8-K

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

Date of Report (Date of earliest event reported): February 18, 2010

ONYX PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

Delaware	0-28298	94-3154463
(State or Other Jurisdiction	(Commission File Number)	(I.R.S. Employer
of Incorporation)		Identification No.)

2100 Powell Street
Emeryville, California 94608
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (510) 597-6500

N/A
(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):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o 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.

2010 Annual Salaries, 2009 Fiscal Year Cash Bonuses and Equity Compensation Awards

On February 18, 2010, the Compensation Committee (the “Committee”), of the Board of Directors of Onyx Pharmaceuticals, Inc. (“Onyx”) approved the 2010 annual salaries (effective retroactively to January 1, 2010) and bonus potential, 2009 fiscal year cash bonuses and 2010 equity compensation awards for certain of Onyx’s named executive officers (as defined in Item 402(a)(3) of Regulation S-K promulgated by the Securities and Exchange Commission). The Committee of the Board of Directors annually evaluates the performance, and determines the compensation of Onyx’s executive officers based on the Committee’s assessment of the individual’s performance, corporate performance and relative compensation for competitive positions in similar publicly-traded biopharmaceutical companies. Also on February 18, 2010, upon recommendation by the Committee, the Board of Directors approved the 2010 annual salary and bonus potential, 2009 fiscal year cash bonus and 2010 equity compensation awards for N. Anthony Coles, M.D., Onyx’s President and Chief Executive Officer. The named executive officers’ salaries may be changed, and new equity awards may be awarded, at any time at the discretion of the Committee or the Board of Directors. The 2010 annual salaries and bonus potential, 2009 fiscal year cash bonuses and equity compensation awards for the named executive officers are set forth in Exhibit 10.19 hereto and are incorporated herein by reference.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

     (d) Exhibits.

Number	Description
10.19	Base Salaries and Bonus Potential for Fiscal Year 2010, Cash Bonuses for Fiscal Year 2009 and 2010 Equity Compensation Awards for Named Executive Officers.

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.

Dated: February 19, 2010	ONYX PHARMACEUTICALS, INC.
	By:	/s/ Matthew K. Fust
		Matthew K. Fust
		Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Number	Description
10.19	Base Salaries and Bonus Potential for Fiscal Year 2010, Cash Bonuses for Fiscal Year 2009 and 2010 Equity Compensation Awards for Named Executive Officers.

EX-10.19

EXHIBIT 10.19

Base Salaries and Bonus Potential for Fiscal Year 2010, Cash Bonuses for Fiscal Year 2009 and 2010 Equity Compensation Awards for Named Executive Officers

					Stock		Restricted
					Option(1)		Stock
	2010		2009		Grant		Award(2)
Name and Title	Salary		Bonus		(shares)		(shares)
N. Anthony Coles, M.D. (3) President and Chief Executive Officer	$	676,000	$	780,000		147,000		21,000
Matthew K. Fust (3) Executive Vice President and Chief Financial Officer	$	434,700	$	219,000		45,500		6,500
Judy Batlin (3) Vice President of Organizational Learning, Development, and Human Resources	$	329,100	$	129,000		31,500		4,500
Laura Brege (3) Executive Vice President and Chief Operating Officer	$	475,200	$	244,000		56,000		8,000
Juergen Lasowski (3) Senior Vice President, Corporate Development	$	391,000	$	180,000		42,000		6,000

(1)	One-eighth of the shares subject to the stock options will vest on the six month anniversary of the date of grant and the remaining shares will vest in equal monthly installments over the following 42 months.
(2)	One-third of the shares subject to the restricted stock award will vest on the one year anniversary of the date of grant and the remaining shares will vest in two equal installments on the second and third anniversaries of the date of grant.
(3)	The 2010 bonus potential percentage remained at 100% for N. Anthony Coles. For each of the other named executive officers, the 2010 bonus potential was increased by 5% to 50%, 40%, 50% and 45%, respectively, of their 2010 annual salaries.