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 7, 2006
ARADIGM CORPORATION
(Exact name of registrant as specified in its charter)
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| California
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0-28402
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94-3133088 |
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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.) |
3929 Point Eden Way
Hayward, CA 94545
(Address of principal executive offices including zip code)
Registrant’s telephone number, including area code (510) 265-9000
(Former name or former address, if changed since last report.)
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.
The Compensation Committee of the Board of Directors of Aradigm Corporation
(the “Company”) approved 2006 base salaries for the following executive officers and in the
following amounts, effective as of March 7, 2006 and retroactive
to January 1, 2006:
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| Officer Name |
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2006 Salary |
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V. Bryan Lawlis, Jr., Ph.D.
President and Chief Executive Officer
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340,000 |
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Thomas C. Chesterman
Senior Vice President and Chief Financial Officer
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306,000 |
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Bobba Venkatadri
Senior Vice President, Operations
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291,000 |
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Babatunde A. Otulana, M.D.
Senior Vice President, Clinical Development,
Regulatory Affairs and Quality
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289,000 |
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Stephen J. Farr, Ph.D.
Senior Vice President and Chief Scientific Officer
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291,000 |
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In
addition, as of March 7, 2006, the Compensation Committee approved the award of stock options to
certain of the Company’s executive officers to purchase shares of the Company’s common stock, as
set forth in the table below. All options have a per share exercise price of $3.77, and vest with
respect to 25% of the shares underlying each option on March 7, 2007, with the balance to vest
thereafter in twelve equal quarterly installments.
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| Officer Name |
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Number of Shares |
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V. Bryan Lawlis, Jr., Ph.D. |
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150,000 |
Thomas C. Chesterman |
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80,000 |
Stephen J. Farr, Ph.D. |
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60,000 |
Babatunde A. Otulana, M.D. |
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60,000 |
Bobba Venkatadri |
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40,000 |