Item 1.01. Entry into a Material Definitive Agreement.
[Isn't this close to insider buying? Passeri takes say 150.000 USD worth of restricted stock plus 90.000 extra options (@ 1,57) in lieu of 75.000 in cash. Apart from the "extra" options he also received 300.000 "normal" options. The guy seems to believe that the company still has a future].
Executive Officer Compensation
On May 31, 2006, the compensation committee (the "Compensation Committee") of the board of directors (the "Board") of Curis, Inc. (the "Company") determined the annual base salaries, effective as of June 1, 2006, of each named executive officer listed below, in the amounts listed below.
Named Executive Officer Annual Salary
Michael P. Gray $ 285,000
Mark W. Noel $ 200,000
Daniel R. Passeri $ 300,000 *
Mary Elizabeth Potthoff $ 200,000
Lee R. Rubin $ 325,000
* The Compensation Committee determined to decrease Mr. Passeri's annual cash compensation from $375,000 to $300,000 and determined to grant Mr. Passeri, in lieu of certain of his cash compensation, (1) a restricted stock award for 10,000 shares of the Company's common stock at a purchase price of $0.01 per share, vesting on May 31, 2007 and (2) an option to purchase 90,000 shares of the Company's common stock, vesting on May 31, 2007.
Director Compensation
On June 1, 2006, the Board determined the compensation arrangements of the members of the Board. Effective June 1, 2006, the Company shall pay to each director a $15,000 annual retainer and quarterly meeting fees of $1,500 per Board meeting attended in-person, $750 per Board meeting attended telephonically, $1,500 for in-person committee meetings held on a day other than the Board meeting and $750 for committee meetings attended telephonically. Further, the chairperson of each of the Audit, Compensation and Nominating and Governance Committees shall receive an additional annual retainer of $5,000. |
