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): January 23, 2009
DEPOMED, INC.
(Exact name of registrant as specified in its charter)
001-13111
(Commission File Number)
California |
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94-3229046 |
(State or other jurisdiction of |
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(I.R.S. Employer Identification No.) |
incorporation) |
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1360 OBrien Drive, Menlo Park, California 94025
(Address of principal executive offices, with zip code)
(650) 462-5900
(Registrants telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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 (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o 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
On January 23, 2009, the compensation committee of the board of directors of Depomed, Inc. (the Company) approved 2009 base salaries for the Companys executive officers, and approved the payment of 2008 bonuses to executive officers pursuant to the Companys bonus plan. Also on January 23, 2009, the compensation committee approved grants to the Companys executive officers to purchase the Companys common stock pursuant to the Companys 2004 Equity Incentive Plan. The exercise price for each stock option is $1.83 per share, which is equal to the closing price of the Companys common stock on the date of grant. The stock options vest in equal monthly installments over 48 months from the date of grant.
The 2008 bonus payments, 2009 base salaries and the stock option grants are set forth in the table below.
Officer |
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Bonus Amount ($) |
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2009 |
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Stock |
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Carl A. Pelzel |
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275,000 |
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450,000 |
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200,000 |
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Tammy L. Cameron |
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80,000 |
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207,000 |
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65,000 |
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Matthew M.
Gosling |
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124,000 |
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340,000 |
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70,000 |
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Michael Sweeney,
M.D. |
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130,000 |
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328,000 |
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85,000 |
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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.
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DEPOMED, INC. |
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Date: January 27, 2009 |
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/s/ Matthew M. Gosling |
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Matthew M. Gosling |
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Vice President and General Counsel |
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