-----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, AnOMvQrqKz/l9An+DC7APSQvFtyBZmYUb4eTEGvLfEtVTj2aZo0+nwpGoukwoY0z Ivlt8QNvbloYDPQROJmapQ== 0001193125-06-057987.txt : 20060317 0001193125-06-057987.hdr.sgml : 20060317 20060317151146 ACCESSION NUMBER: 0001193125-06-057987 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060316 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20060317 DATE AS OF CHANGE: 20060317 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PDL BIOPHARMA, INC. CENTRAL INDEX KEY: 0000882104 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 943023969 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19756 FILM NUMBER: 06695609 BUSINESS ADDRESS: STREET 1: 34801 CAMPUS DR CITY: FREMONT STATE: CA ZIP: 94555 BUSINESS PHONE: 5105741400 MAIL ADDRESS: STREET 1: 34801 CAMPUS DR CITY: FREMONT STATE: CA ZIP: 94555 FORMER COMPANY: FORMER CONFORMED NAME: PROTEIN DESIGN LABS INC/DE DATE OF NAME CHANGE: 19930328 8-K 1 d8k.htm FORM 8-K Form 8-K

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):

March 16, 2006

 

PDL BIOPHARMA, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware   000-19756   94-3023969

(State or other jurisdiction

of incorporation)

   (Commission File No.)  

(I.R.S. Employer

Identification No.)

34801 Campus Drive

Fremont, California 94555

(Address of principal executive offices)

Registrant’s telephone number, including area code:

(510) 574-1400

 

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):

 

¨ 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 1.01. Entry into a Material Definitive Agreement.

The Compensation Committee of the Board of Directors of PDL BioPharma, Inc. (the “Company”) approved the following bonuses for fiscal year 2005 and the following annual salaries for fiscal year 2006, beginning as of January 1, 2006, for the Company’s “named executive officers” (as defined in Item 402(a)(3) of Regulation S-K promulgated by the U.S. Securities and Exchange Commission):

 

Name

   

Title

   

Annual Salary for Fiscal Year 2006,

Beginning as of January 1, 2006

    Bonus for
Service in Fiscal
Year 2005

Mark McDade

    Chief Executive Officer    $600,000 ($54,000 increase from $546,000 annual salary for fiscal year 2005)*    $ 400,000

Steve Benner

   

Senior Vice President

and Chief Medical Officer

    $383,000 ($6,749 increase from $376,251 annual salary for fiscal year 2005)    $ 125,000

Rich Murray

   

Senior Vice President

and Chief Scientific

and Technical Officer

    $375,000 ($25,000 increase from $350,000 annual salary for fiscal year 2005)    $ 140,000

Jaisim Shah

   

Senior Vice President,

Marketing and

Business Affairs

    $287,000 ($6,185 increase from $280,815 annual salary for fiscal year 2005)    $ 100,000

Laurie Torres

   

Vice President,

Human Resources and

Corporate Services

    $250,000 ($14,724 increase from $235,276 annual salary for fiscal year 2005)    $ 95,000
* Notwithstanding the foregoing, the salary increase for Mr. McDade was approved by the Company’s Board of Directors upon the recommendation of the Compensation Committee.

The approval of the above-listed actions by the Company’s Board of Directors and Compensation Committee, as applicable, became effective as of March 16, 2006.

 

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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: March 17, 2006

 

PDL BIOPHARMA, INC.
By:  

/s/ Mark McDade

  Mark McDade
  Chief Executive Officer

 

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