DEPOMED,INC. (NASDAQ:DEPO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective October17, 2017, Depomed,Inc. (the “Company”) entered into an offer letter (“Offer Letter”) with Santosh J. Vetticaden, M.D., Ph.D. to which Dr.Vetticaden agreed to serve as the Company’s Senior Vice President, Chief Medical and Scientific Officer.
Dr.Vetticaden, 58, brings over 25 years of pharmaceutical and biotechnology industry leadership experience to this role. Most recently, Dr.Vetticaden held the position of Interim Chief Executive Officer of Insys Therapeutics Inc. (“Insys”), a specialty pharmaceutical company developing and commercializing products in various therapeutic areas including the area of pain management. Prior to joining Insys, Dr.Vetticaden held the role of Chief Medical Officer at several publicly traded biopharmaceutical companies: Mast Therapeutics Inc., Cubist Pharmaceuticals Inc. and Maxygen Inc. Dr.Vetticaden has also previously held leadership positions at Johnson& Johnson and Aventis (now Sanofi). Dr.Vetticaden currently serves on the board of Heluna Health (formerly Public Health Foundation Enterprises), a non-profit organization devoted to population health. Dr.Vetticaden holds an M.D. from the University of Maryland, a Ph.D. from Virginia Commonwealth University and an M.B.A. from the Sloan School of Management at the Massachusetts Institute of Technology.
to the terms of the Offer Letter, Dr.Vetticaden’s base salary will be $475,000 and an annual target cash bonus of 50% of his base salary. The Offer Letter also provides that the Company will grant Dr.Vetticaden 109,343 stock options and 53,325 restricted stock units, in each case that vest over a four-year period, with such grants to be made under its current equity compensation plan. Dr.Vetticaden will also receive a sign-on bonus of $100,000, with 50% of such bonus being payable on November20, 2017 and the remainder being payable on January31, 2019. Dr.Vetticaden also entered into the Company’s standard form of Management Continuity Agreement.
The foregoing descriptions of the Offer Letter and the form of Management Continuity Agreement are qualified in its entirety by reference to the full text of the Offer Letter, which will be filed as an exhibit to the Company’s Form10-Q for the nine-month period ending September30, 2017, and the full text of the form of Management Continuity Agreement filed as an exhibit to the Company’s Form10-Q filed on May6, 2016, respectively.