Apollo Endosurgery, Inc. (NASDAQ:APEN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Apollo Endosurgery, Inc. (NASDAQ:APEN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously reported on the definitive proxy statement on Schedule 14A for the 2020 Annual Meeting of Stockholders held on August , 2020 and the Current Report on Form 8-K, filed with the SEC on April 2, 2020, in connection with efforts to preserve the liquidity of Apollo Endosurgery, Inc., or the Company, the Board of Directors of the Company temporarily reduced the retainer fees for non-employee directors by 50% and the Compensation Committee of the Board of Directors of the Company approved management’s plan to temporarily reduce the base salaries of employees and executive officers. On August 25, 2020, the Board of Directors approved (i) the restoration of non-employee director quarterly cash retainers to be equal to 75% of pre-reduction levels for the third quarter of 2020 and 50% of pre-reduction levels for the fourth quarter of 2020 and beyond, and (ii) a plan for the restoration of the base salaries of employees and executive officers.
The base salary restoration plan for executive officers includes (i) the restoration of 42% of each executive officer’s annualized salary reduction, effective September 1, 2020, (ii) the restoration of each executive officer’s base salary to 50% of pre-reduction levels, effective November 1, 2020, and (iii) a payment on November 1, 2020 equal to the remaining 58% of each executive officer’s annualized salary reduction for the period from September 1, 2020 through October 31, 2020. Items (ii) and (iii) above remain contingent on the Board of Director’s further review and determination, made solely in the judgement of the Board of Directors, that the Company’s business has not been further materially disrupted by the COVID-19 pandemic during the period from September 1, 2020 through October 31, 2020. Restored pre-reduction salaries are based on each executive officer’s 2019 base salary levels.
The following table sets forth the restoration plan and amounts for the Company’s three named executive officers.
7,188,861
About Apollo Endosurgery, Inc. (NASDAQ:APEN)

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Apollo Endosurgery, Inc., formerly Lpath, Inc., is a medical device company. The Company is focused on less invasive therapies for the treatment of obesity, as well as other gastrointestinal disorders. The Company’s device-based therapies are an alternative to invasive surgical procedures. The Company offers products in over 80 countries. The Company’s products include ORBERA, LAP-BAND and OverStitch. The Company’s product, ORBERA, is a gastric balloon. The ORBERA Intragastric Balloon System is a weight loss aid for adults suffering from obesity. The LAP-BAND System is a minimally invasive procedure that offers weight loss. The LAP-BAND System is indicated for weight reduction for patients with obesity. The OverStitch Endoscopic Suturing System enables advanced endoscopic surgery by allowing physicians to place full-thickness sutures through a flexible endoscope. OverStitch offers solutions for defects in both the upper and lower gastrointestinal tract.

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