periods remaining during the term of the employment agreement.
                                 
    2007   2008
                        Target
    Cash   Base   Target Bonus   Option Award
Named Executive Officer   Bonus ($)   Salary ($)   (% of base salary)   (shares)
Jean-Pierre Sommadossi
   $ 250,000     $ 580,000       60 %     150,000  
Chief Executive Officer
                                
 
                                
Ronald C. Renaud, Jr.
   $ 74,333 *   $ 350,200       50 %     40,000  
Chief Financial Officer
                                
 
                                
Douglas L. Mayers
   $ 112,500     $ 330,000       50 %     40,000  
Executive Vice President and Chief Medical Officer
                                
 
                                
John F. Weidenbruch
   $ 82,688     $ 324,450       35 %     30,000  
Executive Vice President and General Counsel
                                
* Mr. Renaud’s 2007 cash bonus was pro-rated based upon his hire date, June 29, 2007.
Additional information regarding compensation of executive officers will be included in Idenix’s proxy statement to be filed in connection with its Annual Meeting of Stockholders to be held on June 3, 2008.

 

 

Item 9.01.   Financial Statements and Exhibits
(c) Exhibits
     None.

 

 

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed by the undersigned hereunto duly authorized.
         
  IDENIX PHARMACEUTICALS, INC.
 		  
Date: February 28, 2008  By:   /s/ Ronald C. Renaud, Jr.    
    Ronald C. Renaud, Jr.   
    Chief Financial Officer   
 

 

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