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OREX > SEC Filings for OREX > Form 8-K on 30-Nov-2012All Recent SEC Filings

Show all filings for OREXIGEN THERAPEUTICS, 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.

On November 29, 2012, the board of directors (the "Board") of Orexigen Therapeutics, Inc. (the "Company"), pursuant to the Company's bylaws, voted to
(1) increase the size of the Board from eight to nine members and (2) appoint David Endicott to the Board to fill the vacancy created by the increase. Mr. Endicott was appointed as a Class III director, with an initial term expiring at the Company's 2013 annual meeting of stockholders. This appointment by the Board was based on the recommendation of its nominating/corporate governance committee. Mr. Endicott has been determined by the Board to be independent within the meaning of the independent director standards of the Securities and Exchange Commission and the Nasdaq Stock Market, Inc.

In connection with Mr. Endicott's appointment to the Board, he will be entitled to receive compensation consistent with that of the Company's other non-employee directors under the Company's Independent Director Compensation Policy, as such policy may be amended from time to time. In accordance with the Independent Director Compensation Policy, Mr. Endicott has been granted an option to purchase 35,000 shares of the Company's common stock and cash compensation in the amount of $35,000 per year for his service as a director.

There are no arrangements or understandings between Mr. Endicott and any other person pursuant to which he was selected to serve on the Board. There are no transactions in which the Company is a party and in which Mr. Endicott has a material interest subject to disclosure under Item 404(a) of Regulation S-K.

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