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DRRX > SEC Filings for DRRX > Form 8-K on 19-Feb-2014All Recent SEC Filings

Show all filings for DURECT CORP

Form 8-K for DURECT CORP


Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Modification of Executive Officer Compensation

On February 4, 2014, DURECT Corporation (the "Company") filed a Form 8-K describing a summary of actions taken by the Compensation Committee of the Company for the Company's Chief Executive Officer, the Chief Financial Officer, and the other named executive officers of the Company for whom compensation disclosure was required in the Company's most recent proxy statement filed with the Securities and Exchange Commission. As described in that Form 8-K, these executives were awarded bonuses for performance in 2013 as determined by the Compensation Committee on January 31, 2014, with such bonuses to be paid 25% in cash and 75% in stock options. On February 18, 2014, each of these executive officers notified the Company that they were voluntarily declining to receive the cash bonus. In so doing, this represents the third consecutive year in which these officers receive no cash bonus for performance in the preceding year.

The amounts being foregone by individual are as follows:

James E. Brown, D.V.M., President and Chief Executive Officer             $ 60,095
Felix Theeuwes, D. Sc., Chairman and Chief Scientific Officer             $ 44,786
Matthew J. Hogan, Chief Financial Officer                                 $ 26,301
Su IL Yum, Ph.D., Executive Vice President, Pharmaceutical Research &
Development                                                               $ 26,715

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