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Name | | Age | | Principal Occupation | | Director Since | | | Age | | Principal Occupation | | Director Since | | ||||||
Peter D. Staple | | 70 | | Former President and Chief Executive Officer, Corium, Inc. | | 2003 | | | 72 | | Former President and Chief Executive Officer, Corium, Inc. | | 2003 | | ||||||
Sravan K. Emany | | 46 | | Senior Vice President and Chief Financial Officer, Ironwood Pharmaceuticals, Inc. | | 2023 | | |||||||||||||
Sigurd C. Kirk | | 57 | | Former Executive Vice President, Allergan plc | | 2024 | | |||||||||||||
Heather L. Mason | | 61 | | Retired Executive Vice President, Abbott Nutrition | | 2019 | | | 63 | | Interim Chief Executive Officer, Assertio Holdings, Inc. | | 2019 | | ||||||
William T. McKee | | 60 | | Chief Executive Officer, MBJC Associates, LLC | | 2017 | | | 62 | | Chief Executive Officer, MBJC Associates, LLC | | 2017 | | ||||||
Daniel A. Peisert | | 47 | | President and Chief Executive Officer, Assertio Holdings, Inc. | | 2020 | | |||||||||||||
James L. Tyree | | 69 | | Retired Co-founder and Managing Partner of Tyree & D’Angelo Partners | | 2016 | | |||||||||||||
Jeffrey L. Vacirca | | 55 | | CEO and Chairman of the Board of New York Cancer & Blood Specialists | | 2023 | |
Committee | | | Committee Chair | | | Additional Committee | | | Audit Committee Financial Experts | |
Audit | | | | | William T. McKee Peter D. Staple | | | Sravan K. Emany Sigurd C. Kirk William T. McKee Peter D. Staple | | |
Compensation | | | James L. Tyree | | | Sigurd C. Kirk William T. McKee | | | — | |
Nominating and Corporate Governance | | | | | | | — | |
Board Diversity Matrix (As of April 4, 2022) | | | | | | |||||||||||||||
| Female | | Male | | ||||||||||||||||
Board Diversity Matrix (As of April [ ], 2024) | | Female | | Male | | |||||||||||||||
Total Number of Directors | | 5 | | | 7 | | ||||||||||||||
Part I: Gender Identity | | | | | | | | | | | | | | | | | ||||
Directors | | 1 | | 4 | | | | | 1 | | | | | 6 | | | ||||
Part II: Demographic Background | | | | | | | | | | | | | | | | | ||||
White | | 1 | | 4 | | | | | 1 | | | | | 5 | | | ||||
Asian | | | | — | | | | | 1 | | |
Name of Beneficial Owner(1) | | Aggregate Number of Shares of Common Stock(2) | | Number Subject to Convertible Securities Exercisable Within 60 days | | Percentage of Common Stock(2) | | | Aggregate Number of Shares of Common Stock(2) | | Number Subject to Convertible Securities Exercisable Within 60 days(2) | | Percentage of Common Stock(2) | | ||||||||||||||||||||||||
Daniel A. Peisert | | | | 219,311 | | | | | 73,918(3) | | | | | *% | | | ||||||||||||||||||||||
Nantahala Capital Management, LLC(3). | | | | 7,619,440 | | | | | — | | | | | 8.0% | | | ||||||||||||||||||||||
BlackRock, Inc.(4). | | | | 6,574,483 | | | | | — | | | | | 6.9% | | | ||||||||||||||||||||||
Armistice Capital, LLC(5) | | | | 5,800,000 | | | | | — | | | | | 6.1% | | | ||||||||||||||||||||||
The Vanguard Group(6) | | | | 4,878,543 | | | | | — | | | | | 5.1% | | | ||||||||||||||||||||||
Heather L. Mason | | | | 156,456 | | | | | 149,598(7) | | | | | *% | | | ||||||||||||||||||||||
Ajay Patel | | | | 133,254 | | | | | 486,659(8) | | | | | *% | | | ||||||||||||||||||||||
Paul Schwichtenberg | | | | 65,244 | | | | | — | | | | | *% | | | | | | 103,924 | | | | | 486,659(8) | | | | | *% | | | ||||||
Ajay Patel | | | | 52,778 | | | | | — | | | | | *% | | | ||||||||||||||||||||||
Heather L. Mason | | | | 70,170 | | | | | 89,286(4) | | | | | *% | | | ||||||||||||||||||||||
Daniel A. Peisert(9) | | | | 607,457 | | | | | 1,776,813(10) | | | | | 2.5% | | | ||||||||||||||||||||||
Sravan K. Emany | | | | — | | | | | — | | | | | *% | | | ||||||||||||||||||||||
Sigurd C. Kirk | | | | — | | | | | 118,702(11) | | | | | *% | | | ||||||||||||||||||||||
William T. McKee | | | | 12,013 | | | | | 160,926(5) | | | | | *% | | | | | | 12,334 | | | | | 202,569(12) | | | | | *% | | | ||||||
Peter D. Staple | | | | 104,924(6) | | | | | 115,526(7) | | | | | *% | | | | | | 280,496(13) | | | | | 51,255(14) | | | | | *% | | | ||||||
James L. Tyree | | | | 79,522 | | | | | 93,907(8) | | | | | *% | | | | | | 157,057 | | | | | 39,636(15) | | | | | *% | | | ||||||
All current directors and executive officers as a group (8 persons) | | | | 620,594 | | | | | 533,563(9) | | | | | 2.5% | | | ||||||||||||||||||||||
Jeffrey L. Vacirca | | | | 52,642 | | | | | — | | | | | *% | | | ||||||||||||||||||||||
All current directors and executive officers as a group (10 persons) | | | | 1,007,292 | | | | | 2,056,752(16) | | | | | 3.2% | | |
Name | | | Age | | | Position | |
| | | | | |||
| | | | Senior Vice President and Chief Financial Officer | | ||
| | | | Senior Vice President and Chief | | ||
Sam Schlessinger | | | | | Senior Vice President and General Counsel | |
Name & Principal Position | | | Year | | | Salary ($) | | | Bonus ($)(1) | | | Stock Awards ($)(2) | | | Options Awards ($)(2) | | | Non-Equity Incentive Plan Compensation ($)(3) | | | All Other Compensation ($)(4) | | | Total ($) | | ||||||||||||||||||||||||
Danie1 A. Peisert(5) President & Chief Executive Officer, Former Executive/Senior Vice President & Chief Financial Officer | | | | | 2021 | | | | | | 580,659 | | | | | | 137,500 | | | | | | 2,477,274 | | | | | | 1,041,871 | | | | | | 933,911 | | | | | | 45,500 | | | | | | 5,216,710 | | |
| | | 2020 | | | | | | 443,333 | | | | | | — | | | | | | 470,203 | | | | | | 101,160 | | | | | | 156,659 | | | | | | 9,120 | | | | | | 1,180,475 | | | ||
Paul Schwichtenberg(6) Senior Vice President & Chief Financial Officer, Former Vice President, Finance | | | | | 2021 | | | | | | 341,770 | | | | | | 44,250 | | | | | | 619,318 | | | | | | 261,861 | | | | | | 214,224 | | | | | | 33,828 | | | | | | 1,515,251 | | |
Ajay Patel(7) Senior Vice President & Chief Accounting Officer, Former Vice President, Controller | | | | | 2021 | | | | | | 325,860 | | | | | | 22,125 | | | | | | 619,318 | | | | | | 261,861 | | | | | | 205,504 | | | | | | 17,433 | | | | | | 1,452,100 | | |
Name & Principal Position | | | Year | | | Salary ($) | | | Bonus ($)(1) | | | Stock Awards ($)(2) | | | Options Awards ($)(2) | | | Non-Equity Incentive Plan Compensation ($)(3) | | | All Other Compensation ($)(4) | | | Total ($) | | ||||||||||||||||||||||||
Danie1 A. Peisert Former President & Chief Executive Officer | | | | | 2023 | | | | | | 612,630 | | | | | | 137,500 | | | | | | 1,066,065 | | | | | | 999,845 | | | | | | 424,549 | | | | | | 23,400 | | | | | | 3,263,989 | | |
| | | 2022 | | | | | | 589,990 | | | | | | 137,500 | | | | | | 2,095,817 | | | | | | 1,717,937 | | | | | | 1,427,865 | | | | | | 24,709 | | | | | | 5,993,818 | | | ||
Ajay Patel(5) Senior Vice President, Chief Financial Officer | | | | | 2023 | | | | | | 362,512 | | | | | | 22,125 | | | | | | 266,516 | | | | | | 249,962 | | | | | | 131,051 | | | | | | 23,100 | | | | | | 1,055,266 | | |
| | | 2022 | | | | | | 349,115 | | | | | | 22,125 | | | | | | 747,954 | | | | | | 609,484 | | | | | | 342,583 | | | | | | 28,192 | | | | | | 2,099,453 | | | ||
Paul Schwichtenberg(6) Senior Vice President, Chief Commercial Officer | | | | | 2023 | | | | | | 373,155 | | | | | | 44,250 | | | | | | 266,516 | | | | | | 249,962 | | | | | | 132,363 | | | | | | 23,880 | | | | | | 1,090,127 | | |
| | | 2022 | | | | | | 359,365 | | | | | | 44,250 | | | | | | 747,954 | | | | | | 609,484 | | | | | | 354,266 | | | | | | 22,998 | | | | | | 2,138,318 | | |
For Stock and Option Awards Granted in Fiscal Year | | | Consolidated Financial Statements | | | Included with Form 10-K Filed: | | | Note | | |||
2021 | | | December 31, 2021 | | | March 10, 2022 | | | | | 15 | | |
2020 | | | December 31, 2020 | | | March 12, 2021 | | | | | 14 | | |
For Stock and Option Awards Granted in Fiscal Year | | | Consolidated Financial Statements | | | Included with Form 10-K Filed: | | | Note | | |||
2023 | | | December 31, 2023 | | | March 11, 2024 | | | | | 17 | | |
2022 | | | December 31, 2022 | | | March 08, 2023 | | | | | 15 | | |
NEO | | | Base Salary | | | Target Bonus Opportunity (As a % of Salary) | | ||||||
Daniel A. Peisert(1) | | | | $ | 575,600 | | | | | | 110% | | |
Paul Schwichtenberg(2) | | | | $ | 350,600 | | | | | | 45% | | |
Ajay Patel(2) | | | | $ | 340,600 | | | | | | 45% | | |
NEO | | | Base Salary | | | Target Bonus Opportunity (As a % of Salary) | | ||||||
Daniel A. Peisert | | | | $ | 616,583 | | | | | | 110% | | |
Ajay Patel | | | | $ | 364,851 | | | | | | 45% | | |
Paul Schwichtenberg. | | | | $ | 375,563 | | | | | | 45% | | |
First Part of 2023 | | | Second Part of 2023 | | ||||||
Corporate Performance Metric | | | Weighting | | | Corporate Performance Metric | | | Weighting | |
Sympazan and Otrexup Net Sales and Volume(1) | | | 20% | | | Sympazan and Otrexup Net Sales and Volume(1) | | | 20% | |
Sympazan Net Sales for 2023 | | | 5% | | | Sympazan Net Sales for 2023 | | | 5% | |
Sympazan Volume for 2023 | | | 5% | | | Sympazan Volume for 2023 | | | 5% | |
Otrexup Net Sales for 2023 | | | 5% | | | Otrexup Net Sales for 2023 | | | 5% | |
Otrexup Volume for 2023 | | | 5% | | | Otrexup Volume for 2023 | | | 5% | |
Adj. Operating Cash Flow for the First Part of 2023(2) | | | 30% | | | Adj. Operating Cash Flow for the Second Part of 2023(2) | | | 30% | |
Acquired Annualized Gross Profit(3) | | | 15% | | | Spectrum Deal Model(4) | | | 15% | |
Total Corporate Financial Goals | | | 65% | | | Total Corporate Financial Goals | | | 65% | |
Indocin Volume Retention Goal | | | 20% | | | Indocin Erosion Volume Goal | | | 20% | |
Indocin Clinical Goal | | | 15% | | | Spectrum Integration | | | 15% | |
Total Corporate Business Process Goals | | | 35% | | | Total Corporate Business Process Goals | | | 35% | |
Adjusted EBITDA (30% Weighting) | | | | | | Net Sales (20% of Weighting) | | |||||||||||||||
Performance Level | | | Payout Percentage* | | | Actual Result | | | Performance Level | | | Payout Percentage* | | | Actual Result | | ||||||
Less than $39.7M | | | | | 0% | | | | $48.8M (200% Payout) | | | Less than $86.2M | | | | | 0% | | | | $109.4M (200% Payout) | |
39.7M (90% of Target) | | | | | 50% | | | | | | | $86.2M (90% of Target) | | | | | 50% | | | | | |
$44.1M (100% of Target) | | | | | 100% | | | | | | | $95.7M (100% of Target) | | | | | 100% | | | | | |
$48.4M (110% of Target) | | | | | 200% | | | | | | | $105.1M (110% of Target) | | | | | 200% | | | | | |
Sympazan Net Sales (5% Weighting) | | | Otrexup Net Sales (5% Weighting) | | ||||||||||||
Performance Level | | | Payout Percentage* | | | Actual Result | | | Performance Level | | | Payout Percentage* | | | Actual Result | |
Less than $9.7M | | | 0% | | | $9.9M (88% Payout) | | | Less than $11.2M | | | 0% | | | $12.0M (75% Payout) | |
$9.8M (97.5% of Target) | | | 88% | | | | | | $11.8M (95% of Target) | | | 75% | | | | |
$10.0M (100% of Target) | | | 100% | | | | | | $12.5M (100% of Target) | | | 100% | | | | |
$12.0M (120% of Target) | | | 200% | | | | | | $15.0M (120% of Target) | | | 200% | | | | |
Adjusted Operating Cash Flow for the First Part of 2023* (30% Weighting) | | | Acquired Annualized Gross Profit* (15% Weighting) | | ||||||||||||
Performance Level | | | Payout Percentage** | | | Actual Result | | | Performance Level | | | Payout Percentage** | | | Actual Result | |
Less than $26.6M | | | 0% | | | $28.5M (75% Payout) | | | Less than $22.4M | | | 0% | | | $45.7M (150% Payout) | |
$28.0M (95% of Target) | | | 75% | | | | | | $22.4M (70% of Target) | | | 50% | | | | |
$29.5M (100% of Target) | | | 100% | | | | | | $32.0M (100% of Target) | | | 100% | | | | |
$35.4M (120% of Target) | | | 200% | | | | | | $40.0M (125% of Target) | | | 150% | | | | |
| Indocin Volume Retention Goal | | | (20% of overall Corporate Goals bonus for NEOs) | |
| Indocin Clinical Goal | | | (15% of overall Corporate Goals bonus for NEOs) | |
NEO | | | Individual Goals (30% Weighting) | |
Ajay Patel | | | Financial Reporting Enhancements Assertio Distribution Set-up Business Development Support Financial Management | |
Paul Schwichtenberg | | | Assertio Distribution Set-up Commercial Strategy Financial Management Business Development Support | |
Performance Level | | | Payout Percentage** | | | Actual Result | |
Less than $13.7M | | | 0% | | | $28.2M (200% Payout) | |
$14.6M (95% of Target) | | | 75% | | | | |
$15.5M (100% of Target) | | | 100% | | | | |
$18.4M (120% of Target) | | | 200% | | | | |
| Indocin Erosion Volume Goal | | | (20% of overall Corporate Goals bonus for NEOs) | |
| Spectrum Integration | | | (15% of overall Corporate Goals bonus for NEOs) | |
NEO | | | Individual Goals (30% Weighting) | |
Ajay Patel | | | Operating Cash Flow Spectrum Integration Holding Company Structure Financial Compliance | |
Paul Schwichtenberg | | | Assertio Distribution Set-up Rolvedon Strategy Financial Management Spectrum Integration | |
NEO | | | Base Salary | | | Bonus Target % | | | Total Payout Multiplier | | | 2021 Bonus Payout | | ||||||||||||
Daniel A. Peisert | | | | $ | 575,600 | | | | | | 110% | | | | | | 147.5% | | | | | $ | 933,911 | | |
Paul Schwichtenberg(1) | | | | $ | 350,600 | | | | | | 45% | | | | | | 147.5% | | | | | $ | 214,224 | | |
Ajay Patel(1) | | | | $ | 340,600 | | | | | | 45% | | | | | | 147.5% | | | | | $ | 205,504 | | |
NEO | | | Base Salary | | | Bonus Target % | | | Total Corporate Multiplier % | | | Corporate Weighting % | | | Total Corporate Payout $ | | | Total Individual Multiplier % | | | Individual Weighting % | | | Total Individual Payout $ | | | Total Payout $ | | ||||||||||||||||||||||||
Daniel A. Peisert | | | | $ | 616,583 | | | | | | 110% | | | | | | 62.6% | | | | | | 100% | | | | | $ | 424,579 | | | | N/A | | | N/A | | | N/A | | | | $ | 424,579 | | | ||||||
Ajay Patel | | | | $ | 364,096 | | | | | | 45% | | | | | | 62.6% | | | | | | 70% | | | | | $ | 142,279 | | | | | | 120.0% | | | | 30% | | | | $ | 59,106 | | | | | $ | 131,051 | | |
Paul Schwichtenberg | | | | $ | 375,563 | | | | | | 45% | | | | | | 62.6% | | | | | | 70% | | | | | $ | 74,057 | | | | | | 115.0% | | | | 30% | | | | $ | 58,306 | | | | | $ | 132,363 | | |
NEO | | | NEO Status | | | RSU Value | | | Stock Option Value | | ||||||
Daniel A. Peisert | | | Current NEO | | | | $ | 2,000,000 | | | | | $ | 1,041,871 | | |
Paul Schwichtenberg | | | Current NEO | | | | $ | 500,000 | | | | | $ | 261,861 | | |
Ajay Patel | | | Current NEO | | | | $ | 500,000 | | | | | $ | 261,861 | | |
NEO | | | RSU Value | | | Stock Option Value | | ||||||
Daniel A. Peisert | | | | $ | 1,000,000 | | | | | $ | 1,000,000 | | |
Ajay Patel | | | | $ | 250,000 | | | | | $ | 250,000 | | |
Paul Schwichtenberg | | | | $ | 250,000 | | | | | $ | 250,000 | | |
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) | | |||||||||||||||||||||
Daniel A. Peisert | | | Stock Option(2) | | | | | 11/8/2017 | | | | | | 23,917 | | | | | | — | | | | | | 22.80 | | | | | | 11/8/2027 | | | | | | — | | | | | | — | | |
| Stock Option(3) | | | | | 5/19/2020 | | | | | | 50,001 | | | | | | — | | | | | | 3.20 | | | | | | 5/19/2030 | | | | | | — | | | | | | — | | | ||
| RSU(4) | | | | | 2/11/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 189,394 | | | | | | 202,652 | | | ||
| Stock Option(5) | | | | | 12/1/2021 | | | | | | 623,334 | | | | | | 311,666 | | | | | | 1.31 | | | | | | 12/1/2031 | | | | | | — | | | | | | — | | | ||
| Stock Option(5) | | | | | 5/12/2022 | | | | | | 146,199 | | | | | | 292,397 | | | | | | 2.63 | | | | | | 5/12/2032 | | | | | | — | | | | | | — | | | ||
| RSU(4) | | | | | 5/12/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 304,137 | | | | | | 325,427 | | | ||
| Performance Based | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| Stock Option(6) | | | | | 5/12/2022 | | | | | | 400,000 | | | | | | — | | | | | | 2.63 | | | | | | 5/12/2032 | | | | | | — | | | | | | — | | | ||
| RSU(4) | | | | | 2/21/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 205,804 | | | | | | 220,210 | | | ||
| Stock Option(5) | | | | | 2/21/2023 | | | | | | — | | | | | | 226,491 | | | | | | 5.18 | | | | | | 2/21/2029 | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | 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) | | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(1) | | |||||||||||||||||||||||||||
Daniel A. Peisert | | | Stock Option(2) | | | | | 11/8/2017 | | | | | | 23,917 | | | | | | — | | | | | | 22.80 | | | | | | 11/8/2027 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | RSU(3) | | | | | 2/12/2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,897 | | | | | | 15,035 | | | | | | — | | | | | | — | | |
| | | RSU(3) | | | | | 2/4/2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 61,397 | | | | | | 133,845 | | | | | | — | | | | | | — | | |
| | | Stock Option(4) | | | | | 5/19/2020 | | | | | | 50,001 | | | | | | — | | | | | | 3.20 | | | | | | 5/19/2030 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | RSU(3) | | | | | 2/11/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 568,182 | | | | | | 1,238,637 | | | | | | — | | | | | | — | | |
| | | Stock Option(5) | | | | | 12/1/2021 | | | | | | — | | | | | | 935,000 | | | | | | 1.31 | | | | | | 12/31/2031 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Paul Schwichtenberg | | | RSU(3) | | | | | 2/12/2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,934 | | | | | | 10,756 | | | | | | — | | | | | | — | | |
| | | RSU(3) | | | | | 2/4/2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 19,932 | | | | | | 43,452 | | | | | | — | | | | | | — | | |
| | | RSU(3) | | | | | 2/11/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 142,046 | | | | | | 309,660 | | | | | | — | | | | | | — | | |
| | | Stock Option(5) | | | | | 12/1/2021 | | | | | | — | | | | | | 235,000 | | | | | | 1.31 | | | | | | 12/31/2031 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ajay Patel | | | RSU(3) | | | | | 7/31/2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,060 | | | | | | 17,571 | | | | | | — | | | | | | — | | |
| | | RSU(3) | | | | | 2/4/2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,966 | | | | | | 21,726 | | | | | | — | | | | | | — | | |
| | | RSU(3) | | | | | 2/11/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 142,046 | | | | | | 309,660 | | | | | | — | | | | | | — | | |
| | | Stock Option(5) | | | | | 12/1/2021 | | | | | | — | | | | | | 235,000 | | | | | | 1.31 | | | | | | 12/31/2031 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | 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) | | |||||||||||||||||||||
Ajay Patel | | | RSU(4) | | | | | 2/11/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 47,348 | | | | | | 50,662 | | |
| Stock Option(5) | | | | | 12/1/2021 | | | | | | 156,667 | | | | | | 78,333 | | | | | | 1.31 | | | | | | 12/1/2031 | | | | | | — | | | | | | — | | | ||
| Stock Option(5) | | | | | 5/12/2022 | | | | | | 36,550 | | | | | | 73,099 | | | | | | 2.63 | | | | | | 5/12/2032 | | | | | | — | | | | | | — | | | ||
| RSU(4) | | | | | 5/12/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 76,034 | | | | | | 81,356 | | | ||
| Performance Based | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| Stock Option(6) | | | | | 5/12/2022 | | | | | | 200,000 | | | | | | — | | | | | | 2.63 | | | | | | 5/12/2032 | | | | | | — | | | | | | — | | | ||
| RSU(4) | | | | | 2/21/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 51,451 | | | | | | 55,053 | | | ||
| Stock Option(5) | | | | | 2/21/2023 | | | | | | — | | | | | | 56,623 | | | | | | 5.18 | | | | | | 2/21/2029 | | | | | | — | | | | | | — | | | ||
Paul Schwichtenberg | | | RSU(4) | | | | | 2/11/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 47,348 | | | | | | 50,662 | | |
| Stock Option(5) | | | | | 12/1/2021 | | | | | | 156,667 | | | | | | 78,333 | | | | | | 1.31 | | | | | | 12/1/2031 | | | | | | — | | | | | | — | | | ||
| Stock Option(5) | | | | | 5/12/2022 | | | | | | 36,550 | | | | | | 73,099 | | | | | | 2.63 | | | | | | 5/12/2032 | | | | | | — | | | | | | — | | | ||
| RSU(4) | | | | | 5/12/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 76,034 | | | | | | 81,356 | | | ||
| Performance Based | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| Stock Option(6) | | | | | 5/12/2022 | | | | | | 200,000 | | | | | | — | | | | | | 2.63 | | | | | | 5/12/2032 | | | | | | — | | | | | | — | | | ||
| RSU(4) | | | | | 2/21/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 51,451 | | | | | | 55,053 | | | ||
| Stock Option(5) | | | | | 2/21/2023 | | | | | | — | | | | | | 56,623 | | | | | | 5.18 | | | | | | 2/21/2029 | | | | | | — | | | | | | — | | |
Year | | | Summary Compensation Table Total for PEO(1) | | | Compensation Actually Paid to PEO(2) | | | Average Summary Compensation Table Total for Non-PEO NEOs(3) | | | Average Compensation Actually Paid to Non-PEO NEOs(4) | | | Value of Initial Fixed $100 Investment Based On Total Shareholder Return(5) | | | Net Income (Loss)(6) (in thousands) | | ||||||||||||||||||
2023 | | | | $ | 3,263,989 | | | | | $ | (3,632,048) | | | | | $ | 1,072,697 | | | | | $ | (1,186,801) | | | | | $ | 74 | | | | | $ | (331,942) | | |
2022 | | | | $ | 5,993,818 | | | | | $ | 10,805,836 | | | | | $ | 2,118,886 | | | | | $ | 3,643,883 | | | | | $ | 299 | | | | | $ | 109,625 | | |
2021 | | | | $ | 5,216,713 | | | | | $ | 4,561,299 | | | | | $ | 1,483,676 | | | | | $ | 1,326,543 | | | | | $ | 151 | | | | | $ | (1,281) | | |
Year | | | 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 | | ||||||||||||
2023 | | | | $ | 3,263,989 | | | | | $ | 2,065,909 | | | | | $ | (4,830,128) | | | | | $ | (3,632,048) | | |
Year | | | 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 | | | Year over Year Change in Fair Value 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 | | |||||||||||||||||||||
2023 | | | | $ | 270,139 | | | | | $ | (5,323,325) | | | | | | — | | | | | $ | 223,059 | | | | | | — | | | | | | — | | | | | $ | (4,830,128) | | |
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 | | ||||||||||||
2023 | | | | $ | 1,072,697 | | | | | $ | 516,478 | | | | | $ | (1,743,019) | | | | | $ | (1,186,801) | | |
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 | | | Year over Year Average Change in Fair Value 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 | | |||||||||||||||||||||
2023 | | | | $ | 74,593 | | | | | $ | (1,872,218) | | | | | | — | | | | | $ | 54,605 | | | | | | — | | | | | | — | | | | | $ | (1,743,019) | | |
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 | | |
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 Paid in Cash ($)(1) | | | Stock Awards ($)(2) | | | Total ($) | | |||||||||
Heather L. Mason | | | | $ | 92,500 | | | | | $ | 175,036 | | | | | $ | 267,536 | | |
William T. McKee | | | | $ | 86,000 | | | | | $ | 175,036 | | | | | $ | 261,036 | | |
Peter D. Staple | | | | $ | 107,500 | | | | | $ | 175,036 | | | | | $ | 282,536 | | |
James L. Tyree | | | | $ | 75,000 | | | | | $ | 175,036 | | | | | $ | 250,036 | | |
Name | | | Fees Earned or Cash ($)(1) | | | Stock Awards ($)(2) | | | Option Awards ($)(2) | | | Paid in Total ($) | | ||||||||||||
Heather L. Mason | | | | $ | 92,500 | | | | | $ | 235,515 | | | | | $ | 25,000 | | | | | $ | 353,015 | | |
William T. McKee | | | | $ | 96,000 | | | | | $ | 235,515 | | | | | $ | 25,000 | | | | | $ | 356,515 | | |
Peter D. Staple | | | | $ | 116,933 | | | | | $ | 235,515 | | | | | $ | 25,000 | | | | | $ | 377,448 | | |
James L. Tyree | | | | $ | 86,379 | | | | | $ | 235,515 | | | | | $ | 25,000 | | | | | $ | 346,894 | | |
Sravan K. Emany | | | | $ | 8,804 | | | | | $ | 190,000 | | | | | $ | 25,000 | | | | | $ | 223,804 | | |
Jeffrey L. Vacirca | | | | $ | 23,016 | | | | | $ | 197,824 | | | | | $ | 25,000 | | | | | $ | 245,840 | | |
Name | | Options | | Restricted Stock Units | | | Options | | Restricted Stock Units | | ||||||||||||||||
Heather L. Mason | | | | — | | | | | 92,884 | | | | | | 3,821 | | | | | 31,194 | | | ||||
William T. McKee | | | | 7,317 | | | | | 153,609 | | | | | | 11,138 | | | | | 226,446 | | | ||||
Peter D. Staple | | | | 16,344 | | | | | 99,182 | | | | | | 10,165 | | | | | 44,565 | | | ||||
James L. Tyree | | | | 4,621 | | | | | 89,286 | | | | | | 8,442 | | | | | 31,194 | | | ||||
Sravan K. Emany | | | | 26,308 | | | | | 177,570 | | | |||||||||||||||
Jeffrey L. Vacirca | | | | 5,005 | | | | | 34,767 | | |
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 | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column) | | | 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 | | | | 5,064,269(1) | | | | | 2.69(2) | | | | | 52,317(3) | | | | | | 6,998,734(2) | | | | | 2.83(3) | | | | | 5,345,943(4) | | | ||||||
Equity compensation plans not approved by security holders | | | | 23,085(4) | | | | | — | | | | | 139,202(5) | | | | | | 260,045(5) | | | | | 3.15 | | | | | 449,993(6) | | | ||||||
| | | | 5,087,354 | | | | | 2.69(2) | | | | | 191,519 | | | | | | 7,258,780 | | | | | 2.84(3) | | | | | 5,795,936 | | |
| 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 2004 Plan or 2019 Zyla Plan) | | | | |
| Number of shares relating to outstanding stock options | | | | |
| Number of shares relating to awards of unvested restricted stock units | | | ||
| |||||
| Weighted average remaining term of outstanding stock options | | | | |
| Weighted average exercise price of outstanding stock options . . . . . . . . . . . . . . . . . . . . | | | $ | |
| Total number of shares available for future awards under 2014 Plan if this proposal is approved | | | |
| | | Options Granted | | | RSU Shares Granted | | | PSU Shares Granted | | | PSU Shares Vested | | | Net Forfeitures/ Expirations(1) | | | Weighted Average Number of Common Shares Outstanding | | | Burn Rate (incl. PSUs at Grant)(2) | | | Burn Rate (incl. Vested PSUs)(3) | | | Burn Rate (incl. Vested PSUs and Forfeitures/ Expirations)(4) | | |||||||||||||||||||||||||||
Fiscal 2021 | | | | | 2,100,000 | | | | | | 2,230,065 | | | | | | — | | | | | | — | | | | | | 416,601 | | | | | | 43,169,000 | | | | | | 10.0% | | | | | | 10.0% | | | | | | 9.1% | | |
Fiscal 2020(1) | | | | | 50,000 | | | | | | 1,496,299 | | | | | | — | | | | | | — | | | | | | 672,855 | | | | | | 26,209,000 | | | | | | 5.9% | | | | | | 5.9% | | | | | | 3.3% | | |
Fiscal 2019 | | | | | — | | | | | | 687,602 | | | | | | 160,817 | | | | | | — | | | | | | 299,092 | | | | | | 17,679,000 | | | | | | 4.8% | | | | | | 3.9% | | | | | | 3.1% | | |
| | | 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 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% | | |
Fiscal 2021 | | | | | 2,100,000 | | | | | | — | | | | | | — | | | | | | 2,230,065 | | | | | | — | | | | | | 19,054 | | | | | | 416,601 | | | | | | 43,169,000 | | | | | | 10.0% | | | | | | 10.1% | | | | | | 9.1% | | |
Name of Individual or Group | | | Number of Options Granted (#) | | | Number of Shares Subject to Stock Awards Granted (#) | | ||||||
Daniel A. Peisert President & Chief Executive Officer | | | | | 1,008,918 | | | | | | 756,773 | | |
Name of Individual or Group | | Number of Options Granted (#) | | Number of Shares Subject to Stock Awards Granted (#) | | | Number of Options Granted (#) | | Number of Shares Subject to Stock Awards Granted (#) | | ||||||||||||||||
Paul Schwichtenberg Senior Vice President & Chief Financial Officer | | | | 235,000 | | | | | 203,870 | | | |||||||||||||||
Ajay Patel Senior Vice President & Chief Accounting Officer | | | | 235,000 | | | | | 181,175 | | | |||||||||||||||
Daniel A. Peisert Former President & Chief Executive Officer | | | | 2,074,055 | | | | | 1,818,781 | | | |||||||||||||||
Ajay Patel Senior Vice President, Chief Financial Officer | | | | 941,272 | | | | | 621,677 | | | |||||||||||||||
Paul Schwichtenberg Senior Vice President, Chief Commercial Officer | | | | 941,272 | | | | | 644,372 | | | |||||||||||||||
All current executive officers as a group | | | | 1,713,918 | | | | | 1,278,254 | | | | | | 3,321,137 | | | | | 2,107,424 | | | ||||
All current non-executive directors as a group | | | | 62,032 | | | | | 675,684 | | | | | | 104,808 | | | | | 1,081,004 | | | ||||
All current employees, including all current officers who are not executive officers, as a group | | | | 490,782 | | | | | 915,106 | | | | | | 3,869,418 | | | | | 1,169,198 | | |
| | | Twelve Months Ended December 31, | | | | | |||||||||
| | | 2023 | | | 2022 | | | Financial Statement Classification | | ||||||
GAAP Net (Loss) Income | | | | $ | (331,942) | | | | | $ | 109,625 | | | | | |
Interest expense | | | | | 3,380 | | | | | | 7,961 | | | | Interest expense | |
Income tax (expense) benefit | | | | | 77,888 | | | | | | (78,459) | | | | Income tax (expense) benefit | |
Depreciation expense | | | | | 702 | | | | | | 787 | | | | Selling, general and administrative expenses | |
Amortization of intangible assets | | | | | 27,527 | | | | | | 32,608 | | | | Amortization of intangible assets | |
EBITDA (Non-GAAP) | | | | | (222,445) | | | | | | 72,522 | | | | | |
Adjustments: | | | | | | | | | | | | | | | | |
Legacy product reserves(1) | | | | | (185) | | | | | | 1,290 | | | | Other revenue | |
Stock-based compensation | | | | | 9,158 | | | | | | 7,504 | | | | Selling, general and administrative expenses | |
Change in fair value of contingent consideration(2) | | | | | (25,538) | | | | | | 18,687 | | | | 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) | | | | | 279,639 | | | | | | — | | | | Loss on impairment of intangible assets | |
Restructuring costs(6) | | | | | 5,476 | | | | | | — | | | | Restructuring charges | |
Other(7) | | | | | 2,820 | | | | | | 1,592 | | | | Multiple | |
Adjusted EBITDA (Non-GAAP) | | | | $ | 67,743 | | | | | $ | 101,595 | | | | | |
| | | Twelve Months Ended December 31, | | | Financial Statement Classification | | |||||||||
| | | 2023 | | | 2022 | | |||||||||
Amortization of inventory step-up | | | | $ | 5,167 | | | | | $ | 807 | | | | Cost of sales | |
Interest income on short-term investments | | | | | (2,403) | | | | | | — | | | | Other gain (loss) | |
Derivative fair value adjustment | | | | | 56 | | | | | | 252 | | | | Other gain (loss) | |
Gain on debt extinguishment | | | | | — | | | | | | (1,046) | | | | Other gain (loss) | |
Loss recognized for expected credit loss reserve | | | | | — | | | | | | 1,579 | | | | Other gain (loss) | |
Total Other | | | | $ | 2,820 | | | | | $ | 1,592 | | | | | |