(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $0.001 par value per share
APEN
The
Nasdaq Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 24, 2021, upon the recommendation of the Compensation Committee of the Board of Directors of Apollo Endosurgery, Inc., the Board of Directors approved our 2021 performance bonus plan, or the 2021 Bonus Plan, for eligible employees, including our executive officers. The 2021 Bonus Plan allows eligible employees to earn a proportion of their target bonus based on our achievement of corporate performance goals and the remainder of their target bonus based on assessment of their individual performance. The corporate performance goals consist of revenue, gross margin and EBITDA targets, and the individual performance goals consist of specific objectives and goals tailored to
each plan participant. The Board of Directors may change the corporate performance goals, or use its judgment when evaluating our results against these goals, and may elect to increase or decrease the amounts payable under the 2021 Bonus Plan at its sole discretion. The following table sets forth the target bonuses for 2021 for each of our executive officers, including our Chief Executive Officer and President and our other named executive officers for 2020, as set forth in our definitive proxy statement on Schedule 14A for our Annual Meeting of Stockholders held on August 25, 2020.
Name
and Principal Position
Total 2021 Target Performance Bonus as a Percentage of Base Salary
The foregoing description of the 2021 Bonus Plan is qualified in its entirety by the terms set forth in the 2021 Bonus Plan
attached hereto as Exhibit 10.1.
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.