Current Report Filing (8-k)
January 28 2015 - 4:13PM
Edgar (US Regulatory)
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
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Date of Report (Date of Earliest Event Reported):
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January 22, 2015
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Gilead Sciences, Inc.
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(Exact name of registrant as specified in its charter)
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Delaware
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0-19731
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94-3047598
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_____________________
(State or other jurisdiction
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_____________
(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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333 Lakeside Drive, Foster City, California
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94404
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(Address of principal executive offices)
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(Zip Code)
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Registrants telephone number, including area code:
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650-574-3000
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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:
[ ] 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))
SECTION 5 CORPORATE GOVERNANCE AND MANAGEMENT
Item 5.02 |
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Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers |
(e) Compensation Arrangements of Certain Officers
2014 Bonuses and 2015 Base Salaries
On January 22, 2015, the Compensation Committee (the Committee) of the Board of Directors (the
Board) of the Gilead Sciences, Inc. (the Company) set the base salaries for the 2015 fiscal year
for the Companys named executive officers from the proxy statement filed in connection with the
2014 annual meeting of stockholders (the Executive Officers). The Committee also determined their
bonus awards for the completed 2014 fiscal year based on their individual performance and the
Companys attained level of certain financial and non-financial objectives established for that
year. The independent members of the Board ratified the 2014 bonus and 2015 base salary of John C.
Martin, Ph.D., the Companys Chairman and Chief Executive Officer. The approved 2014 bonuses and
2015 base salaries for the Executive Officers are as follows:
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Name and Title |
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2014 Bonus |
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2015 Base Salary |
John C. Martin |
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$ |
3,717,365 |
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$ |
1,737,000 |
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Chairman and Chief Executive Officer |
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John F. Milligan |
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$ |
1,579,500 |
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$ |
1,200,000 |
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President and Chief Operating Officer |
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Norbert W. Bischofberger |
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$ |
1,111,500 |
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$ |
1,000,000 |
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Executive Vice President, Research and Development
and Chief Scientific Officer |
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Robin L. Washington |
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$ |
965,250 |
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$ |
865,000 |
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Executive Vice President and Chief Financial Officer |
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Kevin Young * |
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$ |
192,544 |
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$ |
420,000 |
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Senior Advisor |
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* Mr. Young served as the Companys Executive Vice President, Commercial Operations until
February 4, 2014, when he transitioned to Senior Advisor of the Company.
2015 Equity Awards
On January 22, 2015, the Committee granted equity awards with an effective date of February 1,
2015 to the Executive Officers with grant-date fair values as follows:
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Stock Option |
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Performance |
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Grant Date |
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Share Grant Date |
Name |
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Fair Value* |
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Fair Value* |
John C. Martin |
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$ |
5,750,000 |
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$ |
5,750,000 |
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John F. Milligan |
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$ |
2,380,000 |
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$ |
2,380,000 |
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Norbert W. Bischofberger |
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$ |
2,100,000 |
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$ |
2,100,000 |
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Robin L. Washington |
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$ |
1,600,000 |
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$ |
1,600,000 |
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* |
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The number of shares actually granted may differ slightly due to rounding. |
The number of shares actually granted will be based on the fair value on the February 1, 2015
effective date. The independent members of the Board ratified the equity grants to Dr. Martin. The
options will be granted under the Companys 2004 Equity Incentive Plan, as amended (the Plan), and
will have an exercise price equal to the closing price of the Companys common stock on January 30,
2015 since the February 1, 2015 effective date is a Sunday. The options will have a maximum term
of ten years measured from such effective date. The performance share awards will be issued under
the Plan and will have both a total shareholder return (TSR) tranche equal to 50% of the grant-date
fair value of the award and a revenue tranche equal to the remaining 50% of such grant-date fair
value and divided into three separate annual revenue subtranches. The TSR and revenue tranches of
each award will be structured in substantially the same manner as the 2014 performance shares
awards described in the Companys Current Report on Form 8-K filed with the Securities and Exchange
Commission on January 29, 2014.
Kevin Young was granted time-based restricted stock unit awards with a grant date fair value
of $180,000*. The number of shares actually granted will be based on the fair value on the
February 10, 2015 effective date. Mr. Young was also granted stock options with a grant date fair
value of $180,000*. The options will be granted under the Plan and will have an exercise price
equal to the closing price of the Companys common stock on February 10, 2015. The options will
have a maximum term of ten years measured from such effective date.
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The number of shares actually granted may differ slightly due to rounding. |
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.
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Gilead Sciences, Inc.
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January 28, 2015
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By:
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/s/ Brett A. Pletcher
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Name: Brett A. Pletcher
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Title: Senior Vice President and General Counsel
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