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):
July 13, 2005
PROTEIN DESIGN LABS, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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000-19756 |
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94-3023969 |
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(State or other jurisdiction of |
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(Commission File No.) |
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(I.R.S. Employer Identification |
34801 Campus Drive
Fremont, California 94555
(Address of principal executive offices)
Registrant’s telephone number, including area code:
(510) 574-1400
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):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On July 13, 2005, the Compensation Committee of the Board of Directors (the “Board”) of Protein Design Labs, Inc. (the “Company”) granted shares of restricted stock of the Company to the following executive officers in connection with each respective executive officer’s service in the capacity set forth beside such officer’s name:
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Officer |
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Number of Shares |
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Title |
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Mark McDade |
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60,000 |
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Chief Executive Officer |
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Steven Benner |
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12,000 |
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Senior Vice President and Chief Medical Officer |
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Richard Murray |
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16,200 |
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Senior Vice President, Research and Chief Scientific Officer |
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Brett Schmidli |
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2,500 |
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Senior Vice President, Technical Operations |
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Laurie Torres |
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12,500 |
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Vice President, Human Resources |
Each grant of restricted stock was granted under the Company’s 2005 Equity Incentive Plan (the “2005 Plan”), pursuant to a restricted stock purchase agreement substantially in the form used under the 2005 Plan. Each grant of restricted stock is subject to forfeiture that lapses annually over four (4) years from July 13, 2005.
In addition, on July 13, 2005, the Board granted to Mark McDade a bonus of $100,000 to acknowledge progress on strategic objectives and efforts to acquire and integrate ESP Pharma, Inc.
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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.
Date: July 19, 2005 |
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PROTEIN DESIGN LABS, INC. |
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By: |
/s/ Mark McDade |
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Mark McDade |
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Chief Executive Officer |
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