Depomed Inc (DEPO): Starboard Value Snatches Up Another 1.5 Million Shares

Page 3 of 26 – SEC Filing

1	NAME OF REPORTING PERSON STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP		(a) o   (b) o
3	SEC USE ONLY
4	SOURCE OF FUNDS WC
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)		¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 4,346,917
	8	SHARED VOTING POWER – 0 –
	9	SOLE DISPOSITIVE POWER 4,346,917
	10	SHARED DISPOSITIVE POWER – 0 –
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   4,346,917
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES		o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)   7.1%*
14	TYPE OF REPORTING PERSON   CO

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* Possesses economic exposure to an aggregate of 4,636,387 shares (representing approximately 7.6% of the outstanding shares) due to certain cash-settled total return swap agreements as further explained in Item 6.