Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 9, 2015, the Compensation Committee of the Board of Directors of Emergent BioSolutions Inc. took a number of actions with respect to the compensation of our named executive officers.
Executive Cash Compensation
The committee awarded cash bonuses to our named executive officers for their performance in 2014 in the following amounts:
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Fuad El-Hibri, Executive Chairman: not bonus eligible;
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Daniel J. Abdun-Nabi, President and Chief Executive Officer: $489,610;
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Robert G. Kramer, Executive Vice President, Corporate Services Division, and Chief Financial Officer: $205,199;
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Adam Havey, Executive Vice President and President, Biodefense Division: $173,254; and
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Barry A. Labinger, Executive Vice President and President, Biosciences Division: $193,490.
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The committee also approved base salaries and target bonus percentages for our named executive officers for 2015. The annualized base salaries and target bonus percentages, effective as of January 1, 2015, are as follows: Fuad El-Hibri, $936,478 and 0%; Daniel J. Abdun-Nabi, $745,014 and 80%; Robert G. Kramer, $474,240 and 50%; Adam Havey, $415,002 and 50%; and Barry A. Labinger, $447,179 and 50%.
Executive Equity Awards
The committee approved grants of stock options and restricted stock units in accordance with the terms and provisions of the company's Third Amended and Restated 2006 Stock Incentive Plan to be made on March 10, 2015 to our named executive officers based on the following cash values: Fuad El-Hibri, based on a value of $2,100,000; Daniel J. Abdun-Nabi, based on a value of $2,736,000; Robert Kramer, based on a value of $957,500; Adam Havey, based on a value of $540,000 and Barry Labinger, based on a value of $624,000. Half of the value granted to each executive was in the form of stock options and the other half was in the form of RSUs.