8-K 1 d8k.htm FORM 8-K Form 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): March 5, 2010 (March 1, 2010)

 

 

CELL THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Washington   001-12465   91-1533912

(State or other jurisdiction of

incorporation or organization)

  (Commission File Number)  

(I.R.S. Employer

Identification Number)

501 Elliott Avenue West, Suite 400

Seattle, Washington 98119

(Address of principal executive offices)

Registrant’s telephone number, including area code: (206) 282-7100

Not applicable

(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.

(e) Compensatory Arrangements of Certain Officers.

(f) Disclosure of Bonuses and Total Compensation of Certain Officers.

On March 1, 2010, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of Cell Therapeutics, Inc. (the “Company”) approved cash incentive awards for 2009 for each of the Company’s named executive officers in the amounts reported in the “Bonus” column in the table below. In accordance with the rules of the Securities and Exchange Commission (the “SEC”), the table below also updates the “Summary Compensation Table - Fiscal 2007-2009,” which appears in the Company’s definitive proxy statement filed with the SEC on February 23, 2010 (the “Proxy Statement”) and in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2009, filed with the SEC on February 26, 2010 (the “Form 10-K”), to include the 2009 bonus information.

The Company’s 2009 cash incentive program is described in detail in the Proxy Statement and the Form 10-K. In determining the cash incentive amounts, the Compensation Committee determined that the Company had achieved the maximum performance goal established under the program for operating capital raised in 2009 and had achieved the target performance goal for the tender of its then-outstanding notes due in 2010-2011 in its publicly registered tender offers for those notes. In addition, the Compensation Committee noted that the Company had completed its new drug application submission for pixantrone in 2009. Based on these achievements and its subjective assessment of each named executive officer’s individual performance during fiscal 2009, the Compensation Committee determined to award cash incentives to each of the named executive officers in the following amounts (expressed as a percentage of such executive’s base salary): James A. Bianco, M.D., 90%; Craig W. Philips, 60%; Louis A. Bianco, 62%; Daniel G. Eramian, 57.5%; and Jack W. Singer, M.D., 35%. These amounts are reflected in the “Bonus” column of the table below.


Summary Compensation Table - Fiscal 2007-2009

The following table sets forth information concerning compensation for services rendered to the Company during fiscal years 2007, 2008 and 2009 by each of the named executive officers. (For more information on the information presented in this table, see the applicable sections of the Company’s Proxy Statement and Form 10-K referred to above.)

 

Name and Principal
Position

   Year    Salary
($)
   Bonus
($)
   Stock
Awards

($)
   Option
Awards
($)
   Non-Equity
Incentive Plan
Compensation
($)
   Change in
Pension Value
and
Nonqualified
Deferred
Compensation
Earnings

($)
   All Other
Compensation
($)
   Total ($)

James A. Bianco, M.D.

   2009    650,000    585,000    11,275,903    —      —      —      81,127    12,592,030

Chief Executive

Officer

   2008    650,000    362,793    57,000    —      216,645    —      219,718    1,506,156
   2007    650,000    487,500    531,657    373,766    —      —      154,881    2,197,804

Louis A. Bianco

   2009    330,000    204,600    4,512,112    —      —      —      13,249    5,059,961

Executive Vice

President, Finance

and Administration

   2008    330,000    99,000    28,500    —      66,000    —      16,472    539,972
   2007    330,000    148,500    167,038    95,656    —      —      16,622    757,816

Daniel G. Eramian

   2009    315,000    181,125    3,382,770    —      —      —      315    3,879,210

Executive Vice

President, Corporate

Communications

   2008    315,000    78,750    28,500    —      63,000    —      518    485,768
   2007    315,000    141,750    151,805    86,147    —      —      3,091    697,793

Craig W. Philips

   2009    402,000    241,200    6,765,543    —      —      —      14,775    7,423,518

President

   2008    167,500    22,344    147,500    23,147    44,656    —      —      405,147

Jack W. Singer, M.D.

   2009    340,000    119,000    4,512,112    —      —      —      40,490    5,011,602

Executive Vice

President, Chief

Medical Officer

   2008    340,000    85,000    28,500    —      68,000    —      46,748    568,248
   2007    340,000    153,000    167,038    95,656    —      —      55,369    811,063


SIGNATURE

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.

 

    CELL THERAPEUTICS, INC.
Date: March 5, 2010     By:  

/s/    JAMES A. BIANCO, M.D.        

      James A. Bianco, M.D.
      Chief Executive Officer