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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of report&nbsp;(Date of earliest event
reported): June 28, 2012</P>

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NEKTAR THERAPEUTICS</B></P>

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

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    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-size: 10pt; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 0.8pt; font-size: 10pt; font-weight: bold; text-align: center">0-24006</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 0.8pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-size: 10pt; font-weight: bold; text-align: center">94-3134940</TD></TR>
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    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>(State or Other Jurisdiction</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>of Incorporation)</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>(Commission</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>File Number)</B></P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 0.8pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>(IRS Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>Identification No.)</B></P></TD></TR>
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    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>455 Mission Bay Boulevard South</B></P>

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

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

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

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

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

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    <TD STYLE="width: 4%; font: 10pt Wingdings; padding-right: 0.8pt">&uml;</TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
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    <TD STYLE="width: 4%; font: 10pt Wingdings; padding-right: 0.8pt">&uml;</TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt; font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
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    <TD STYLE="width: 96%; padding-right: 0.8pt; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
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    <TD STYLE="width: 96%; padding-right: 0.8pt; font-size: 10pt">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: 18pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#9;Compensatory Arrangements with Certain Officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Board of Directors (the &ldquo;Board&rdquo;)
of Nektar Therapeutics (the &ldquo;Company&rdquo;) previously adopted the Nektar Therapeutics 2012 Performance Incentive Plan (the
&ldquo;2012 Plan&rdquo;), subject to stockholder approval of the 2012 Plan. As disclosed in Item 5.07 of this Form 8-K, the Company&rsquo;s
stockholders have approved the 2012 Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following summary of the 2012 Plan is
qualified in its entirety by reference to the text of the 2012 Plan, which is filed as Exhibit 10.1 hereto and incorporated herein
by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Board or one or more committees appointed
by the Board will administer the 2012 Plan. The Board has delegated general administrative authority for the 2012 Plan to the Compensation
Committee of the Board. The administrator of the 2012 Plan has broad authority under the 2012 Plan to, among other things, select
participants and determine the type(s) of award(s) that they are to receive, and determine the number of shares that are to be
subject to awards and the terms and conditions of awards, including the price (if any) to be paid for the shares or the award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Persons eligible to receive awards under
the 2012 Plan include directors of the Company, officers or employees of the Company or any of its subsidiaries, and certain consultants
and advisors to the Company or any of its subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The maximum number of shares of the Company&rsquo;s
common stock (the &ldquo;Common Stock&rdquo;) that may be issued or transferred pursuant to awards under the 2012 Plan equals:
(1) 12,936,433 shares (which represents the sum of the 7,636,433 shares available for new grants as of December 31, 2011 under
the Nektar Therapeutics 2008 Equity Incentive Plan, as amended (the &ldquo;2008 Plan&rdquo;), and the Nektar Therapeutics 2000
Non-Officer Equity Incentive Plan, as amended and restated (the &ldquo;2000 Non-Officer Plan&rdquo;, and together with the 2008
Plan, the &ldquo;Existing Plans&rdquo;) and an additional 5,300,000 new shares that will be available for grants under the 2012
Plan), less (2) the number of any shares subject to awards granted under the Existing Plans after December 31, 2011 and on or before
the date of the date of the Company&rsquo;s Annual Meeting of Stockholders held on June 28, 2012, plus (3) the number of any shares
subject to stock options granted under the Existing Plans and the Nektar Therapeutics 2000 Equity Incentive Plan (the &ldquo;2000
Plan&rdquo;, and together with the Existing Plans, the &ldquo;Prior Plans&rdquo;) and outstanding as of the date of December 31,
2011 which expire, or for any reason are cancelled or terminated, after that date without being exercised, plus (4) the number
of any shares subject to restricted stock and restricted stock unit awards granted under the Prior Plans that are outstanding and
unvested as of December 31, 2011 which are forfeited, terminated, cancelled, or otherwise reacquired after that date without having
become vested. For these purposes, shares subject to awards granted under the Prior Plans that are &ldquo;full-value awards&rdquo;
(as described below) will be taken into account based on the full-value award ratio described below. As of December 31, 2011, approximately
17,182,151 shares were subject to awards then outstanding under the Prior Plans.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shares issued in respect of any &ldquo;full-value
award&rdquo; granted under the 2012 Plan will be counted against the share limit described in the preceding paragraph as 1.50 shares
for every one share actually issued in connection with the award. For example, if the Company granted 100 shares of Common Stock
under the 2012 Plan, 150 shares would be charged against the share limit with respect to that award. For this purpose, a &ldquo;full-value
award&rdquo; means any award granted under the plan other than a stock option or stock appreciation right.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as described in the next sentence,
shares that are subject to or underlie awards which expire or for any reason are cancelled or terminated, are forfeited, fail to
vest, or for any other reason are not paid or delivered under the 2012 Plan will again be available for subsequent awards under
the 2012 Plan (with any such shares subject to full-value awards increasing the plan&rsquo;s share limit based on the full-value
award ratio described above). Shares that are exchanged by a participant or withheld by the Company to pay the exercise price of
an award granted under the 2012 Plan, as well as any shares exchanged or withheld to satisfy the tax withholding obligations related
to any award, will not be available for subsequent awards under the 2012 Plan. To the extent that an award is settled in cash or
a form other than shares, the shares that would have been delivered had there been no such cash or other settlement will again
be available for subsequent awards under the 2012 Plan (with any such shares subject to full-value awards increasing the plan&rsquo;s
share limit based on the full-value award ratio described above). In the event that shares are delivered in respect of a dividend
equivalent right, the actual number of shares delivered with respect to the award shall be counted against the share limits of
the 2012 Plan. To the extent that shares are delivered pursuant to the exercise of a stock appreciation right or stock option,
the number of underlying shares as to which the exercise related shall be counted against the applicable share limits, as opposed
to only counting the shares actually issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The types of awards that may be granted
under the 2012 Plan include stock options, stock appreciation rights, restricted stock, stock bonuses and other forms of awards
granted or denominated in Common Stock or units of Common Stock, as well as certain cash bonus awards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As is customary in incentive plans of this
nature, each share limit and the number and kind of shares available under the 2012 Plan and any outstanding awards, as well as
the exercise or purchase prices of awards, and performance targets under certain types of performance-based awards, are subject
to adjustment in the event of certain reorganizations, mergers, combinations, recapitalizations, stock splits, stock dividends,
or other similar events that change the number or kind of shares outstanding, and extraordinary dividends or distributions of property
to the stockholders.</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: -28.35pt; font-size: 10pt; font-weight: bold">Item&nbsp;5.07</TD>
    <TD STYLE="width: 90%; padding-right: 0.8pt; font-size: 10pt; font-weight: bold">Submission of Matters to a Vote of Security Holders</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the Annual Meeting of Stockholders held
on June 28, 2012 (the &ldquo;Annual Meeting&rdquo;), the following actions were taken. The proposals below are described in detail
in the Company&rsquo;s definitive proxy statement dated May 18, 2012 for the Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Proposal 1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the individuals
listed below was elected, by a majority of the votes cast at the Annual Meeting and entitled to vote on the election of directors,
to serve on the Board of Directors of the Company until the 2015 Annual Meeting of Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 20%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">Nominee</TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">For</TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">Against</TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">Abstain</TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">Broker Non-Votes</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Robert B. Chess</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">86,611,505</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2,990,676</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1,503,609</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14,807,572</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Susan Wang </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">86,892,520</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2,716,968</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1,496,302</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14,807,572</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Roy A. Whitfield </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">86,613,801</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2,985,932</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1,506,057</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14,807,572</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to the directors elected above,
R. Scott Greer, <FONT STYLE="color: black">Joseph J. Krivulka, </FONT>Christopher A. Kuebler, Lutz Lingnau, Howard W. Robin and
<FONT STYLE="color: black">Dennis L. Winger </FONT>continued to serve as directors after the Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Proposal 2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The proposal to approve the 2012 Plan and the reservation of an additional 5,300,000 shares of common stock authorized for issuance under the 2012 Plan,
as described in the proxy materials, was approved with approximately 82% of the shares present or represented and voting at the
Annual Meeting voting for the proposal and approximately 7% voting against the proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 34%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">For</TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">Against</TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">Abstain</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">74,700,640</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7,882,883</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8,522,267</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Proposal 3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The proposal to ratify the appointment,
by the audit committee of the Board of Directors, of Ernst &amp; Young LLP as the independent registered public accounting firm
for the fiscal year ending December&nbsp;31, 2012, as described in the proxy materials, was approved with approximately 98% of
the shares present or represented and voting at the Annual Meeting voting for the proposal and approximately 0.5% voting against
the proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 34%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">For</TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">Against</TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">Abstain</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">103,879,989</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">513,146</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1,520,227</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Proposal 4</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The proposal to approve the compensation
of the Company&rsquo;s Named Executive Officers, on a non-binding advisory basis, was approved with approximately 91% of the shares
present or represented and voting at the Annual Meeting voting for the proposal and approximately 7% voting against the proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 34%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">For</TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">Against</TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">Abstain</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">83,240,169</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6,316,161</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1,549,460</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -28.35pt; font-size: 10pt; font-weight: bold; width: 10%">Item&nbsp;9.01</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 10pt; font-weight: bold; width: 90%">Financial Statements and Exhibits.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Exhibit<BR> No.</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><BR>Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Nektar Therapeutics 2012 Performance Incentive Plan</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">NEKTAR THERAPEUTICS</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 45%">July 3, 2012</TD>
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="width: 47%; border-bottom: windowtext 1pt solid">/s/ Gil M. Labrucherie</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Gil M. Labrucherie&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><I>General Counsel and Secretary&nbsp;</I></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;&#9;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Exhibit<BR> No.</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><BR>Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Nektar Therapeutics 2012 Performance Incentive Plan</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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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": "12942751"}, "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): June 28, 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)	Compensatory Arrangements with Certain Officers.
The Board of Directors (the "Board")
of Nektar Therapeutics (the "Company") previously adopted the Nektar Therapeutics 2012 Performance Incentive Plan (the
"2012 Plan"), subject to stockholder approval of the 2012 Plan. As disclosed in Item 5.07 of this Form 8-K, the Company's
stockholders have approved the 2012 Plan.
The following summary of the 2012 Plan is
qualified in its entirety by reference to the text of the 2012 Plan, which is filed as Exhibit 10.1 hereto and incorporated herein
by reference.
The Board or one or more committees appointed
by the Board will administer the 2012 Plan. The Board has delegated general administrative authority for the 2012 Plan to the Compensation
Committee of the Board. The administrator of the 2012 Plan has broad authority under the 2012 Plan to, among other things, select
participants and determine the type(s) of award(s) that they are to receive, and determine the number of shares that are to be
subject to awards and the terms and conditions of awards, including the price (if any) to be paid for the shares or the award.
Persons eligible to receive awards under
the 2012 Plan include directors of the Company, officers or employees of the Company or any of its subsidiaries, and certain consultants
and advisors to the Company or any of its subsidiaries.
The maximum number of shares of the Company's
common stock (the "Common Stock") that may be issued or transferred pursuant to awards under the 2012 Plan equals:
(1) 12,936,433 shares (which represents the sum of the 7,636,433 shares available for new grants as of December 31, 2011 under
the Nektar Therapeutics 2008 Equity Incentive Plan, as amended (the "2008 Plan"), and the Nektar Therapeutics 2000
Non-Officer Equity Incentive Plan, as amended and restated (the "2000 Non-Officer Plan", and together with the 2008
Plan, the "Existing Plans") and an additional 5,300,000 new shares that will be available for grants under the 2012
Plan), less (2) the number of any shares subject to awards granted under the Existing Plans after December 31, 2011 and on or before
the date of the date of the Company's Annual Meeting of Stockholders held on June 28, 2012, plus (3) the number of any shares
subject to stock options granted under the Existing Plans and the Nektar Therapeutics 2000 Equity Incentive Plan (the "2000
Plan", and together with the Existing Plans, the "Prior Plans") and outstanding as of the date of December 31,
2011 which expire, or for any reason are cancelled or terminated, after that date without being exercised, plus (4) the number
of any shares subject to restricted stock and restricted stock unit awards granted under the Prior Plans that are outstanding and
unvested as of December 31, 2011 which are forfeited, terminated, cancelled, or otherwise reacquired after that date without having
become vested. For these purposes, shares subject to awards granted under the Prior Plans that are "full-value awards"
(as described below) will be taken into account based on the full-value award ratio described below. As of December 31, 2011, approximately
17,182,151 shares were subject to awards then outstanding under the Prior Plans.
Shares issued in respect of any "full-value
award" granted under the 2012 Plan will be counted against the share limit described in the preceding paragraph as 1.50 shares
for every one share actually issued in connection with the award. For example, if the Company granted 100 shares of Common Stock
under the 2012 Plan, 150 shares would be charged against the share limit with respect to that award. For this purpose, a "full-value
award" means any award granted under the plan other than a stock option or stock appreciation right.
Except as described in the next sentence,
shares that are subject to or underlie awards which expire or for any reason are cancelled or terminated, are forfeited, fail to
vest, or for any other reason are not paid or delivered under the 2012 Plan will again be available for subsequent awards under
the 2012 Plan (with any such shares subject to full-value awards increasing the plan's share limit based on the full-value
award ratio described above). Shares that are exchanged by a participant or withheld by the Company to pay the exercise price of
an award granted under the 2012 Plan, as well as any shares exchanged or withheld to satisfy the tax withholding obligations related
to any award, will not be available for subsequent awards under the 2012 Plan. To the extent that an award is settled in cash or
a form other than shares, the shares that would have been delivered had there been no such cash or other settlement will again
be available for subsequent awards under the 2012 Plan (with any such shares subject to full-value awards increasing the plan's
share limit based on the full-value award ratio described above). In the event that shares are delivered in respect of a dividend
equivalent right, the actual number of shares delivered with respect to the award shall be counted against the share limits of
the 2012 Plan. To the extent that shares are delivered pursuant to the exercise of a stock appreciation right or stock option,
the number of underlying shares as to which the exercise related shall be counted against the applicable share limits, as opposed
to only counting the shares actually issued.
The types of awards that may be granted
under the 2012 Plan include stock options, stock appreciation rights, restricted stock, stock bonuses and other forms of awards
granted or denominated in Common Stock or units of Common Stock, as well as certain cash bonus awards.
As is customary in incentive plans of this
nature, each share limit and the number and kind of shares available under the 2012 Plan and any outstanding awards, as well as
the exercise or purchase prices of awards, and performance targets under certain types of performance-based awards, are subject
to adjustment in the event of certain reorganizations, mergers, combinations, recapitalizations, stock splits, stock dividends,
or other similar events that change the number or kind of shares outstanding, and extraordinary dividends or distributions of property
to the stockholders.
Item 5.07
Submission of Matters to a Vote of Security Holders
At the Annual Meeting of Stockholders held
on June 28, 2012 (the "Annual Meeting"), the following actions were taken. The proposals below are described in detail
in the Company's definitive proxy statement dated May 18, 2012 for the Annual Meeting.
Proposal 1
Each of the individuals
listed below was elected, by a majority of the votes cast at the Annual Meeting and entitled to vote on the election of directors,
to serve on the Board of Directors of the Company until the 2015 Annual Meeting of Stockholders.
Nominee
For
Against
Abstain
Broker Non-Votes
Robert B. Chess
86,611,505
2,990,676
1,503,609
14,807,572
Susan Wang
86,892,520
2,716,968
1,496,302
14,807,572
Roy A. Whitfield
86,613,801
2,985,932
1,506,057
14,807,572
In addition to the directors elected above,
R. Scott Greer,
Joseph J. Krivulka,
Christopher A. Kuebler, Lutz Lingnau, Howard W. Robin and
Dennis L. Winger
continued to serve as directors after the Annual Meeting.
Proposal 2
The proposal to approve the 2012 Plan and the reservation of an additional 5,300,000 shares of common stock authorized for issuance under the 2012 Plan,
as described in the proxy materials, was approved with approximately 82% of the shares present or represented and voting at the
Annual Meeting voting for the proposal and approximately 7% voting against the proposal.
For
Against
Abstain
74,700,640
7,882,883
8,522,267
Proposal 3
The proposal to ratify the appointment,
by the audit committee of the Board of Directors, of Ernst & Young LLP as the independent registered public accounting firm
for the fiscal year ending December 31, 2012, as described in the proxy materials, was approved with approximately 98% of
the shares present or represented and voting at the Annual Meeting voting for the proposal and approximately 0.5% voting against
the proposal.
For
Against
Abstain
103,879,989
513,146
1,520,227
Proposal 4
The proposal to approve the compensation
of the Company's Named Executive Officers, on a non-binding advisory basis, was approved with approximately 91% of the shares
present or represented and voting at the Annual Meeting voting for the proposal and approximately 7% voting against the proposal.
For
Against
Abstain
83,240,169
6,316,161
1,549,460
Item 9.01
Financial Statements and Exhibits.
(d)         Exhibits.
Exhibit
No.
Description
10.1
Nektar Therapeutics 2012 Performance Incentive Plan
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.
NEKTAR THERAPEUTICS
Date:
July 3, 2012
By:
/s/ Gil M. Labrucherie
Gil M. Labrucherie
General Counsel and Secretary
EXHIBIT INDEX
Exhibit
No.
Description
10.1
Nektar Therapeutics 2012 Performance Incentive Plan