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 20, 2014
Apricus Biosciences, Inc. |
(Exact name of registrant as specified in its charter) |
Nevada | 0-22245 | 87-0449967 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
11975 El Camino Real, Suite 300, San Diego, CA | 92130 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code (858) 222-8041
(Former name or former address, if changed, since last report.)
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:
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 240.13a-4(c)) |
Item 5.02 | Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers. |
On February 20, 2014, the Board of Directors of Apricus Biosciences, Inc. (the "Company") approved performance option grants for those named executive officers identified below. For each grant, fifty percent of the options vest on the achievement of specific performance goals related to a) relative total shareholder return in 2014 and 2015, b) the achievement of certain clinical development milestones and c) certain Vitaros room temperature product approval milestones. In each case, the remaining fifty percent of the options vest monthly over the next two years following the achievement of such performance goals. The exercise price of each grant was set at $2.38 per share which was equal to the closing price of the Company’s common stock on the date of grant.
Name | Title | Option Grant | ||
Richard W. Pascoe | Chief Executive Officer | 177,500 | ||
Steve Martin | Senior Vice President, Chief Financial Officer & Secretary | 71,000 | ||
Edward Cox | Vice President of Business Development | 31,950 | ||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Apricus Biosciences, Inc. | |||
Date: February 24, 2014 | By: | /s/ Steve Martin | |
Name: Steve Martin | |||
Title: Senior Vice President, Chief Financial Officer & Secretary | |||