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ETRM > SEC Filings for ETRM > Form 8-K on 25-Jun-2014All Recent SEC Filings

Show all filings for ENTEROMEDICS 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.

(e) On June 23, 2014, the Board of Directors (the "Board") of EnteroMedics Inc. (the "Company") approved a special, one-time cash bonus for all employees of the Company in recognition of the vote by the Gastroenterology and Urology Devices Panel of the Medical Devices Advisory Committee (the "Panel") of the U.S. Food and Drug Administration regarding the safety, efficacy and benefit/risk ratio of the Company's Maestro Rechargeable System that occurred at the Panel's meeting on June 17, 2014.

Each employee, including the officers of the Company, will receive a cash bonus equal to 10% of such employee's current, annual base salary. The cash bonus shall be pro-rated for any employee who was employed by the Company for fewer than 180 days as of June 17, 2014.

Additionally, as a result of the Panel's positive vote, and after consideration of a peer group compensation study conducted by Pearl Meyer & Partners ("Pearl Meyer") on behalf of the Company, the Board approved increases to the base annual salary of its officers, effective as of July 1, 2014. The Board adopted the salary increases based upon the recommendations of Pearl Meyer in order to align the compensation of the Company's officers with that of their peers in comparable companies. The following table sets forth the increase to the annual base salary for each of the Company's named executive officers and their new annual base salary as of July 1, 2014.

                                                                                    Annual Base
                                                                                    Salary as of
Name                             Position                   Salary Increase         July 1, 2014
Mark Knudson            Chairman, President, Chief         $          35,500       $      389,552
                             Executive Officer
Greg Lea               Senior Vice President, Chief        $          27,500       $      322,507
                         Financial Officer, Chief
                             Operating Officer
Adrianus Donders     Senior Vice President of Research     $          13,000       $      276,742
                         and Advanced Development
Katherine Tweden       Vice President, Clinical and        $          13,000       $      277,258

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