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): December 13, 2013
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ADMA BIOLOGICS, INC.
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(Exact name of registrant as specified in its charter)
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Delaware
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000-52120
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56-2590442
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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465 State Route 17, Ramsey, New Jersey
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07446-2012
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (201) 478-5552
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(Former name or former address, if changed since last report.)
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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)
¨ 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))
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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.
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On December 13, 2013, upon recommendation of the Compensation Committee of the Board of Directors (the “Compensation Committee”) of ADMA Biologics, Inc. (the “Company”), the Board of Directors (the “Board”) approved the following 2014 base salaries for the Company’s executive officers: Adam S. Grossman: $450,000; Brian Lenz: $320,000; and Dr. James Mond: $325,000. The Board also approved the following 2013 bonuses for the Company’s executive officers: Adam S. Grossman: $125,000; Brian Lenz: $79,568; and Dr. James Mond: $53,560.
The Board also adopted 2014 executive management bonus targets. The targets were adopted to provide cash incentive payouts to eligible executives based upon Company and individual performance.
Target payouts for each executive will be based on a specified percentage of annual base salary and are triggered upon the achievement of both corporate performance objectives determined by the Board and individual performance objectives. The Board set the following 2014 bonus targets for the Company’s executive officers (represented as a percentage of such executive officer's 2014 base salary): Adam S. Grossman: 50%; Brian Lenz: 35%; and Dr. James Mond: 35%.
The Compensation Committee, taking into account the recommendations of management regarding achievement of individual performance objectives, will approve all payouts pursuant to the 2014 bonus targets.
SIGNATURE
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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December 19, 2013
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ADMA Biologics, Inc.
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By:
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/s/ Brian Lenz
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| Name:Brian Lenz | ||
| Title: Chief Financial Officer | ||