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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C.&nbsp;20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d)
of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">Date of report&nbsp;(Date of earliest
event reported): February 8, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>NEKTAR THERAPEUTICS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Exact Name of Registrant as Specified in
Charter)</B></P>

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    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-weight: bold; text-align: center">0-24006</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-weight: bold; text-align: center">94-3134940</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center"><B>(State or Other Jurisdiction</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center"><B>of Incorporation)</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center"><B>(Commission</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center"><B>File Number)</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center"><B>(IRS Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center"><B>Identification No.)</B></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>455 Mission Bay Boulevard South</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>San Francisco, California 94158 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Address of Principal Executive Offices and
Zip Code)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: (415) 482-5300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt">&#61608;</TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt">&#61608;</TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt">&#61608;</TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt">&#61608;</TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: black"><B>Item 5.02.&nbsp;&nbsp;&nbsp;&nbsp;Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e) <FONT STYLE="color: black">On
February 8, 2012, the Board of Directors (the &ldquo;<U>Board</U>&rdquo;) of Nektar Therapeutics, a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;),
and </FONT>the Organization and Compensation Committee of the Board (the &ldquo;<U>Committee</U>&rdquo;), <FONT STYLE="color: black">approved
changes to the compensation of the Company&rsquo;s named executive officers.&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For Howard W. Robin, President
and Chief Executive Officer, effective February 1, 2012, the Board increased his annual base salary from $787,350 to $809,000.&nbsp;&nbsp;His
2012 annual performance-based bonus compensation target remains at 75% of his 2012 annual base salary.&nbsp;&nbsp;The actual amount
of Mr. Robin&rsquo;s 2012 annual performance bonus will range from 0% to 200% of the target annual bonus based on the Board&rsquo;s
assessment of his achievement of a combination of corporate and personal objectives.&nbsp;&nbsp;On February 8, 2012, the Board
awarded Mr. Robin a cash bonus of $650,000 for the 2011 annual performance period, which represented approximately 110% of his
2011 annual performance-based bonus compensation target.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For John Nicholson, Senior
Vice President and Chief Financial Officer, effective February 1, 2012, the Committee increased his annual base salary from $497,000
to $510,667.&nbsp;&nbsp;Mr. Nicholson&rsquo;s 2012 annual performance-based bonus target remains at 50% of his 2012 annual base
salary.&nbsp;&nbsp;The actual amount of Mr. Nicholson&rsquo;s 2012 annual performance bonus will range from 0% to 200% of the target
annual bonus based on the Committee&rsquo;s assessment of his achievement of a combination of corporate and personal objectives.&nbsp;&nbsp;On
February 8, 2012, the Committee awarded Mr. Nicholson a cash bonus of $260,925 for the 2011 annual performance period, which represented
approximately 105% of his 2011 annual performance-based bonus compensation target.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">For
Dr. Stephen K. Doberstein, </FONT>Senior Vice President and Chief Scientific Officer, <FONT STYLE="color: black">effective February
1, 2012, the Committee increased his annual base salary from $422,000 to $434,660.&nbsp;&nbsp;Dr. Doberstein&rsquo;s 2012 annual
performance-based bonus target remains at 50% of his 2012 annual base salary.&nbsp;&nbsp;The actual amount of Dr. Doberstein&rsquo;s
2012 annual performance bonus will range from 0% to 200% of the target annual bonus based on the Committee&rsquo;s assessment of
his achievement of a combination of corporate and personal objectives.&nbsp;&nbsp;On February 8, 2012, the Committee awarded Dr.
Doberstein a cash bonus of $221,550 for the 2011 annual performance period, which represented approximately 105% of his 2011 annual
performance-based bonus compensation target.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For Rinko Ghosh, Senior
Vice President and Chief Business Officer, effective February 1, 2012, the Committee increased his annual base salary from $430,000
to $441,825. Mr. Ghosh&rsquo;s 2012 annual performance-based bonus target remains at 50% of his 2012 annual base salary.&nbsp;&nbsp;The
actual amount of Mr. Ghosh&rsquo;s 2012 annual performance bonus will range from 0% to 200% of the target annual bonus based on
the Committee&rsquo;s assessment of his achievement of a combination of corporate and personal objectives. On February 8, 2012,
the Committee awarded Mr. Ghosh a cash bonus of $225,750 for the 2011 annual performance period, which represented approximately
105% of his 2011 annual performance-based bonus compensation target.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For Gil M. Labrucherie,
Senior Vice President and General Counsel, effective February 1, 2012, the Committee increased his annual base salary from $471,000
to $489,840.&nbsp;&nbsp;Mr. Labrucherie&rsquo;s 2012 annual performance-based bonus target remains at 50% of his 2011 annual base
salary.&nbsp;&nbsp;The actual amount of Mr. Labrucherie&rsquo;s 2012 annual performance bonus will range from 0% to 200% of the
target annual bonus based on the Committee&rsquo;s assessment of his achievement of a combination of corporate and personal objectives.&nbsp;&nbsp;On
February 8, 2011, the Committee awarded Mr. Labrucherie a cash bonus of $306,150 for the 2011 annual performance period, which
represented approximately 130% of his 2011 annual performance-based bonus compensation target.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 7.01.&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 8, 2012, Mr.
Robin was granted a stock option to purchase 400,000 shares of the Company&rsquo;s common stock pursuant to the terms and conditions
of the Company&rsquo;s 2008 Equity Incentive Plan (the &ldquo;<U>Stock Plan</U>&rdquo;).&nbsp;&nbsp;The exercise price of the stock
option was set at $7.21, the closing price of the Company&rsquo;s common stock on the NASDAQ Global Select Market on the February
8, 2012 grant date. Fifty percent (50%) of the shares subject to this stock option grant will vest according to a four-year vesting
schedule on a monthly pro rata basis (&ldquo;<U>Time-Based Vesting</U>&rdquo;), and fifty percent (50%) of the shares subject to
this stock option grant will vest according to Time-Based Vesting and will only be exercisable upon the attainment of a performance
goal (the &ldquo;<U>Performance-Based Vesting</U>&rdquo;) within five years of the grant date (the &ldquo;<U>Performance Period</U>&rdquo;).
The performance goal that must be met before the end of the Performance Period in order to achieve the Performance-Based Vesting
condition is the filing by the Company or a collaboration partner of the Company of either (i) a new drug application (an &ldquo;<U>NDA</U>&rdquo;)
or biologics license application (a &ldquo;<U>BLA</U>&rdquo;) with the United States Food and Drug Administration or (ii) a marketing
authorization application (an &ldquo;<U>MAA</U>&rdquo;) with the European Medicines Agency for any Proprietary Company Program
(as hereinafter defined), including, without limitation, any one of the following drug candidates: (1) NKTR-118 (an oral peripherally-acting
opioid antagonist); (2) NKTR-102 (a topoisomerase I inhibitor); (3) NKTR-061/Amikacin Inhale (a drug-device combination for an
inhaled solution of amikacin); or (4) BAX-855 (a longer-acting (PEGylated) form of a full-length recombinant factor VIII (rFVIII)
protein). For purposes of the foregoing, a &ldquo;Proprietary Company Program&rdquo; includes drug candidates for which the Company
acts as the sponsor of the NDA, BLA or MAA, as the case may be, or drug candidates licensed by the Company to a third party (and
in such case the third party is the sponsor of the NDA, BLA or MAA, as the case may be) in which the Company is entitled to an
average potential royalty on net sales of the drug candidate equal to or greater than 7.5%. The &ldquo;average potential royalty
on net sales&rdquo; is determined by the quotient of (x) the sum of the lowest and highest applicable royalty rates payable to
the Company based on net sales of the drug candidate, divided by (y) two.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 8, 2012, Mr.
Nicholson was granted a stock option to purchase 100,000 shares of the Company&rsquo;s common stock pursuant to the terms and conditions
of the Stock Plan.&nbsp;&nbsp;The exercise price of the stock option was set at $7.21. Fifty percent (50%) of the shares subject
to this stock option grant will vest according to Time-Based Vesting, and fifty percent (50%) of the shares subject to this stock
option grant will vest only if both the Time-Based Vesting and Performance-Based Vesting conditions are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 8, 2012, Dr.
Doberstein was granted a stock option to purchase 100,000 shares of the Company&rsquo;s common stock pursuant to the terms and
conditions of the Stock Plan.&nbsp;&nbsp;The exercise price of the stock option was set at $7.21. Fifty percent (50%) of the shares
subject to this stock option grant will vest according to Time-Based Vesting, and fifty percent (50%) of the shares subject to
this stock option grant will vest only if both the Time-Based Vesting and Performance-Based Vesting conditions are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 8, 2012, Mr.
Ghosh was granted a stock option to purchase 100,000 shares of the Company&rsquo;s common stock pursuant to the terms and conditions
of the Stock Plan.&nbsp;&nbsp;The exercise price of the stock option was set at $7.21. Fifty percent (50%) of the shares subject
to this stock option grant will vest according to Time-Based Vesting, and fifty percent (50%) of the shares subject to this stock
option grant will vest only if both the Time-Based Vesting and Performance-Based Vesting conditions are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 8, 2012, Mr.
Labrucherie was granted a stock option to purchase 150,000 shares of the Company&rsquo;s common stock pursuant to the terms and
conditions of the Stock Plan.&nbsp;&nbsp;The exercise price of the stock option was set at $7.21. Fifty percent (50%) of the shares
subject to this stock option grant will vest according to Time-Based Vesting, and fifty percent (50%) of the shares subject to
this stock option grant will vest only if both the Time-Based Vesting and Performance-Based Vesting conditions are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The information in this
Item&nbsp;7.01 is being furnished and shall not be deemed filed for purposes of Section&nbsp;18 of the Securities Exchange Act
of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;), or otherwise subject to the liability of that section, nor shall such
information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities
Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 10pt/0.05pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">Pursuant to the requirement of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B></B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Gil M. Labrucherie
</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Gil M. Labrucherie<BR>General Counsel and Secretary</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>Date:&nbsp;&nbsp;February 14, 2012&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
</TABLE>

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{"company-data": {"conformed-name": "NEKTAR THERAPEUTICS", "cik": "0000906709", "assigned-sic": "2834", "irs-number": "943134940", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-24006", "film-number": "12610667"}, "business-address": {"street1": "455 MISSION BAY BOULEVARD SOUTH", "city": "SAN FRANCISCO", "state": "CA", "zip": "94158", "phone": "4154825300"}, "mail-address": {"street1": "455 MISSION BAY BOULEVARD SOUTH", "city": "SAN FRANCISCO", "state": "CA", "zip": "94158"}, "former-company": [{"former-conformed-name": "INHALE THERAPEUTIC SYSTEMS INC", "date-changed": "19980723"}, {"former-conformed-name": "INHALE THERAPEUTIC SYSTEMS", "date-changed": "19940303"}]}
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): February 8, 2012
NEKTAR THERAPEUTICS
(Exact Name of Registrant as Specified in
Charter)
Delaware
0-24006
94-3134940
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
455 Mission Bay Boulevard South
San Francisco, California 94158
(Address of Principal Executive Offices and
Zip Code)
Registrant's telephone number, including
area code: (415) 482-5300
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 of Certain
Officers
(e)
On
February 8, 2012, the Board of Directors (the "
Board
") of Nektar Therapeutics, a Delaware corporation (the "
Company
"),
and
the Organization and Compensation Committee of the Board (the "
Committee
"),
approved
changes to the compensation of the Company's named executive officers.
For Howard W. Robin, President
and Chief Executive Officer, effective February 1, 2012, the Board increased his annual base salary from $787,350 to $809,000.  His
2012 annual performance-based bonus compensation target remains at 75% of his 2012 annual base salary.  The actual amount
of Mr. Robin's 2012 annual performance bonus will range from 0% to 200% of the target annual bonus based on the Board's
assessment of his achievement of a combination of corporate and personal objectives.  On February 8, 2012, the Board
awarded Mr. Robin a cash bonus of $650,000 for the 2011 annual performance period, which represented approximately 110% of his
2011 annual performance-based bonus compensation target.
For John Nicholson, Senior
Vice President and Chief Financial Officer, effective February 1, 2012, the Committee increased his annual base salary from $497,000
to $510,667.  Mr. Nicholson's 2012 annual performance-based bonus target remains at 50% of his 2012 annual base
salary.  The actual amount of Mr. Nicholson's 2012 annual performance bonus will range from 0% to 200% of the target
annual bonus based on the Committee's assessment of his achievement of a combination of corporate and personal objectives.  On
February 8, 2012, the Committee awarded Mr. Nicholson a cash bonus of $260,925 for the 2011 annual performance period, which represented
approximately 105% of his 2011 annual performance-based bonus compensation target.
For
Dr. Stephen K. Doberstein,
Senior Vice President and Chief Scientific Officer,
effective February
1, 2012, the Committee increased his annual base salary from $422,000 to $434,660.  Dr. Doberstein's 2012 annual
performance-based bonus target remains at 50% of his 2012 annual base salary.  The actual amount of Dr. Doberstein's
2012 annual performance bonus will range from 0% to 200% of the target annual bonus based on the Committee's assessment of
his achievement of a combination of corporate and personal objectives.  On February 8, 2012, the Committee awarded Dr.
Doberstein a cash bonus of $221,550 for the 2011 annual performance period, which represented approximately 105% of his 2011 annual
performance-based bonus compensation target.
For Rinko Ghosh, Senior
Vice President and Chief Business Officer, effective February 1, 2012, the Committee increased his annual base salary from $430,000
to $441,825. Mr. Ghosh's 2012 annual performance-based bonus target remains at 50% of his 2012 annual base salary.  The
actual amount of Mr. Ghosh's 2012 annual performance bonus will range from 0% to 200% of the target annual bonus based on
the Committee's assessment of his achievement of a combination of corporate and personal objectives. On February 8, 2012,
the Committee awarded Mr. Ghosh a cash bonus of $225,750 for the 2011 annual performance period, which represented approximately
105% of his 2011 annual performance-based bonus compensation target.
For Gil M. Labrucherie,
Senior Vice President and General Counsel, effective February 1, 2012, the Committee increased his annual base salary from $471,000
to $489,840.  Mr. Labrucherie's 2012 annual performance-based bonus target remains at 50% of his 2011 annual base
salary.  The actual amount of Mr. Labrucherie's 2012 annual performance bonus will range from 0% to 200% of the
target annual bonus based on the Committee's assessment of his achievement of a combination of corporate and personal objectives.  On
February 8, 2011, the Committee awarded Mr. Labrucherie a cash bonus of $306,150 for the 2011 annual performance period, which
represented approximately 130% of his 2011 annual performance-based bonus compensation target.
Item 7.01.    Regulation FD Disclosure
On February 8, 2012, Mr.
Robin was granted a stock option to purchase 400,000 shares of the Company's common stock pursuant to the terms and conditions
of the Company's 2008 Equity Incentive Plan (the "
Stock Plan
").  The exercise price of the stock
option was set at $7.21, the closing price of the Company's common stock on the NASDAQ Global Select Market on the February
8, 2012 grant date. Fifty percent (50%) of the shares subject to this stock option grant will vest according to a four-year vesting
schedule on a monthly pro rata basis ("
Time-Based Vesting
"), and fifty percent (50%) of the shares subject to
this stock option grant will vest according to Time-Based Vesting and will only be exercisable upon the attainment of a performance
goal (the "
Performance-Based Vesting
") within five years of the grant date (the "
Performance Period
").
The performance goal that must be met before the end of the Performance Period in order to achieve the Performance-Based Vesting
condition is the filing by the Company or a collaboration partner of the Company of either (i) a new drug application (an "
NDA
")
or biologics license application (a "
BLA
") with the United States Food and Drug Administration or (ii) a marketing
authorization application (an "
MAA
") with the European Medicines Agency for any Proprietary Company Program
(as hereinafter defined), including, without limitation, any one of the following drug candidates: (1) NKTR-118 (an oral peripherally-acting
opioid antagonist); (2) NKTR-102 (a topoisomerase I inhibitor); (3) NKTR-061/Amikacin Inhale (a drug-device combination for an
inhaled solution of amikacin); or (4) BAX-855 (a longer-acting (PEGylated) form of a full-length recombinant factor VIII (rFVIII)
protein). For purposes of the foregoing, a "Proprietary Company Program" includes drug candidates for which the Company
acts as the sponsor of the NDA, BLA or MAA, as the case may be, or drug candidates licensed by the Company to a third party (and
in such case the third party is the sponsor of the NDA, BLA or MAA, as the case may be) in which the Company is entitled to an
average potential royalty on net sales of the drug candidate equal to or greater than 7.5%. The "average potential royalty
on net sales" is determined by the quotient of (x) the sum of the lowest and highest applicable royalty rates payable to
the Company based on net sales of the drug candidate, divided by (y) two.
On February 8, 2012, Mr.
Nicholson was granted a stock option to purchase 100,000 shares of the Company's common stock pursuant to the terms and conditions
of the Stock Plan.  The exercise price of the stock option was set at $7.21. Fifty percent (50%) of the shares subject
to this stock option grant will vest according to Time-Based Vesting, and fifty percent (50%) of the shares subject to this stock
option grant will vest only if both the Time-Based Vesting and Performance-Based Vesting conditions are met.
On February 8, 2012, Dr.
Doberstein was granted a stock option to purchase 100,000 shares of the Company's common stock pursuant to the terms and
conditions of the Stock Plan.  The exercise price of the stock option was set at $7.21. Fifty percent (50%) of the shares
subject to this stock option grant will vest according to Time-Based Vesting, and fifty percent (50%) of the shares subject to
this stock option grant will vest only if both the Time-Based Vesting and Performance-Based Vesting conditions are met.
On February 8, 2012, Mr.
Ghosh was granted a stock option to purchase 100,000 shares of the Company's common stock pursuant to the terms and conditions
of the Stock Plan.  The exercise price of the stock option was set at $7.21. Fifty percent (50%) of the shares subject
to this stock option grant will vest according to Time-Based Vesting, and fifty percent (50%) of the shares subject to this stock
option grant will vest only if both the Time-Based Vesting and Performance-Based Vesting conditions are met.
On February 8, 2012, Mr.
Labrucherie was granted a stock option to purchase 150,000 shares of the Company's common stock pursuant to the terms and
conditions of the Stock Plan.  The exercise price of the stock option was set at $7.21. Fifty percent (50%) of the shares
subject to this stock option grant will vest according to Time-Based Vesting, and fifty percent (50%) of the shares subject to
this stock option grant will vest only if both the Time-Based Vesting and Performance-Based Vesting conditions are met.
The information in this
Item 7.01 is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended (the "
Exchange Act
"), or otherwise subject to the liability of that section, nor shall such
information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities
Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
By:
/s/ Gil M. Labrucherie
Gil M. Labrucherie
General Counsel and Secretary
Date:  February 14, 2012