Transcept Pharmaceuticals Inc (TSPT)

[JimsZ]

New 8k filing - I like it... Gives incentive for them to WORK to get Intermezzo approved!

http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7791800

On August 24, 2011, the Compensation Committee of Transcept Pharmaceuticals, Inc. (the “Company”), having already considered input from the Company’s independent compensation consultants and the Board of Directors, approved a 2011 Special Incentive Option Grant designed to retain and incentivize Company personnel after receipt of the July 14, 2011 Intermezzo® Complete Response Letter from the U.S. Food and Drug Administration. The following table details the 2011 Special Incentive Option Grants made to the executive officers of the Company that were named in the Summary Compensation Table of the Company’s 2011 Proxy Statement:




Executive Officer
Number
of Options(1)
Glenn A. Oclassen

President and Chief Executive Officer
155,000

Thomas P. Soloway

Senior Vice President, Operations and Chief Financial Officer
77,500
Nikhilesh N. Singh, Ph.D.

Senior Vice President, Chief Scientific Officer
77,500
Joseph T. Kennedy

Vice President, General Counsel
77,500



(1) 2011 Special Incentive Options Grants were granted under the Company’s 2006 Incentive Award Plan, on August 24, 2011 at an exercise price of $2.68 per share, the closing price of the Company’s Common Stock as reported on the NASDAQ Global Market at the close of business on August 24, 2011. Fifty percent of the 2011 Special Incentive Option Grants vest upon approval by the U.S. Food and Drug Administration (“FDA”) of Intermezzo® and the remaining 50% vest on the first anniversary of any such approval; provided, in each case, such FDA approval occurs no later than August 24, 2013. These options automatically expire should the Board of Directors decide to cease development of Intermezzo® or if Intermezzo® approval is not received on or prior to August 24, 2013.