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

QUESTCOR PHARMACEUTICALS, INC.

(Exact Name of Registrant as Specified in Charter)

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

3260 Whipple Road Union City, California (Address of Principal Executive Offices)		94587 (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 Bonus Target Levels for Executive Officers

On February 6, 2008, the Board of Directors of Questcor Pharmaceuticals, Inc. (the “Company”), based on the recommendation of the Board’s Compensation Committee, approved the 2008 cash bonus target levels for the Company’s executive officers. The 2008 cash bonus target levels 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 Company’s Compensation Committee for the Company’s 2008 fiscal year. The actual amount of cash bonuses awarded remains subject to the discretion of the Board. The table below sets forth the previously disclosed 2008 annual base salaries and target bonus percentages for the following executive officers:

						2008
				2008		Bonus
Name		Title		Salary		Target
Don M. Bailey		President and Chief Executive Officer		$525,000		65%
Stephen L. Cartt		Executive Vice President, Commercial Development		$350,000		55%
Steven Halladay, Ph.D.		Senior Vice President, Clinical and Regulatory Affairs		$295,000		45%
David J. Medeiros		Senior Vice President, Pharmaceutical Operations		$325,000		45%
George M. Stuart		Senior Vice President, Finance and Chief Financial Officer		$260,000		45%

Grant of Options to Executive Officers

On February 6, 2008, the Board, based on the recommendation of its 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:

				No. of
Name		Title		Options
Don M. Bailey		President and Chief Executive Officer		500,000
Stephen L. Cartt		Executive Vice President, Commercial Development		116,000
Steven Halladay, Ph.D.		Senior Vice President, Clinical and Regulatory Affairs		01
David J. Medeiros		Senior Vice President, Pharmaceutical Operations		80,000
George M. Stuart		Senior Vice President, Finance and Chief Financial Officer		65,000

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.