Management Change/Compensation Form 8 K

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 26, 2024, pursuant to the recommendation of the compensation committee of the board of directors of DURECT Corporation (the "Company"), the board of directors of the Company approved a restricted stock unit ("RSU") grant of 275,000 shares of common stock to Mr. Timothy M. Papp, the chief financial officer of the Company (the "RSU Grant").

The RSU Grant was approved pursuant to the terms of the Company's 2000 Stock Plan. Under the terms of the RSU Grant award agreement, 50% of the RSUs will vest on the six-month anniversary of the RSU Grant, with the remainder vesting on the one-year anniversary of the RSU Grant, in each case conditioned upon Mr. Papp remaining continuously employed by or providing services to the Company through the applicable vesting date. The RSU Grant will be subject to the terms of the Company's Change of Control Policy, which provides for certain vesting and severance benefits for officers in the event of termination in connection with a change of control.

The foregoing summary description of the RSU Grant does not purport to be complete and is qualified in its entirety by reference to the full text of the form of RSU award agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.