Ownership Submission
FORM 3
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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
OMB APPROVAL
OMB Number: 3235-0104
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
  Joice Judy R
2. Date of Event Requiring Statement (Month/Day/Year)
03/28/2014
3. Issuer Name and Ticker or Trading Symbol
DURECT CORP [DRRX]
(Last)
(First)
(Middle)
10260 BUBB ROAD
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Sr. VP Operations & Corp QA
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

CUPERTINO, CA 95014
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 Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 11,104 (1)
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(Month/Day/Year)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Incentive Stock Option (right to buy)   (2) 04/11/2022 Common Stock 7,500 $ 0.73 D  
Incentive Stock Option (right to buy)   (3) 02/03/2022 Common Stock 40,137 $ 0.78 D  
Incentive Stock Option (right to buy)   (4) 02/05/2023 Common Stock 50,625 $ 1.21 D  
Incentive Stock Option (right to buy)   (5) 05/21/2019 Common Stock 6,377 $ 2.09 D  
Incentive Stock Option (right to buy)   (6) 01/31/2024 Common Stock 73,552 $ 2.09 D  
Incentive Stock Option (right to buy)   (7) 01/22/2020 Common Stock 31,250 $ 2.18 D  
Incentive Stock Option (right to buy)   (8) 01/27/2019 Common Stock 20,570 $ 3.11 D  
Incentive Stock Option (right to buy)   (9) 01/20/2021 Common Stock 32,271 $ 3.26 D  
Incentive Stock Option (right to buy)   (10) 07/07/2018 Common Stock 13,129 $ 3.87 D  
Incentive Stock Option (right to buy)   (11) 08/14/2017 Common Stock 50,000 $ 4.85 D  
Incentive Stock Option (right to buy)   (12) 01/18/2018 Common Stock 20,712 $ 5.89 D  
Non-Qualified Stock Option (right to buy)   (2) 04/11/2022 Common Stock 12,500 $ 0.73 D  
Non-Qualified Stock Option (right to buy)   (13) 02/03/2022 Common Stock 57,820 $ 0.78 D  
Non-Qualified Stock Option (right to buy)   (14) 02/05/2023 Common Stock 85,472 $ 1.21 D  
Non-Qualified Stock Option (right to buy)   (5) 05/21/2019 Common Stock 44,623 $ 2.09 D  
Non-Qualified Stock Option (right to buy)   (15) 01/31/2024 Common Stock 56,900 $ 2.09 D  
Non-Qualified Stock Option (right to buy)   (16) 01/22/2020 Common Stock 92,473 $ 2.18 D  
Non-Qualified Stock Option (right to buy)   (17) 03/31/2020 Common Stock 5,000 $ 3.01 D  
Non-Qualified Stock Option (right to buy)   (8) 01/27/2019 Common Stock 75,430 $ 3.11 D  
Non-Qualified Stock Option (right to buy)   (9) 01/20/2021 Common Stock 57,729 $ 3.26 D  
Non-Qualified Stock Option (right to buy)   (10) 07/07/2018 Common Stock 11,871 $ 3.87 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Joice Judy R
10260 BUBB ROAD
CUPERTINO, CA 95014
      Sr. VP Operations & Corp QA  

Signatures

Judith R Joice 04/10/2014
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Acquired through Durect's Employee Stock Purchase Plan between the dates 04/30/2008 through 10/31/2013.
(2) ISO/NQ Grants Dated April 11, 2012 will vest as follows: 1/16 of the total shares subject to the option shall vest quarterly over 4 years following the Grant Date.
(3) 1 of the total shares of this grant dated February 3, 2012 shall vest on the Grant Date and 40,136 of the remaining shares shall vest as follows: one-sixteenth (1/16) shall vest quarterly over four (4) years following the Grant Date.
(4) ISO/NQ Grants Dated February 5, 2013 combined will vest as follows: one-sixteenth (1/16) of the total shares subject to the option shall vest quarterly over four (4) years following the Grant Date.
(5) ISO/NQ Grants Dated May 21, 2009 combined will vest as follows: 1/4 of the total underlying securities shall vest on the one year anniversary of the Grant Date and 1/16 of the total underlying securities shall vest quarterly following the one year anniversary.
(6) ISO/NQ Grants Dated January 31, 2014 combined will vest as follows: one-sixteenth (1/16) of the total shares subject to the option shall vest quarterly over four (4) years following the Grant Date.
(7) ISO/NQ Grants Dated January 22, 2010 combined will vest as follows: 1/4 of the total underlying securities shall vest on the one year anniversary of the Grant Date and 1/16 of the total underlying securities shall vest quarterly following the one year anniversary.
(8) ISO/NQ Grants Dated January 27, 2009 combined will vest as follows: 1/4 of the total underlying securities shall vest on the one year anniversary of the Grant Date and 1/16 of the total underlying securities shall vest quarterly following the one year anniversary.
(9) ISO/NQ Grants Dated January 20, 2011 combined will vest as follows: 1/4 of the total underlying securities shall vest on the one year anniversary of the Grant Date and 1/16 of the total underlying securities shall vest quarterly following the one year anniversary.
(10) ISO/NQ Grants Dated July 7, 2008 will vest as follows: 1/4 of the total shares subject to the option shall vest on each 12-month anniversary of the Grant Date.
(11) This ISO option Grant Dated August 14, 2007 will vest as follows: 1/4 of the total shares subject to the option shall vest on each 12-month anniversary of the Grant Date.
(12) ISO/NQ Grants Dated January 18, 2008 combined will vest as follows: 1/4 of the underlying securities will vest on each 12-month anniversary of the Grant Date.
(13) 22,956 of the total shares of this grant dated February 3, 2012 shall vest on the Grant Date and 34,864 of the remaining shares shall vest as follows: one-sixteenth (1/16) shall vest quarterly over four (4) years following the Grant Date.
(14) 46,097 of the total shares of this grant dated February 05, 2013 shall vest on the Grant Date and 39,375 of the remaining shares shall vest as follows: one-sixteenth (1/16) shall vest quarterly over four (4) years following the Grant Date.
(15) 30,452 of the total shares of this grant dated January 31, 2014 shall vest on the Grant Date and 26,448 of the remaining shares shall vest as follows: one-sixteenth (1/16) shall vest quarterly over four (4) years following the Grant Date.
(16) 23,723 of the total shares of this grant dated January 22, 2010 shall vest on the Grant Date and 68,750 of the remaining shares shall vest as follows: one-fourth (1/4) shall vest on the one year anniversary of the Grant Date and one-sixteenth (1/16) shall vest quarterly following the one year anniversary.
(17) 100% of the total shares of this Grant Dated March 31, 2010 shall vest on the one year anniversary following the Grant Date.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.