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ONXX » Topics » 2009 Executive Compensation Summary

This excerpt taken from the ONXX DEF 14A filed Apr 9, 2009.
2009 Executive Compensation Summary
 
In March 2009, our Compensation Committee and our Board of Directors approved 2009 base salaries, 2009 annual incentive target bonuses, stock option grants and restricted stock awards to the executive officers. Salary increases were made effective as of January 1, 2009. These decisions were based on the executive compensation philosophy principles discussed earlier in this discussion, including our Compensation Committee’s assessment of achievement of corporate performance goals during 2008.


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Table of Contents

The following table summarizes our approved 2009 salaries, targeted annual incentive bonuses and equity awards for certain of our executive officers:
 
                                 
    2009 Executive Compensation Summary  
          Incentive
 		    Number of
 		    Number of
 		 
          Bonus
 		    Stock Options
 		    Restricted Shares
 		 
Name
  Base Salary     Target     Awarded(1)     Awarded(1)  
 
N. Anthony Coles, M.D. 
  $ 650,000       100 %     105,000       35,000 (2)
Matthew K. Fust(3)
  $ 420,000       45 %     94,500       13,500  
Judy Batlin
  $ 318,000       35 %     28,000       4,000  
Laura Brege
  $ 452,600       45 %     49,000       7,000  
Juergen Lasowski, Ph.D. 
  $ 376,000       40 %     42,000       10,800 (4)
 
 
(1) Stock option and restricted stock award amounts were approved by the Compensation Committee on March 12, 2009 and will be granted to such “executive officers” on March 31, 2009, except for awards to Dr. Coles which are approved by the Board of Directors upon recommendation by the Compensation Committee.
 
(2) Pursuant to an amendment to Dr. Coles’ employment agreement in March 2009, Dr. Coles was granted an additional 20,000 restricted stock award with a grant date of March 12, 2009.
 
(3) Mr. Fust was appointed Executive Vice President and Chief Financial Officer on January 5, 2009. Stock options with an exercise price of $34.48 per share and a restricted stock award were granted on January 5, 2009.
 
(4) Pursuant to an amendment to Dr. Lasowski’s employment agreement in March 2009, Dr. Lasowski was granted an additional 4,800 restricted stock award with a grant date of March 12, 2009.
 
This excerpt taken from the ONXX DEF 14A filed Mar 25, 2008.
2008 Executive Compensation Summary
 
In February 2008, our Compensation Committee approved 2008 base salaries, 2008 annual incentive target bonuses, stock option grants and restricted stock awards to the Named Executive Officers, except Mr. Renton who will retire effective March 31, 2008. Salary increases were made effective as of January 1, 2008. These decisions were based on the executive compensation philosophy principles discussed earlier in this discussion, including our Compensation Committee’s assessment of achievement of corporate performance goals during 2007.
 
In February 2008, the Compensation Committee also recommended a compensation package for N. Anthony Coles, M.D., who was subsequently appointed our Chief Executive Officer, effective March 31, 2008. This proposal was based on comparable data from our peer companies and additional data regarding recently hired Chief Executive Officers in the biotech industry. The proposal was intended to be consistent with our overall compensation philosophy, in particular, maintaining a larger component of overall compensation for the Company’s highest level executive officers “at risk” while targeting total executive cash compensation at the 60th percentile of our peer companies. As a result of this, the Compensation Committee recommended a base salary of $625,000, a target bonus of 100% of base salary, a $200,000 hiring bonus, a time-based restricted share grant of 50,000 shares, a performance-based restricted share grant of 10,000 shares and options to purchase 350,000 shares of the Company’s common stock. On February 22, 2008, this compensation package was approved by the Board of Directors and accepted by Dr. Coles, who entered into an at-will employment agreement with Onyx, to succeed Mr. Renton as Onyx’s President and Chief Executive Officer, effective March 31, 2008.


39

Table of Contents

The following table summarizes our approved 2008 salaries and targeted annual incentive bonuses:
 
                                 
    2008 Executive Compensation Summary  
                      Number of
 		 
          Incentive
 		    Number of
 		    Restricted
 		 
          Bonus
 		    Stock Options
 		    Shares
 		 
Named Executive Officer
  Base Salary     Target     Awarded(4)     Awarded(4)  
 
N. Anthony Coles(1)
  $ 625,000       100 %     350,000       60,000  
Hollings C. Renton(2)
  $ 565,000       0 %                
Gregory W. Schafer
  $ 300,000       35 %     21,000       3,000  
Laura Brege
  $ 425,000       45 %     62,000       6,000  
Henry J. Fuchs, M.D. 
  $ 417,000       45 %     28,000       4,000  
Edward F. Kenney(3)
  $ 370,000       0 %     —       —  
 
 
(1) On February 22, 2008, N. Anthony Coles, M.D. entered into an at-will employment agreement with Onyx, to succeed Mr. Renton as Onyx’s President and Chief Executive Officer, effective March 31, 2008.
 
(2) Mr. Renton retired effective March 31, 2008. Therefore, the base salary listed for fiscal year 2008 is his current salary and he is not eligible for a bonus in 2008.
 
(3) Mr. Kenney retired as of 12/31/07. Therefore, the base salary listed for fiscal year 2008 is in accordance with the retirement agreement.
 
(4) Stock option and restricted share awards will be granted on March 31, 2008.
 
This excerpt taken from the ONXX DEF 14A filed Apr 19, 2007.
2007 Executive Compensation Summary
 
In March 2007, our Compensation Committee approved 2007 base salaries, target 2007 annual incentive bonus, stock option grants and restricted stock awards to the Named Executive Officers, except Mr. Renton. Mr. Renton’s 2007 base salary, target 2007 annual incentive bonus, stock option grant and restricted stock award were approved by the Board of Directors based on the Compensation Committee’s recommendation. Salary increases are made effective as of January 1, 2007. These decisions were based on the executive compensation assessment of achievement of Company performance goals and individual performance during 2006 and are set forth in the table below:
 
                                 
          2007 Incentive Bonus
 		          Number Restricted
 		 
          Target
 		    Number of Stock
 		    Shares
 		 
Executive Officer
  Base Salary     (as % of Base Salary)     Options Awarded(1)     Awarded(1)  
 
Hollings C. Renton
  $ 565,000       60 %     108,500       15,500  
Gregory W. Schafer
  $ 285,000       30 %     24,500       3,500  
Henry J. Fuchs, M.D. 
  $ 405,000       40 %     70,000       10,000  
Edward F. Kenney
  $ 370,000       40 %     52,500       20,000  
Gregory J. Giotta, Ph.D., J.D. 
  $ 296,500       30 %     14,000       2,000  
 
 
 
(1) Stock option and restricted share awards were granted on March 30, 2007 with an exercise price of $24.84 per share.
 

EXCERPTS ON THIS PAGE:

DEF 14A
Apr 9, 2009
DEF 14A
Mar 25, 2008
DEF 14A
Apr 19, 2007

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