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): February 26, 2009

QUESTCOR PHARMACEUTICALS, INC.

(Exact Name of Registrant as Specified in Charter)

California		001-14758		33-0476164
(State or Other Jurisdiction		(Commission File Number)		(I.R.S. Employer
of Incorporation)				Identification No.)

3260 Whipple Road Union City, California		94587
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (510) 400-0700

 

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

Determination of 2008 Cash Bonuses for Executive Officers

On February 26, 2009, the Board of Directors (the “Board”) of Questcor Pharmaceuticals, Inc. (the “Company”), based on the recommendation of the Board’s Compensation Committee (the “Compensation Committee”), approved the 2008 cash bonuses for the Company’s executive officers. The 2008 cash bonuses were determined based on the executive officer’s level of satisfaction of the management performance objectives established and tailored for such executive officer by the Compensation Committee for the Company’s 2008 fiscal year. The table below sets forth the cash bonuses for the following executive officers:

				2008 Cash
Name		Title		Bonus
Don M. Bailey		President and Chief Executive Officer		$	429,188
Stephen L. Cartt		Executive Vice President, Corporate Development		$	252,500
David J. Medeiros		Senior Vice President, Pharmaceutical Operations		$	171,250
Gary M. Sawka(1)		Senior Vice President, Finance and Chief Financial Officer		$	31,933

Grant of Options to Executive Officers

On February 26, 2009, the Board, based on the recommendation of the Compensation Committee, approved the grant of options to purchase the Company’s common stock to the Company’s executive officers under the Company’s 2006 Equity Incentive Plan. The table below sets forth the stock option grants approved by the Board:

				Shares
				Subject to
Name		Title		Option
Don M. Bailey		President and Chief Executive Officer			220,000
Stephen L. Cartt		Executive Vice President, Corporate Development			100,000
Steven Halladay, Ph.D.		Senior Vice President, Clinical and Regulatory Affairs			40,000
David J. Medeiros		Senior Vice President, Pharmaceutical Operations			70,000
Gary M. Sawka(1)		Senior Vice President, Finance and Chief Financial Officer			10,000

Determination of 2009 Base Salaries

On February 26, 2009, the Board, based on the recommendation of the Compensation Committee, approved the 2009 base salaries for the Company’s executive officers.

The table below sets forth the 2009 base salary levels for the following executive officers:

				2009
Name		Title		Salary
Don M. Bailey		President and Chief Executive Officer		$	546,000
Stephen L. Cartt		Executive Vice President, Corporate Development		$	364,000
Steven Halladay, Ph.D.		Senior Vice President, Clinical and Regulatory Affairs		$	303,850
David J. Medeiros		Senior Vice President, Pharmaceutical Operations		$	338,000
Gary M. Sawka		Senior Vice President, Finance and Chief Financial Officer		$	260,000

Determination of 2009 Cash Bonus Target Levels for Executive Officers

On February 26, 2009, the Board, based on the recommendation of the Compensation Committee, approved the 2009 cash bonus target levels for the Company’s executive officers. The actual amount of cash bonuses that may be awarded remains subject to the discretion of the Board. The table below sets forth the 2009 target bonus percentages for the following executive officers:

Name		Title		2009 Bonus Targets(1)
Don M. Bailey		President and Chief Executive Officer			65	%
Stephen L. Cartt		Executive Vice President, Corporate Development			55	%
Steven Halladay, Ph.D.		Senior Vice President, Clinical and Regulatory Affairs			45	%
David J. Medeiros		Senior Vice President, Pharmaceutical Operations			45	%
Gary M. Sawka		Senior Vice President, Finance and Chief Financial Officer			45	%

SIGNATURES

     Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.