DURECT CORPORATION (NASDAQ:DRRX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ME Staff 8-k
DURECT CORPORATION (NASDAQ:DRRX) 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.
James E. Brown, D.V.M.,
$
531,289
188,212
250,000
%
President& Chief Executive
Officer
$
Felix Theeuwes, D. Sc.,
$
123,480
112,214
55,000
%
Chairman& Chief Scientific
Officer
$
Matthew J. Hogan, Chief
$
345,015
84,455
110,000
%
Financial Officer
$
Judy Joice, Senior
$
302,357
65,465
85,000
%
Vice President, Operations
& Corporate Quality
Assurance
$
Notes:
(1)
The 2018 base salary reflects no increase as compared to the base salary in 2017. Effective February 1, 2018, Dr. Theeuwes will adjust his schedule from three days per week to one day per week. Dr. Theeuwes’ notional salary becomes $125,000 effective February 1, 2018 and then $90,000 effective July 1, 2018.
(2)
The bonus awarded for performance in 2017 as determined by the Compensation Committee on January26, 2018 was established to be paid 50% in stock options. The total shares subject to each bonus option was determined by using a standard Black-Scholes option-pricing model. The exercise price per share of such option grant is $1.24, the closing price of the Company’s common stock on the NASDAQ Global Market on the date of grant. The shares subject to the bonus options are fully vested upon grant. In the event of the optionee’s termination of service with the Company for a reason other than Cause, the post termination exercise period for the options shall be one (1)year, subject to the ten (10)year term of the option.
(3)
The 2018 annual options were granted by the Compensation Committee on January26, 2018. The exercise price per share of such option grant is $1.24, the closing price of the Company’s common stock on the NASDAQ Global Market on the date of grant. The vesting associated with the options is as follows: one-sixteenth (1/16)of the total shares subject to the option shall vest quarterly over four (4)years following the date of grant, subject to continued service. In the event of the optionee’s termination of service with the Company for a reason other than Cause, the post termination exercise period for the options shall be one (1)year, subject to the ten (10)year term of the option.
(4)
The actual bonus to be awarded will be at the Committee’s complete discretion based on the Company’s performance against specified corporate objectives and other factors to be taken into account at the discretion of the Committee.
In addition, effective February 1, 2018, Dr. Theeuwes’ title is changed from Chairman & Chief Scientific Officer to Chairman and Distinguished Scientist.
About DURECT CORPORATION (NASDAQ:DRRX) Durect Corporation is a biopharmaceutical company with research and development programs. The Company’s products candidates include DUR-928, oral for metabolic/lipid disorders, and DUR-928, injectable for acute organ injuries. Its other product candidates include POSIMIR (controlled release injection of bupivacaine), REMOXY (oral controlled release oxycodone), ORADUR-ADHD, ELADUR (controlled release injection of bupivicane), Relday (risperidone), ORADUR-based opioid (hydromorphone) and SABER-based ophthalmic. The Company’s ALZET product line consists of miniature, implantable osmotic pumps and accessories used for experimental research in mice, rats and other laboratory animals. The Company also manufactures and sells osmotic pumps used in laboratory research and design; and develops and manufactures a range of standard and custom biodegradable polymers and excipients for pharmaceutical and medical device clients for use as raw materials in their products.