(Exact name of small business issuer as specified in its charter)
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)
(Address of principal executive offices)
(Registrant's Telephone number)
(Former Name or Former Address, if Changed Since Last Report)
(e) On March 7, 2014, the Board of Directors of ACADIA Pharmaceuticals Inc. (the "Company") adopted an updated annual incentive cash compensation program for its executive officers to be effective beginning with 2014. The description of this program is set forth in Exhibit 99.1 and is incorporated herein by reference.
On March 7, 2014, in connection with the previously announced planned retirement of Mr. Thomas Aasen, the Company's Executive Vice President, Chief Financial Officer and Chief Business Officer, the Company's Board of Directors approved modifications to Mr. Aasen's outstanding option grants in recognition of his over 15 years of service to the Company. Effective immediately prior to the date of Mr. Aasen's retirement, the vesting of each outstanding option that is not already fully vested will be accelerated by six months and the exercise period of each outstanding option shall continue until the earlier of (i) 18 months from such retirement date and (ii) the original term of such option.
(d) 99.1 Description of Executive Officer Annual Incentive Cash Compensation Program
| ACADIA Pharmaceuticals Inc. |
| By: | /s/ Glenn F. Baity |
| Name: Glenn F. Baity | |
| Title: Vice President & General Counsel |
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Exhibit No.
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Description
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EX-99.1
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Description of Executive Officer Annual Incentive Cash Compensation Program
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ACADIA Pharmaceuticals Inc.
Description of Executive Officer Annual Incentive Cash Compensation Program
The Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of ACADIA Pharmaceuticals Inc. (the “Company”) has recommended to the Board, and the Board has approved, an annual incentive cash compensation program for the Company’s executive officers. The program provides for an annual incentive cash compensation target equal to a percentage of each executive’s base salary. The initial targets, which may adjusted by the Board, are as follows: 60% for Uli Hacksell, President and Chief Executive Officer and 40% for each of the Company’s other executive officers. The Board will set the target percentage for any new executive officer.
Under the program, after the completion of each fiscal year, the Committee recommends to the Board for approval for each then-current executive a bonus that will be equal to an amount from 0 to 150% of the applicable target amount, which may be pro-rated for any partial year of employment. The Committee will also recommend to the Board any adjustments to the target bonus for each executive officer. In making its recommendations, the Committee assesses the level of achievement of specific criteria by the executive and the Company. These criteria include the achievement of research and development milestones, including the advancement of the Company’s clinical programs, regulatory advancement or approvals for the Company’s product candidates, commercial achievements for any Company products, the advancement of the Company’s preclinical assets toward clinical development, and other criteria the disclosure of which would reveal confidential business information and plans of the Company.