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
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Date of Report (Date of Earliest Event Reported):
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February 7, 2013
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ADVENTRX Pharmaceuticals, Inc.
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(Exact name of registrant as specified in its charter)
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Delaware
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001-32157
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84-1318182
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_____________________
(State or other jurisdiction
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_____________
(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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12390 El Camino Real, Suite 150, San Diego, California
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92130
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(Address of principal executive offices)
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___________
(Zip Code)
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Registrants telephone number, including area code:
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858-552-0866
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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:
[ ] 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.
On February 7, 2013, the Compensation Committee (the Committee) of the Board of Directors of
ADVENTRX Pharmaceuticals, Inc. (the Company) adopted the 2013 Executive Incentive Plan (the
Incentive Plan) for the Companys officers, including its named executive officers (as identified
in the Companys proxy statement relating to the Companys 2012 annual meeting of stockholders)
(the NEOs) and its principal financial officer, for the period beginning January 1, 2013 and
ending December 31, 2013, and it approved corporate performance objectives applicable to the
Incentive Plan. The Incentive Plan will be governed and administered by the Committee.
Pursuant to the Incentive Plan, each participant is assigned an incentive target that is expressed
either as a specific dollar amount or as a percentage of annual base salary, and the participants
incentive award, if any, is based on achievement of the corporate objectives approved by the
Committee and, if applicable, individual objectives approved by the Chair of the Committee. The
corporate objectives approved by the Committee are applicable to all participants. If individual
objectives are adopted for a participant, that participants incentive award will be based 25% on
the participants achievement of the individual objectives and 75% on the Companys achievement of
the corporate objectives. The Chair of the Committee may elect not to adopt individual objectives
for a participant, in which case, that participants incentive award will be based entirely (100%)
on the Companys achievement of the corporate objectives adopted by the Committee. The awards for
the Companys chief executive officer and president and chief operating officer (together, the
Senior Executives) will be based entirely (100%) on achievement of corporate objectives.
The following table lists the incentive target for each NEO and the principal financial officer as
well as the incentive targets for other eligible officers:
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Participant |
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Incentive Target |
Brian M. Culley, Chief Executive Officer |
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$ |
196,875 |
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Patrick L. Keran, President and Chief Operating Officer |
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$ |
196,875 |
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Gregory D. Gorgas, Senior Vice President, Commercial |
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30 |
% |
Brandi L. Roberts, Chief Financial Officer and Senior Vice |
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30 |
% |
President |
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Chief Medical Officer |
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35 |
% |
Senior Vice President, Development |
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30 |
% |
The Committee may grant an incentive award that is less than the incentive target if it determines
performance partially met objectives or was less than acceptable, or an incentive award that
exceeds the incentive target if it determines performance exceeded objectives or was excellent in
view of prevailing conditions. In evaluating performance, the Committee will consider the
achievement of objectives, the degree to which performance exceeded the objective or an objective
is partially achieved, the quality of achievement, the difficulty in achieving the objective,
conditions that affected the ability to achieve objectives and such other factors as the Committee
determines are appropriate to consider. In determining incentive awards, the Committee will take
into account the recommendations of the Senior Executives. The incentive awards generally will be
paid in cash; however, the Committee has discretion to determine the composition of each award.
Payment of any award under the Incentive Plan will be made in a single sum on or before March 14,
2014. A participant has not earned and does not have any right or entitlement to any award under
the Incentive Plan until the time the award is actually paid to such participant. Subject to any
contractual obligations the Company may owe to a participant, the Committee has absolute discretion
to abolish the Incentive Plan at any time or to alter the terms and conditions under which
incentive awards will be paid, with or without any reason and with or without prior notice.
Continued employment until payment of an incentive award is required and if the employment of a
participant is terminated (whether voluntarily or involuntarily) during the plan period or prior to
payment of incentive awards, subject to any contractual obligations the Company may owe to a
participant, whether or not any award payment is made to that participant will be at the absolute
discretion of the Committee.
The corporate performance objectives under the Incentive Plan were set by the Committee based on
recommendations from the Senior Executives and reflect the Committees assessment, as of February
7, 2013, of near-term goals the achievement of which will enhance stockholder value. The corporate
objectives involve (a) progress and plans relating to research and development of ANX-188, the
Companys lead product candidate, in one or more indications, including nonclinical, clinical
and/or regulatory activities, (b) submitting scientific articles for publication, and (c)
maintaining specified levels of capital. As of the date of this report, the Chair of the Committee
had not approved individual objectives for any of the participants. If the Chair of the Committee
approves individual objectives for a participant, they will be tailored to the participants role
in the Company and relate to one or more of the following categories: (i) progress and plans
relating to research and development of ANX-188 in one or more indications, including nonclinical,
clinical, manufacturing and/or regulatory activities, (ii) budget, finance and financial controls
and reporting, (iii) corporate management and planning, (iv) compliance and risk management, (v)
collaborative development and/or commercialization arrangements, including partnering and licensing
arrangements, government funding, and/or other strategic opportunities, and (vi) investor relations
and communication.
Pursuant to the Incentive Plan, if a corporate or individual objective becomes irrelevant or
undesirable during the plan period or if a strategic change affects one or more objectives then,
for each such affected objective, the Committee, after considering the recommendations of the
Senior Executives may (A) if objectives are weighted, adjust the weightings of one or more existing
objectives, (B) substitute one or more new objectives, if objectives are weighted, with appropriate
weightings for new and existing objectives, (C) eliminate one or more existing objectives and, if
objectives are weighted, re-weight objectives or (D) take no action. With respect to individual
objectives, the Incentive Plan provides that the Chair of the Committee, after considering the
recommendations of the Senior Executives, may take the actions described in (A) (D) above.
The foregoing description of the terms of the Incentive Plan is subject to, and qualified in its
entirety by, the Incentive Plan, which is attached hereto as Exhibit 10.1 and incorporated herein
by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The list of exhibits called for by this Item is incorporated by reference to the Exhibit Index
filed with this report.
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.
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ADVENTRX Pharmaceuticals, Inc.
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February 8, 2013
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By:
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/s/ Patrick L. Keran
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Name: Patrick L. Keran
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Title: President and Chief Operating Officer
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Exhibit Index
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Exhibit No.
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Description
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10.1
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2013 Executive Incentive Plan
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