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): March 16, 2007
000-14136
(Commission file number)
CARDIUM THERAPEUTICS, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 27-0075787 | |
| (State of incorporation) | (IRS Employer Identification No.) | |
| 3611 Valley Centre Drive, Suite 525 San Diego, California 92130 |
(858) 436-1000 | |
| (Address of principal executive offices) | (Registrant’s telephone number) | |
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:
| ¨ | 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)) |
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements with Certain Officers. |
Effective March 16, 2007, the Compensation Committee of the Board of Directors of Cardium Therapeutics, Inc. (Cardium) approved the payment of bonuses and an increase in the salaries of certain of Cardium’s executive officers as set forth in the table below:
| Name |
Title |
2006 Base Salary |
2007 Base Salary |
Bonus Payment | |||||||
| Christopher J. Reinhard |
Chairman, Chief Executive Officer, President and Treasurer | $ | 350,000 | $ | 367,500 | $ | 105,000 | ||||
| Tyler M. Dylan |
Chief Business Officer, General Counsel, Executive Vice President and Secretary | $ | 325,000 | $ | 341,250 | $ | 98,000 | ||||
| Dennis M. Mulroy |
Chief Financial Officer | $ | 175,000 | $ | 210,000 | $ | 45,000 | ||||
| Randall Moreadith |
Executive Vice President and Chief Medical Officer | $ | 315,000 | $ | 330,750 | $ | 90,000 | ||||
| Gabor M. Rubanyi |
Chief Scientific Officer | $ | 300,000 | $ | 315,000 | $ | 45,000 | ||||
The bonuses and salary increases described above followed the review by the Compensation Committee of an executive compensation analysis completed by an independent advisory firm based on a review of industry and size peers and surveys.
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.
| CARDIUM THERAPEUTICS, INC. | ||||||||
| Date: March 21, 2007 |
By: | /s/ CHRISTOPHER J. REINHARD | ||||||
| Christopher J. Reinhard Chief Executive Officer | ||||||||