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VVUS > SEC Filings for VVUS > Form 8-K on 13-Jun-2014All Recent SEC Filings

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Form 8-K for VIVUS INC


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

(b) On June 10, 2014, Robert N. Wilson notified VIVUS, Inc., or the Company, of his decision to resign from the Company's Board of Directors, or the Board, effective June 20, 2014. As previously reported, Mr. Wilson had informed the Company that he was not standing for re-election to the Board at the next annual meeting of stockholders, which had been tentatively scheduled to be held on June 20, 2014. Mr. Wilson's decision to resign was not due to any disagreement with the Company, including with respect to any matter relating to the Company's operations, policies or practices.

(e) On June 9, 2014, the Compensation Committee of the Board of the Company approved goals and objectives to be considered by the Compensation Committee in connection with determining the discretionary cash bonus of Seth H. Z. Fischer, the Chief Executive Officer of the Company, for fiscal year 2014. Mr. Fischer will be eligible to receive a cash bonus of up to 80% of his base salary based on a number of factors, including the Company's achieving target net revenue and a target number of Qsymia prescriptions dispensed for the fiscal year ending 2014, the continued development of the Company's commercial team and continued expense optimization. Mr. Fischer also will be eligible to receive an additional bonus equal to 20% of his base salary based on the Company's achieving a target level of third-party coverage of Qsymia prescriptions as of the fourth quarter of fiscal year 2014.

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