SEC Form PRE 14A filed by Assertio Holdings Inc.
SECURITIES AND EXCHANGE COMMISSION
the Securities Exchange Act of 1934 (Amendment No. )
![[MISSING IMAGE: lg_assertio-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0001808665/000110465925027835/lg_assertio-4c.jpg)
100 SOUTH SAUNDERS ROAD, SUITE 300
LAKE FOREST, ILLINOIS 60045
To Be Held May 7, 2025
12:30 p.m. Central Time
May 7, 2025 at 12:30 p.m. Central Time
The proxy statement and annual report to stockholders
are available at https://www.viewproxy.com/asrt/2025
Chief Executive Officer
April [ ], 2025
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![[MISSING IMAGE: lg_assertio-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0001808665/000110465925027835/lg_assertio-4c.jpg)
100 SOUTH SAUNDERS ROAD, SUITE 300
LAKE FOREST, ILLINOIS 60045
(224) 419-7106
FOR THE 2025 VIRTUAL ANNUAL MEETING OF STOCKHOLDERS
12:30 p.m. Central Time
+1 (415) 655-0052 (standard rates apply outside of the U.S. and Canada)
342-546-460#
Name
|
| |
Age
|
| |
Principal Occupation
|
| |
Director Since
|
|
Heather L. Mason | | | 64 | | | Chairman of the Board, Assertio Holdings, Inc.; Retired Executive Vice President, Abbott Nutrition | | |
2019
|
|
Sravan K. Emany | | | 47 | | | Senior Vice President and Chief Financial Officer, Beam Therapeutics Inc. | | |
2023
|
|
Sigurd C. Kirk | | | 58 | | | Former Executive Vice President, Allergan plc | | |
2024
|
|
William T. McKee | | | 63 | | | Chief Executive Officer, MBJC Associates, LLC | | |
2017
|
|
Brendan P. O’Grady | | | 58 | | | Chief Executive Officer, Assertio Holdings, Inc. | | |
2024
|
|
Mark L. Reisenauer | | | 60 | | | Former President, U.S. Commercial at Astellas Pharmaceuticals Inc. | | |
2025
|
|
David M. Stark | | | 56 | | | Former Chief Legal Officer, Teva Pharmaceutical Industries Ltd. | | |
2024
|
|
Committee
|
| |
Committee Chair
|
| |
Additional Committee
Members |
| |
Audit Committee
Financial Experts |
|
Audit | | | Sravan K. Emany | | |
Sigurd C. Kirk
William T. McKee |
| |
Sravan K. Emany
Sigurd C. Kirk William T. McKee |
|
Compensation | | | Sigurd C. Kirk | | |
Sravan K. Emany
William T. McKee Mark L. Reisenauer |
| | — | |
Nominating and Corporate Governance | | | William T. McKee | | |
Heather L. Mason
David M. Stark |
| | — | |
Name of Beneficial Owner(1)
|
| |
Aggregate
Number of Shares of Common Stock |
| |
Number Subject
to Convertible Securities Exercisable Within 60 days(2) |
| |
Percentage
of Common Stock |
| |||||||||
Nantahala Capital Management, LLC(3)
|
| | | | 8,948,336 | | | | | | — | | | | | | 9.3% | | |
Heather L. Mason
|
| | | | 287,650 | | | | | | 553,821(4) | | | | | | *% | | |
Brendan P. O’Grady
|
| | | | 11,706 | | | | | | — | | | | | | *% | | |
Ajay Patel
|
| | | | 175,675 | | | | | | 733,749(5) | | | | | | *% | | |
Paul Schwichtenberg
|
| | | | 146,345 | | | | | | 733,749(5) | | | | | | *% | | |
Sravan K. Emany
|
| | | | 59,190 | | | | | | 8,770(6) | | | | | | *% | | |
Sigurd C. Kirk
|
| | | | — | | | | | | 118,702(7) | | | | | | *% | | |
William T. McKee
|
| | | | 43,528 | | | | | | 206,390(8) | | | | | | *% | | |
Mark L. Reisenauer
|
| | | | — | | | | | | — | | | | | | *% | | |
David M. Stark
|
| | | | — | | | | | | — | | | | | | *% | | |
Daniel A. Peisert(9)
|
| | | | 607,457 | | | | | | — | | | | | | *% | | |
All current directors and executive officers as a group (12 persons)
|
| | | | 877,983 | | | | | | 3,070,096(10) | | | | | | 4.0% | | |
Name
|
| |
Age
|
| |
Position
|
|
Brendan O’Grady | | |
58
|
| | Chief Executive Officer and Director | |
Ajay Patel | | |
41
|
| | Executive Vice President and Chief Financial Officer | |
Paul Schwichtenberg | | |
54
|
| | Executive Vice President and Chief Transformation Officer | |
Mary E. Pietryga | | |
59
|
| | Executive Vice President and Chief Commercial Officer | |
Sam Schlessinger | | |
43
|
| | Executive Vice President and General Counsel | |
Name & Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($)(1) |
| |
Stock
Awards ($)(2) |
| |
Option
Awards ($)(2) |
| |
Non-Equity
Incentive Plan Compensation ($)(3) |
| |
All Other
Compensation ($)(4) |
| |
Total
($) |
| ||||||||||||||||||||||||
Brendan P. O’Grady
Chief Executive Officer |
| | | | 2024 | | | | | | 502,372 | | | | | | — | | | | | | 495,000 | | | | | | 1,587,420 | | | | | | 406,949 | | | | | | 20,962 | | | | | | 3,012,703 | | |
Heather L. Mason(5)
Former Interim Chief Executive Officer |
| | | | 2024 | | | | | | 316,774 | | | | | | — | | | | | | — | | | | | | 551,980 | | | | | | 200,000 | | | | | | 9,230 | | | | | | 1,077,984 | | |
Daniel A. Peisert
Former President and Chief Executive Officer |
| | | | 2024 | | | | | | 53,753 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 564,860 | | | | | | 618,613 | | |
| | | 2023 | | | | | | 612,630 | | | | | | 137,500 | | | | | | 1,066,065 | | | | | | 999,845 | | | | | | 424,549 | | | | | | 23,400 | | | | | | 3,263,989 | | | ||
Ajay Patel(6)
Executive Vice President, Chief Financial Officer |
| | | | 2024 | | | | | | 445,387 | | | | | | — | | | | | | 59,483 | | | | | | 239,496 | | | | | | 185,963 | | | | | | 22,396 | | | | | | 952,725 | | |
| | | 2023 | | | | | | 362,512 | | | | | | 22,125 | | | | | | 266,516 | | | | | | 249,962 | | | | | | 131,051 | | | | | | 23,100 | | | | | | 1,055,266 | | | ||
Paul Schwichtenberg(7)
Executive Vice President, Chief Transformation Officer |
| | | | 2024 | | | | | | 430,047 | | | | | | — | | | | | | 59,483 | | | | | | 239,496 | | | | | | 185,963 | | | | | | 17,444 | | | | | | 932,433 | | |
| | | 2023 | | | | | | 373,155 | | | | | | 44,250 | | | | | | 266,516 | | | | | | 249,962 | | | | | | 132,363 | | | | | | 23,880 | | | | | | 1,090,126 | | |
For Stock and Option Awards Granted in Fiscal Year
|
| |
Consolidated
Financial Statements |
| |
Included with
Form 10-K Filed: |
| |
Note
|
|
2024
|
| |
December 31, 2024
|
| |
March 12, 2025
|
| |
10
|
|
2023
|
| |
December 31, 2023
|
| |
March 11, 2024
|
| |
17
|
|
NEO
|
| |
Base Salary
|
| |
Target Bonus
Opportunity (As a % of Salary) |
| ||||||
Brendan P. O’Grady
|
| | | $ | 850,000 | | | | | | 85% | | |
Heather L. Mason
|
| | | | — | | | | | | — | | |
Daniel A. Peisert
|
| | | | — | | | | | | — | | |
Ajay Patel
|
| | | $ | 435,000 | | | | | | 45% | | |
Paul Schwichtenberg
|
| | | $ | 435,000 | | | | | | 45% | | |
Net Product Sales
|
| |
Operating Cash Flow
|
| |
Adjusted EBITDA
|
| ||||||||||||||||||
Performance Level
|
| |
Payout
Percentage* |
| |
Actual
Result |
| |
Performance Level
|
| |
Payout
Percentage* |
| |
Actual
Result |
| |
Performance Level
|
| |
Payout
Percentage* |
| |
Actual
Result |
|
Less than $108.8M
|
| |
0%
|
| |
$120.8 M
(100% Payout) |
| |
Less than $19.3M
|
| |
0%
|
| |
$26.4 M
(200% Payout) |
| |
Less than $23.9M
|
| |
0%
|
| |
$17.1 M
(0% Payout) |
|
$108.8M (90% of Target)
|
| |
50%
|
| | | | |
$19.3M (90% of Target)
|
| |
50%
|
| | | | |
$23.9M (90% of Target)
|
| |
50%
|
| | | |
$120.8M (100% of Target) .
|
| |
100%
|
| | | | |
$21.4M (100% of Target)
|
| |
100%
|
| | | | |
$26.5M (100% of Target)
|
| |
100%
|
| | | |
$145.0M (120% of Target)
|
| |
200%
|
| | | | |
$25.7M (120% of Target)
|
| |
200%
|
| | | | |
$31.8M (120% of Target)
|
| |
200%
|
| | | |
NEO
|
| |
Base
Salary $ |
| |
Bonus
|
| |
Bonus
Target % |
| |
Total
Corporate Payout Multiplier % |
| |
Corporate
Weighting % |
| |
Total
Corporate Payout $ |
| ||||||||||||||||||
Brendan P. O’Grady*
|
| | | | 850,000 | | | | | | — | | | | | | 85 | | | | | | 95 | | | | | | 100 | | | | | | 406,949 | | |
Heather L. Mason
|
| | | | 540,000 | | | | | $ | 200,000 | | | | | | — | | | | | | 100** | | | | | | — | | | | | | 200,000 | | |
Daniel A. Peisert***
|
| | | | 53,753 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ajay Patel
|
| | | | 435,000 | | | | | | — | | | | | | 45 | | | | | | 95 | | | | | | 100 | | | | | | 185,963 | | |
Paul Schwichtenberg
|
| | | | 435,000 | | | | | | — | | | | | | 45 | | | | | | 95 | | | | | | 100 | | | | | | 185,963 | | |
NEO
|
| |
RSU
|
| |
Stock Option
|
| ||||||
Brendan P. O’Grady* . . . . . . . . . . . . . . . . . . . . .
|
| | | | 500,000 | | | | | | 1,800,000 | | |
Ajay Patel** . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 75,000 | | | | | | 340,000 | | |
Paul Schwichtenberg**
|
| | | | 75,000 | | | | | | 340,000 | | |
Name | | | Grant Date | | | Number of Securities Underlying Award | | | Exercise Price | | | Grant Date Fair Value | | | Percentage Change in the Closing Market Price of the Securities Underlying the Award Between the Trading Day Ending Immediately Prior to the Disclosure of Material Nonpublic Information and the Trading Day Beginning Immediately Following the Disclosure of Material Nonpublic Information | | |||||||||||||||
| | | | | 5/31/2024 | | | | | | | | | | $ | | | | | $ | | | | | | | | ||||
| | | | | 1/2/2024 | | | | | | | | | | $ | | | | | $ | | | | | | | |
Tier
|
| |
Covered Executives
|
| |
Multiple of Salary
|
|
Tier One | | | Chief Executive Officer | | |
4x Salary
|
|
Tier Two | | | Other NEOs | | |
2x Salary
|
|
| | | | | | | | | | | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||
Name
|
| |
Award
Type |
| |
Grant
Date |
| |
Number
of Securities Underlying Unexercised Options (#) Exercisable |
| |
Number
of Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Expiration
Date |
| |
Number
of Restricted Stock Units That have Not Vested (#) |
| |
Market
Value of Restricted Stock Units That have Not Vested ($)(1) |
| |||||||||||||||||||||
Brendan P. O’Grady
|
| |
Stock Option(2)
|
| | | | 5/31/2024 | | | | | | — | | | | | | 1,800,000 | | | | | | 0.99 | | | | | | 5/31/2034 | | | | | | — | | | | | | — | | |
| | | RSU(3) | | | | | 5/31/2024 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 500,000 | | | | | | 435,000 | | |
Heather L. Mason
|
| |
Stock Option(4)
|
| | | | 5/10/2023 | | | | | | 3,821 | | | | | | — | | | | | | 7.55 | | | | | | 5/10/2033 | | | | | | — | | | | | | — | | |
| | |
Stock Option(5)
|
| | | | 1/2/2024 | | | | | | 527,083 | | | | | | 22,917 | | | | | | 1.14 | | | | | | 1/2/2034 | | | | | | — | | | | | | — | | |
Ajay Patel
|
| |
Stock Option(6)
|
| | | | 12/1/2021 | | | | | | 235,000 | | | | | | — | | | | | | 1.31 | | | | | | 12/1/2031 | | | | | | — | | | | | | — | | |
| | |
Stock Option(2)
|
| | | | 5/12/2022 | | | | | | 73,100 | | | | | | 36,549 | | | | | | 2.63 | | | | | | 5/12/2032 | | | | | | — | | | | | | — | | |
| | | RSU(3) | | | | | 5/12/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 38,017 | | | | | | 33,075 | | |
| | |
Performance Based Stock
Option(7) |
| | | | 5/12/2022 | | | | | | 200,000 | | | | | | — | | | | | | 2.63 | | | | | | 5/12/2032 | | | | | | — | | | | | | — | | |
| | | RSU(3) | | | | | 2/21/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 34,300 | | | | | | 29,841 | | |
| | |
Stock Option(2)
|
| | | | 2/21/2023 | | | | | | 18,875 | | | | | | 37,748 | | | | | | 5.18 | | | | | | 2/21/2033 | | | | | | — | | | | | | — | | |
| | |
Stock Option(2)
|
| | | | 2/7/2024 | | | | | | — | | | | | | 340,000 | | | | | | 0.79 | | | | | | 2/7/2034 | | | | | | | | | | | | | | |
| | | RSU(3) | | | | | 2/7/2024 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 75,000 | | | | | | 65,250 | | |
Paul Schwichtenberg
|
| |
Stock Option(6)
|
| | | | 12/1/2021 | | | | | | 235,000 | | | | | | — | | | | | | 1.31 | | | | | | 12/1/2031 | | | | | | — | | | | | | — | | |
| | |
Stock Option(2)
|
| | | | 5/12/2022 | | | | | | 73,100 | | | | | | 36,549 | | | | | | 2.63 | | | | | | 5/12/2032 | | | | | | — | | | | | | — | | |
| | | RSU(3) | | | | | 5/12/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 38,017 | | | | | | 33,075 | | |
| | |
Performance Based Stock
Option(7) |
| | | | 5/12/2022 | | | | | | 200,000 | | | | | | — | | | | | | 2.63 | | | | | | 5/12/2032 | | | | | | — | | | | | | — | | |
| | | | | | | | | | | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||
Name
|
| |
Award
Type |
| |
Grant
Date |
| |
Number
of Securities Underlying Unexercised Options (#) Exercisable |
| |
Number
of Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Expiration
Date |
| |
Number
of Restricted Stock Units That have Not Vested (#) |
| |
Market
Value of Restricted Stock Units That have Not Vested ($)(1) |
| |||||||||||||||||||||
| | | RSU(3) | | | | | 2/21/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 34,300 | | | | | | 29,841 | | |
| | |
Stock Option(2)
|
| | | | 2/21/2023 | | | | | | 18,875 | | | | | | 37,748 | | | | | | 5.18 | | | | | | 2/21/2033 | | | | | | — | | | | | | — | | |
| | |
Stock Option(2)
|
| | | | 2/7/2024 | | | | | | — | | | | | | 340,000 | | | | | | 0.79 | | | | | | 2/7/2034 | | | | | | — | | | | | | — | | |
| | | RSU(3) | | | | | 2/7/2024 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 75,000 | | | | | | 65,250 | | |
Year | | | Summary Compensation Table Total for PEO Daniel Peisert(2) | | | Compensation Actually Paid to PEO Daniel Peisert(3) | | | Summary Compensation Table Total for PEO Heather Mason(2) | | | Compensation Actually Paid to PEO Heather Mason(3) | | | Summary Compensation Table Total for PEO Brendan O’Grady(2) | | | Compensation Actually Paid to PEO Brendan O’Grady(3) | | | Average Summary Compensation Table Total for Non-PEO NEOs(4) | | | Average Compensation Actually Paid to Non-PEO NEOs(5) | | | Value of Initial Fixed $100 Investment Based On Total Shareholder Return(6) | | | Net Income (Loss)(7) (in thousands) | | ||||||||||||||||||||||||||||||
2024 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | ( | | | |||||||||
2023 | | | | $ | | | | | $ | ( | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | ( | | | ||||
2022 | | | | $ | | | | | $ | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | |
Year | | | PEO | | | Non-PEO NEOs | |
2024 | | | | | | Ajay Patel, Paul Schwichtenberg | |
2023 | | | Daniel A. Peisert | | | Ajay Patel, Paul Schwichtenberg | |
2022 | | | Daniel A. Peisert | | | Paul Schwichtenberg, Ajay Patel | |
| | | Reported Summary Compensation Table Total for PEO | | | Deduct Reported Value of Equity Awards(a) | | | Add (Deduct) Equity Award Adjustments(b) | | | Compensation Actually Paid to PEO | | ||||||||||||
Brendan P. O’Grady | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
Heather L. Mason | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
Daniel A. Peisert | | | | $ | | | | | $ | | | | | $ | ( | | | | | $ | | |
PEO | | | Year End Fair Value of Equity Awards Granted in the Year and Unvested at Year End | | | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | | Change in Fair Value from End of Prior Year to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year | | | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | | | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value | | | Total Equity Award Adjustments | | |||||||||||||||||||||
Brendan P. O’Grady | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | |||||||
Heather L. Mason | | | | $ | | | | | $ | | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | | | | $ | | | ||||||
Daniel A. Peisert | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | ( | | |
Year | | | Average Reported Summary Compensation Table Total for Non-PEO NEOs | | | Deduct Average Reported Value of Equity Awards | | | Add (Deduct) Average Equity Award Adjustments(a) | | | Average Compensation Actually Paid to Non-PEO NEOs | | ||||||||||||
2024 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | |
Year | | | Average Year End Fair Value of Equity Awards Granted in the Year and Unvested at Year End | | | Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards | | | Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | | Average Change in Fair Value from Prior Year End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year | | | Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | | | Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value | | | Total Average Equity Award Adjustments | | |||||||||||||||||||||
2024 | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | | | | $ | | |
![[MISSING IMAGE: bc_paidvstotalshare-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0001808665/000110465925027835/bc_paidvstotalshare-4c.jpg)
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Committee Name
|
| |
Committee
Chair Retainer |
| |
Non-Chair Committee
Member Retainer |
| ||||||
Audit
|
| | | $ | 25,000 | | | | | $ | 12,500 | | |
Compensation
|
| | | $ | 20,000 | | | | | $ | 10,000 | | |
Nominating and Corporate Governance
|
| | | $ | 15,000 | | | | | $ | 6,000 | | |
Name
|
| |
Fees Earned
or Cash ($)(1) |
| |
Stock
Awards ($)(2) |
| |
Option
Awards ($)(2) |
| |
Paid in
Total ($) |
| ||||||||||||
Current Directors: | | | | | | | | | | | | | | | | | | | | | | | | | |
Sravan K. Emany
|
| | | | 87,561 | | | | | | 54,288 | | | | | | 72,745 | | | | | | 214,594 | | |
Sigurd Kirk
|
| | | | 57,700 | | | | | | 54,288 | | | | | | 72,745 | | | | | | 184,733 | | |
William T. McKee
|
| | | | 98,959 | | | | | | 54,288 | | | | | | 72,745 | | | | | | 225,992 | | |
Mark L. Reisenauer(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
David M. Stark
|
| | | | 9,117 | | | | | | 54,288 | | | | | | 73,094 | | | | | | 136,499 | | |
Former Directors: | | | | | | | | | | | | | | | | | | | | | | | | | |
Peter D. Staple(5)
|
| | | | 89,413 | | | | | | 54,288 | | | | | | 72,745 | | | | | | 216,446 | | |
James L. Tyree(5)
|
| | | | 29,876 | | | | | | — | | | | | | — | | | | | | 29,876 | | |
Dr. Jeffrey L. Vacirca(5)
|
| | | | 49,483 | | | | | | 54,288 | | | | | | 72,745 | | | | | | 176,516 | | |
Name
|
| |
Options
|
| |
Restricted
Stock Units |
| ||||||
Heather L. Mason
|
| | | | 553,821 | | | | | | — | | |
Sravan K. Emany
|
| | | | 107,533 | | | | | | 172,130 | | |
Sigurd Kirk
|
| | | | 199,927 | | | | | | 53,750 | | |
William T. McKee
|
| | | | 92,363 | | | | | | 249,002 | | |
David M. Stark
|
| | | | 81,225 | | | | | | 53,750 | | |
Peter D. Staple(1)
|
| | | | 88,927 | | | | | | 63,646 | | |
James L. Tyree(1)
|
| | | | — | | | | | | — | | |
Dr. Jeffrey L. Vacirca(1)
|
| | | | 1,669 | | | | | | — | | |
Plan category
|
| |
Number of
securities to be issued upon exercise of outstanding options, warrants and rights |
| |
Weighted-
average exercise price of outstanding options, warrants and rights(1) |
| |
Number of
securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column) |
| |||||||||
Equity compensation plans approved by security holders
|
| | | | 7,552,822(2) | | | | | | 1.71(3) | | | | | | 7,501,136(4) | | |
Equity compensation plans not approved by security holders
|
| | | | 3,027,468(5) | | | | | | 1.18(3) | | | | | | 647,087(6) | | |
| | | | | 10,580,290 | | | | | | 1.56(3) | | | | | | 8,148,223 | | |
Sravan K. Emany, Chair
William T. McKee
Sigurd C. Kirk
|
Number of new shares being authorized under 2014 Plan
|
| |
[ ]
|
|
|
Number of shares available for future awards under 2014 Plan (no shares are available for future awards under the 2019 Zyla Plan)
|
| |
2,968,434
|
|
|
Number of shares relating to outstanding stock options
|
| |
10,670,473
|
|
|
Number of shares relating to awards of unvested restricted stock units
|
| |
3,841,213
|
|
|
Weighted average remaining term of outstanding stock options
|
| |
8.74 years
|
|
|
Weighted average exercise price of outstanding stock options.
|
| |
$1.37
|
|
|
Total number of shares available for future awards under 2014 Plan if this proposal is approved
|
| |
[ ]
|
|
| | |
Time-Based
Options Granted |
| |
Performance-
Based Options Granted |
| |
Performance-
Based Options Vested |
| |
RSU
Shares Granted |
| |
PSU
Shares Granted |
| |
PSU
Shares Vested |
| |
Net
Forfeitures/ Expirations(1) |
| |
Weighted
Average Number of Common Shares Outstanding |
| |
Burn
Rate (incl. PSUs & Performance- Based Options at Grant)(2) |
| |
Burn
Rate (incl. Vested PSUs & Vested Performance- Based Options)(3) |
| |
Burn
Rate (incl. Vested PSUs & Vested Performance- Based Options and Forfeitures/ Expirations)(4) |
| |||||||||||||||||||||||||||||||||
Fiscal
2024 |
| | | | 5,814,391 | | | | | | — | | | | | | — | | | | | | 1,845,598 | | | | | | — | | | | | | — | | | | | | 2,703,119 | | | | | | 95,271,000 | | | | | | 8.0% | | | | | | 8.0% | | | | | | 5.0% | | |
Fiscal
2023 |
| | | | 755,680 | | | | | | — | | | | | | 1,000,000 | | | | | | 977,425 | | | | | | — | | | | | | 1,000,000 | | | | | | 158,768 | | | | | | 71,031,000 | | | | | | 2.4% | | | | | | 5.2% | | | | | | 5.0% | | |
Fiscal
2022 |
| | | | 1,048,487 | | | | | | 1,000,000 | | | | | | — | | | | | | 1,460,515 | | | | | | 1,000,000 | | | | | | — | | | | | | 146,530 | | | | | | 47,003,524 | | | | | | 9.6% | | | | | | 5.3% | | | | | | 5.0% | | |
Name of Individual or Group
|
| |
Number of Options
Granted (#) |
| |
Number of
Shares Subject to Stock Awards Granted (#) |
| ||||||
Brendan P. O’Grady
Chief Executive Officer and director |
| | | | 755,525 | | | | | | 500,000 | | |
Heather L. Mason
Former Interim Chief Executive Officer and A Non-executive Director |
| | | | 553,821 | | | | | | 276,937 | | |
Daniel A. Peisert
Former President & Chief Executive Officer |
| | | | 2,074,055 | | | | | | 1,818,781 | | |
Ajay Patel
Executive Vice President, Chief Financial Officer |
| | | | 1,130,147 | | | | | | 746,677 | | |
Paul Schwichtenberg
Executive Vice President, Chief Transformation Officer |
| | | | 1,130,147 | | | | | | 769,372 | | |
All current executive officers as a group
|
| | | | 4,089,466 | | | | | | 2,705,487 | | |
All current non-executive directors as a group
|
| | | | 1,116,094 | | | | | | 1,011,985 | | |
Sravan K. Emany
Non-executive director |
| | | | 107,533 | | | | | | 231,320 | | |
Sigurd C. Kirk
Non-executive director |
| | | | 199,927 | | | | | | 53,750 | | |
William T. McKee
Non-executive director |
| | | | 92,363 | | | | | | 342,478 | | |
Mark L. Reisenauer
Non-executive director |
| | | | 81,225 | | | | | | 53,750 | | |
David M. Stark
Non-executive director |
| | | | 81,225 | | | | | | 53,750 | | |
Peter Staple
Former director |
| | | | 91,390 | | | | | | 344,961 | | |
Jeffrey Vacirca
Former director |
| | | | 86,230 | | | | | | 88,517 | | |
All current employees, including all current officers who are not executive
officers, as a group |
| | | | 4,156,511 | | | | | | 2,884,598 | | |
Status
|
| |
Number of
Shares of Common Stock Authorized |
| |
Number of
Shares of Common Stock Issued |
| |
Number of
Shares of Common Stock Reserved for Future Issuance(1) |
| |
Number of
Shares of Common Stock Authorized but Unissued and Unreserved |
| ||||||||||||
Pre-Reverse Stock Split
|
| | | | 200,000,000 | | | | | | 95,773,083 | | | | | | 27,248,132 | | | | | | 76,978,785 | | |
Post-Reverse Stock Split 1-for-2
|
| | | | 200,000,000 | | | | | | 47,886,542 | | | | | | 13,624,066 | | | | | | 138,489,392 | | |
Post-Reverse Stock Split 1-for-5
|
| | | | 200,000,000 | | | | | | 19,154,617 | | | | | | 5,449,626 | | | | | | 175,395,757 | | |
Post-Reverse Stock Split 1-for-10
|
| | | | 200,000,000 | | | | | | 9,577,308 | | | | | | 2,724,813 | | | | | | 187,697,879 | | |
Post-Reverse Stock Split 1-for-15
|
| | | | 200,000,000 | | | | | | 6,384,872 | | | | | | 1,816,542 | | | | | | 191,798,586 | | |
Post-Reverse Stock Split 1-for-20
|
| | | | 200,000,000 | | | | | | 4,788,654 | | | | | | 1,362,407 | | | | | | 193,848,939 | | |
THE APPOINTMENT OF GRANT THORNTON LLP AS THE COMPANY’S
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL
YEAR ENDING DECEMBER 31, 2025.
April [ ], 2025
Chief Executive Officer
EBITDA AND ADJUSTED EBITDA
(in thousands)
(unaudited)
| | |
Twelve Months Ended
December 31, |
| | | | |||||||||
| | |
2024
|
| |
2023
|
| |
Financial Statement Classification
|
| ||||||
GAAP Net (Loss)
|
| | | $ | (21,581) | | | | | $ | (331,942) | | | | | |
Interest expense
|
| | | | 3,039 | | | | | | 3,380 | | | | Interest expense | |
Income tax expense
|
| | | | 52 | | | | | | 77,888 | | | | Income tax (expense) benefit | |
Depreciation expense
|
| | | | 184 | | | | | | 702 | | | | Selling, general and administrative expenses | |
Amortization of intangible assets
|
| | | | 25,644 | | | | | | 27,527 | | | | Amortization of intangible assets | |
EBITDA (Non-GAAP)
|
| | | | 7,338 | | | | | | (222,445) | | | | | |
Adjustments:
|
| | | | | | | | | | | | | | | |
Legacy product reserves(1)
|
| | | | (2,100) | | | | | | (185) | | | | Other revenue | |
Stock-based compensation
|
| | | | 5,009 | | | | | | 9,158 | | | | Selling, general and administrative expenses | |
Change in fair value of contingent consideration(2)
|
| | | | (244) | | | | | | (25,538) | | | |
Change in fair value of contingent consideration
|
|
Debt-related expenses(3)
|
| | | | — | | | | | | 9,918 | | | | Debt-related expenses | |
Transaction-related expenses(4)
|
| | | | — | | | | | | 8,900 | | | | Selling, general and administrative expenses | |
Loss on impairment of intangible assets(5)
|
| | | | 5,217 | | | | | | 279,639 | | | | Loss on impairment of intangible assets | |
Restructuring costs(6)
|
| | | | 720 | | | | | | 5,476 | | | | Restructuring charges | |
Other(7)
|
| | | | 1,203 | | | | | | 2,820 | | | | Multiple | |
Adjusted EBITDA (Non-GAAP)
|
| | | $ | 17,143 | | | | | $ | 67,743 | | | | | |
| | |
Twelve Months
Ended December 31, |
| |
Financial Statement
Classification |
| |||||||||
| | |
2024
|
| |
2023
|
| |||||||||
Amortization of inventory step-up
|
| | | $ | 4,564 | | | | | $ | 5,167 | | | | Cost of sales | |
Interest income on short-term investments
|
| | | | (3,221) | | | | | | (2,403) | | | |
Other gain (loss)
|
|
Derivative fair value adjustment
|
| | | | (140) | | | | | | 56 | | | |
Other gain (loss)
|
|
Total Other
|
| | | $ | 1,203 | | | | | $ | 2,820 | | | | | |
AMENDED AND RESTATED
2014 OMNIBUS INCENTIVE PLAN
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