Maximizing Commercial Opportunities for OLUX, Luxq, Soriatane and Evoclin. We have a focused sales force dedicated to establishing our products as the standard of care for their respective indications. Our commercial strategy is to call on those medical professionals in dermatology who
Exhibit 10.55
Summary Compensation Information for Named Executive Officers and Directors
Named Executive Officers
On January 18, 2005, the Compensation Committee of the Board of Directors of Connetics Corporation (the “Company”) approved the annual base salaries, effective as of January 1, 2005, of the Company’s executive officers after a review of performance and competitive market data. The following table sets forth the annual base salary levels of the Company’s Named Executive Officers (which officers were determined by reference to the Connetics preliminary proxy statement filed with the Securities and Exchange Commission (“SEC”) on March 7, 2005) for 2005:
| Name and Position | Year | Base Salary | ||||||||
Thomas G. Wiggans Chief Executive Officer | 2005 | $ | 530,000 | |||||||
C. Gregory Vontz President and Chief Operating Officer | 2005 | 381,000 | ||||||||
Lincoln Krochmal Executive Vice President, Research and Product Development | 2005 | 386,000 | ||||||||
John L. Higgins Executive Vice President, Finance and Corporate Development and Chief Financial Officer | 2005 | 325,000 | ||||||||
Katrina J. Church Executive Vice President, Legal Affairs, General Counsel and Secretary | 2005 | 297,000 | ||||||||
Effective January 1, 2005, the annual incentive range for bonus awards for Named Executive Officers for 2005 was set at between zero and sixty percent of base salary with the target set at fifty percent of base salary for each Named Executive Officer except Mr. Wiggans. The range and target bonus for Mr. Wiggans for 2005 will be set at the discretion of the Board of Directors. The metrics to be used for measurement for bonus awards for 2005 include the Company’s success in achieving specific company-wide goals as well as the Named Executive Officers’ success in achieving individual and department goals in 2005.
On January 18, 2005, the Compensation Committee also approved grants of ten-year stock options to each of the Named Executive Officers. The factors considered in making these option grants included individual performance and potential, as well as individual and company performance. Mr. Wiggans recommended the number of options for each annual grant (other than for himself), generally within the target range associated with the individual’s position and salary level. The following table sets forth the option grants approved by the Committee:
| Number of Stock | Exercise Price Per | |||||||
| Name | Options(1) | Share | ||||||
Mr. Wiggans | 135,000 | $23.35 | ||||||
Mr. Vontz | 90,000 | $23.35 | ||||||
Mr. Krochmal | 45,000 | $23.35 | ||||||
Mr. Higgins | 81,000 | $23.35 | ||||||
Ms. Church | 45,000 | $23.35 | ||||||
| (1) | Options vest 25% beginning on the first anniversary of date of grant and monthly thereafter to be fully vested in 4 years, subject to continuous employment. |
The specific information regarding cash compensation and awards of stock options to the Named Executive Officers for 2004 is incorporated herein by reference to the Company’s definitive proxy statement for the Annual Meeting of Stockholders which is set for April 22, 2005.
Non-Employee Directors
The specific information regarding cash compensation and awards of stock options to the Company’s non-employee directors for 2004 is incorporated herein by reference to the Company’s definitive proxy statement for the Annual Meeting of Stockholders which is set for April 22, 2005.
Additional Information
Additional information regarding the compensation paid and awarded to the Named Executive Officers and directors for the year ended December 31, 2004 will be provided in the definitive proxy statement for the Company’s 2005 Annual Meeting of Stockholders, which is set for April 22, 2005.
