8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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): December 10, 2013

 

 

Idera Pharmaceuticals, Inc.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware   001-31918   04-3072298

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

167 Sidney Street

Cambridge, Massachusetts

  02139
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (617) 679-5500

 

(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 (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 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 10, 2013, the Compensation Committee of the Board of Directors of Idera Pharmaceuticals, Inc. (the “Company”) approved compensation for its named executive officers, as set forth in the bullets and the table below:

 

    The payment of cash bonus award for 2013;

 

    The grant of options to purchase shares of common stock of the Company; and

 

    New annual base salaries for 2014.

 

Name

   2013
Bonus
     Stock
Options (1)
     2014
Annual
Salary
 

Sudhir Agrawal, D. Phil.

   $ 274,500         850,000       $ 570,960   

President and Chief Executive Officer

        

Louis J. Arcudi, III

   $ 94,500         300,000       $ 327,600   

Senior Vice President of Operations, Chief Financial Officer, Treasurer and Secretary

        

Robert D. Arbeit, M.D.

   $ 90,000         200,000       $ 312,000   

Vice President, Clinical Development

        

Timothy M. Sullivan, Ph.D.

   $ 89,700         200,000       $ 310,960   

Vice President, Development Programs and Alliance Management

        

 

(1) Each of the options to purchase shares of the Company’s common stock is granted effective as of December 10, 2013 and made pursuant to the Company’s 2013 Stock Incentive Plan. The exercise price is $2.56, which is equal to the closing price of the Company’s common stock on the Nasdaq Capital Market on December 10, 2013. Subject to the named executive officer’s continued employment with the Company on the applicable vesting date, the options vest in equal quarterly installments over four years commencing on the date of grant.

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    Idera Pharmaceuticals, Inc.

Date: December 13, 2013

    By:   /s/ Louis J. Arcudi, III
      Louis J. Arcudi, III
      Senior Vice President of Operations,
      Chief Financial Officer, Treasurer and Secretary

 

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