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.
On June30, 2017, Depomed,Inc. (the “Company”) entered into an agreement with Srinivas G. Rao, M.D., Ph. D., the Company’s Senior Vice President and Chief Medical Officer, to which Dr.Rao will resign as an officer of the Company, effective as of July31, 2017, or such other date as may be mutually agreed upon between Dr.Rao and the Company. In connection with the termination of his employment with the Company, and to his release of claims executed in connection with his termination, Dr.Rao will receive a lump sum cash payment equal to his current annual base salary, a lump sum cash payment equal to a pro-rata portion of the annual bonus he would have earned for 2017 based on actual performance of the Company over the entire year (payable in 2018 at the same time annual bonuses are paid to executives generally), and Company-paid health insurance benefits for a period of twelve months. Dr.Rao will also be eligible for three months of outplacement services.