Sec Form 4 Filing - BAILEY DON M @ QUESTCOR PHARMACEUTICALS INC - 2014-03-13

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
BAILEY DON M
2. Issuer Name and Ticker or Trading Symbol
QUESTCOR PHARMACEUTICALS INC [ QCOR]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X __ Director _____ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
President and CEO
(Last) (First) (Middle)
1300 NORTH KELLOGG DRIVE, SUITE D
3. Date of Earliest Transaction (MM/DD/YY)
03/13/2014
(Street)
ANAHEIM, CA92807
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/13/2014 M 40,000 A $ 5.12 139,000 I Held by the Bailey 1995 Family Trust
Common Stock 03/13/2014 S 9,952 D $ 61.6656 ( 4 ) 129,048 I Held by the Bailey 1995 Family Trust
Common Stock 03/13/2014 S 15,636 D $ 62.629 ( 4 ) 113,412 I Held by the Bailey 1995 Family Trust
Common Stock 03/13/2014 S 14,412 D $ 63.5116 ( 4 ) 99,000 I Held by the Bailey 1995 Family Trust
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy) ( 2 ) $ 5.12 03/13/2014 M 40,000 ( 3 ) 01/18/2020 Common Stock 40,000 $ 0 220,000 ( 1 ) I Held by the Bailey 1995 Family Trust
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
BAILEY DON M
1300 NORTH KELLOGG DRIVE
SUITE D
ANAHEIM, CA92807
X President and CEO
Signatures
/s/Don M. Bailey 03/17/2014
Signature of Reporting Person Date
Explanation of Responses:
( 1 )As of the date of this Form 4, the reporting person holds Questcor Pharmaceuticals, Inc. stock options to purchase 945,000 shares of common stock; of such amount, 776,250 shares are fully vested and exercisable. The reporting person also holds 377,237 shares of Questcor Pharmaceuticals, Inc. common stock, of which 278,237 shares are held directly by the reporting person.
( 2 )Options were granted under the Questcor Pharmaceuticals, Inc. 2006 Equity Incentive Award Plan.
( 3 )The option was granted on 01/19/2010 for the right to buy 280,000 shares of common stock of the Issuer. The option provided for monthly vesting over 48 months from the date of grant, with a 12-month cliff, whereby no options vested until after the twelfth month from the date of the grant.
( 4 )The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $61.17 -$62.12, $62.17 - $63.14, $63.17 - $64.09, respectively. The reporting person undertakes to provide Questcor Pharmaceuticals, Inc., any security holder of Questcor Pharmaceuticals, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4.

Remarks:
The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 Trading Plan (the "Automatic Trading Plan") adopted by the reporting person in the second quarter of 2013 and effective 90 days post-adoption. There have been no changes to the Automatic Trading Plan since its adoption, and there have been no sales by the Reporting Person outside of the Automatic Trading Plan since its adoption. The Automatic Trading Plan controls the exact dates and amounts of sales.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
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