Alder BioPharmaceuticals, Inc. (NASDAQ:ALDR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
2017 Performance Bonus Payments
On February17, 2018, the Compensation Committee (the “Committee”) of the Board of Directors of Alder BioPharmaceuticals, Inc. (“Alder”) reviewed the achievement of company and individual performance goals and other factors deemed relevant by the Committee in determining the amounts earned by Alder’s named executive officers under its performance bonus program for 2017. The company performance goals related to advancement of Alder’s clinical trials and preclinical programs and financial, business and corporate development objectives. The individual performance goals consisted of a subjective assessment of each named executive officer’s individual contributions to Alder. Dr.RandallC. Schatzman’s annual performance bonus was based solely upon the achievement of company performance goals. The following table sets forth the 2017 performance bonuses, which will be paid during 2018:
|
Name and Principal Position |
2017Performance
BonusAward |
|
|
Randall C. Schatzman, Ph.D. |
$ | 354,674 |
|
President, Chief Executive Officer and Director |
||
|
Larry Benedict. |
$ | 129,356 |
|
Executive Vice President and Principal Accounting Officer |
||
|
John A. Latham, Ph.D. |
$ | 198,888 |
|
Chief Scientific Officer |
||
|
Elisabeth A. Sandoval, M.B.A. |
$ | 230,288 |
|
Chief Commercial Officer and Executive Vice President of Corporate Strategy |
2018 Performance Bonus Program and Salary Increases
On February17, 2018, the Committee approved annual base salaries and target bonus percentages for Alder’s 2018 performance bonus program for its named executive officers. The 2018 annual performance bonuses for each named executive officer, other than Dr.Schatzman, will be based upon the achievement of company performance goals (50%)and individual performance goals (50%). Dr.Schatzman’s annual performance bonus will be based solely upon the achievement of company performance goals. The company performance goals will be established by the Board of Directors at a later date. The individual performance goals will consist of a subjective assessment of each named executive officer’s individual contributions to Alder. The following table sets forth the base salary and target performance bonus percentages for 2018:
|
Name and Principal Position |
2018BaseSalary | 2018 TargetPerformanceBonus asPercentageof
Base Salary |
||
| Randall C. Schatzman, Ph.D. | $ | 578,000 | % | |
|
President, Chief Executive, Officer and Director |
||||
| Larry Benedict. | $ | 354,118 | % | |
|
Executive Vice President and Principal Accounting Officer |
||||
| John A. Latham, Ph.D. | $ | 455,234 | % | |
|
Chief Scientific Officer |
||||
| Elisabeth A. Sandoval, M.B.A. | $ | 448,338 | % | |
|
Chief Commercial Officer and Executive Vice President of Corporate Strategy |
Additional information regarding compensation of Alder’s named executive officers, including the factors considered by the Compensation Committee in determining compensation, will be included in the proxy statement for Alder’s 2018 Annual Meeting of Stockholders.
About Alder BioPharmaceuticals, Inc. (NASDAQ:ALDR)
Alder Biopharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company discovers, develops and focuses to commercialize therapeutic antibodies with the potential to transform current treatment paradigms. The Company’s pipeline includes ALD403, Clazakizumab and ALD1613. ALD403 is the Company’s monoclonal antibody targeted to calcitonin gene-related peptide (CGRP) for migraine prevention. Clazakizumab is a monoclonal antibody that inhibits the pro-inflammatory cytokine interleukin-6 (IL-6), and is in development for both rheumatoid arthritis (RA) and psoriatic arthritis (PsA). ALD1613 is a monoclonal antibody that inhibits Adrenocorticotropic Hormone, and is being developed for the treatment of Cushing’s disease. Its candidate, Eptinezumab, is an investigational product candidate being developed as a migraine prevention treatment for patients with chronic and frequent episodic migraine. It is also is developing ALD1910, a genetically engineered monoclonal antibody.