Business Context and Reporting Period
Xencor, Inc. filed a Form 8-K Current Report on January 21, 2015. The filing discloses corporate governance actions taken by the Board of Directors regarding executive compensation for the 2015 fiscal year.
Key Financial Metrics
This filing does not contain revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on executive compensation arrangements.
Material Changes and Compensation Details
The Board approved the 2015 Executive Bonus Plan and 2015 base salaries for named executive officers. The bonus plan ties compensation to corporate and individual goals, with target and maximum bonuses calculated as a percentage of base salary.
| Executive Officer | Title | 2014 Base Salary | Target Bonus % | Maximum Bonus % | Corporate Goal Weight | Individual Goal Weight |
|---|---|---|---|---|---|---|
| Bassil I. Dahiyat, Ph.D. | President and CEO | $410,000 | 45% | 59% | 100% | 0% |
| Edgardo Baracchini, Jr., Ph.D. | Chief Business Officer | $299,171 | 35% | 41% | 50% | 50% |
| Paul Foster, M.D. | Chief Medical Officer | $378,225 | 35% | 41% | 50% | 50% |
| John J. Kuch | Vice President, Finance | $279,992 | 35% | 41% | 50% | 50% |
Corporate goals and stretch goals under the plan are a combination of research and development objectives and business development objectives.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, market outlook, or specific risk factors. It notes that bonus achievement depends on meeting specified corporate and individual goals.
Investor Verification Checklist
- Verify the specific research and development goals defined for the 2015 corporate bonus plan.
- Confirm the total cash compensation impact of the approved base salaries and potential maximum bonuses.
- Review the company's 10-K or 10-Q filings for actual financial performance against the goals set in this plan.
- Check for any subsequent amendments to the 2015 Executive Bonus Plan.