Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
On January 18, 2021, the board of directors (the "Board") of Obalon
Therapeutics, Inc. (the "Company") approved an increase to the annual base
salaries for each of Andrew Rasdal, Chief Executive Officer of the Company, and
Nooshin Hussainy, Chief Financial Officer of the Company, in each case, to
$400,000, effective from January 1, 2021 through the earlier of (i) the closing
of the transactions contemplated by that certain Agreement and Plan of Merger,
dated January 19, 2021, by and among ReShape Lifesciences Inc., the Company and
Optimus Merger Sub, Inc. (such transaction, the "Merger") and (ii) April 30,
2021. Additionally, the Board approved an amendment to the amended and restated
retention agreements for each of Mr. Rasdal and Ms. Hussainy to provide that the
$250,000 change of control transaction bonus will now be paid upon the earlier
of (i) the closing of the Merger and (ii) April 30, 2021.
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