o | Preliminary Proxy Statement | ||||
o | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | ||||
x | Definitive Proxy Statement | ||||
o | Definitive Additional Materials | ||||
o | Soliciting Material Pursuant to §240.14a-12 |
(Name of Registrant as Specified In Its Charter) |
(Name of Person(s) Filing Proxy Statement, if other than the Registrant) |
x | No fee required. | ||||
o | Fee paid previously with preliminary materials. | ||||
o | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. |
Sincerely, | |||||
Nikhil Lalwani | |||||
Chief Executive Officer |
TIME AND DATE | 9:00 A.M. Eastern Time on Tuesday, May | ||||||||
PLACE | www.virtualshareholdermeeting.com/ | ||||||||
AGENDA | • Elect the • Ratify the appointment of EisnerAmper LLP as our independent registered public accounting firm for the year ending December 31, • Advisory vote to approve the compensation of the Company’s named executive officers • Approve • Transact such other business as may properly come before the annual meeting (including adjournments and postponements) | ||||||||
RECORD DATE |
By Order of the Board of Directors, | |||||
Meredith W. Cook | |||||
Senior Vice President, General Counsel and Corporate Secretary | |||||
Princeton, New Jersey | |||||
April 5, 2024 |
Page | |||||||||||
Record Date | ||||||||
Quorum Requirement | Holders of at least one-third of the outstanding shares of the Company’s capital stock issued and outstanding and entitled to vote on the record date must be present at the Annual Meeting or represented by proxy. Abstentions and broker non-votes are counted as present and entitled to vote for purposes of determining a quorum. | |||||||
Voting Shares Outstanding on the Record Date | 25,000 shares of Series A Preferred Stock, |
Voting by Proxy Voting at the Meeting | Internet, telephone, or mail: We encourage Stockholders to vote in advance of the Annual Meeting, even if they plan to access the Annual Meeting virtually. In order to vote in advance, proxies submitted by Internet or telephone must be received by 11:59 p.m. Eastern Time on May |
Changing Your Vote | If you have given your proxy and later wish to revoke it, you may do so at any time before it is voted at the Annual Meeting by (a) delivering a proxy revocation or another duly executed proxy bearing a later date to our Secretary at 210 Main Street West, Baudette, MN 56623 or (b) casting a later vote via the Internet or telephone, or (c) attending the Annual Meeting and voting online. Attendance online at the Annual Meeting will not revoke a proxy unless the Stockholder actually votes online during the virtual meeting. Your latest Internet or telephone proxy is the one that will be counted. If you hold shares through a broker, bank, or other nominee, you may revoke any prior voting instructions by contacting that firm. |
Proposal | Vote Required | Voting Choices | Broker Discretionary Voting Allowed | |||||||||||||||||||||
Election of the director nominees named in the Proxy Statement | The number of votes cast by Stockholders present at the Annual Meeting in person (virtually) or by proxy and voting “FOR” a nominee must exceed the number of votes cast “AGAINST” the nominee. | “FOR”, “AGAINST”, or “ABSTAIN” | No | |||||||||||||||||||||
Ratification of the appointment of EisnerAmper LLP as our independent registered public accounting firm for the year ending December 31, | The vote of the holders of a majority of the stock represented and entitled to vote on such proposal. | “FOR”, “AGAINST”, or “ABSTAIN” | Yes | |||||||||||||||||||||
Advisory vote to approve the compensation of the Company’s named executive officers | The vote of the holders of a majority of the stock represented and entitled to vote on such proposal. | “FOR”, “AGAINST”, or “ABSTAIN” | No | |||||||||||||||||||||
Approval of the | The vote of the holders of a majority of the stock represented and entitled to vote on such proposal. | “FOR”, “AGAINST”, or “ABSTAIN” | No |
Effect of Abstentions and Broker Non-Votes | Shares voting “abstain” and broker non-votes votes (shares held by brokers that do not have discretionary authority to vote on a matter and have not received voting instructions from their clients) have no effect on the election of directors. The proposal to ratify the appointment of EisnerAmper LLP as our independent registered public accounting firm for the year ending December 31, |
such proposal and abstentions will have the same effect as a vote “AGAINST” such proposal. For all other proposals, abstentions will have the same effect as vote “AGAINST” such proposal and broker non-votes have no effect. If you are a beneficial holder and do not provide specific voting instructions to your broker or custodian of your shares, your broker or custodian will not be authorized to vote on any of the matters other than the ratification of the appointment of EisnerAmper LLP. Accordingly, we encourage you to vote promptly, even if you plan to attend the Annual Meeting. | ||||||||
Voting Instructions | If you complete and submit your proxy voting instructions, the persons named as proxies will follow your instructions. If you are a Stockholder of record and you submit proxy voting instructions but do not direct how to vote on each proposal, the persons named as proxies will vote as the Board recommends on each proposal. The persons named as proxies will vote on any other matters properly presented at the Annual Meeting in accordance with their judgment. Our bylaws set forth requirements for advance notice of nominations and agenda items for the Annual Meeting, and we have not received timely notice of any such matters that may be properly presented for voting at the Annual Meeting, other than the items from the Board described in this Proxy Statement. | |||||||
Proxy Solicitation Costs | The expense of soliciting proxy cards, including the costs of preparing, assembling and mailing the Notice of | |||||||
Voting Results | We expect to announce preliminary results at the Annual Meeting. We will report final results in a filing with the U.S. Securities and Exchange Commission (“SEC”) on Form 8-K. |
For questions regarding | Contact via mail or email: | |||||||||
Annual meeting | ANI Pharmaceuticals, Inc. 210 Main Street West Baudette, Minnesota 56623 Attn: Investor Relations Email: IR@anipharmaceuticals.com |
Name(1) | | | Fees Earned or Paid in Cash ($)(2) | | | Stock Awards ($)(3)(4) | | | Option Awards ($)(4) | | | Non-Equity Incentive Plan Compensation ($) | | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | | | Total ($) | | ||||||||||||||||||
Patrick D. Walsh(5) | | | | | 111,315 | | | | | | 304,183 | | | | | | — | | | | | | — | | | | | | — | | | | | | 415,498 | | |
Robert E. Brown, Jr.(5) | | | | | 86,750 | | | | | | 304,183 | | | | | | — | | | | | | — | | | | | | — | | | | | | 390,933 | | |
Thomas J. Haughey | | | | | 91,750 | | | | | | 304,183 | | | | | | — | | | | | | — | | | | | | — | | | | | | 395,933 | | |
David B. Nash, M.D.(5) | | | | | 86,750 | | | | | | 304,183 | | | | | | — | | | | | | — | | | | | | — | | | | | | 390,933 | | |
Antonio R. Pera | | | | | 69,250 | | | | | | 304,183 | | | | | | — | | | | | | — | | | | | | — | | | | | | 373,433 | | |
Renee P. Tannenbaum, Pharm.D. | | | | | 32,199 | | | | | | 363,545(6) | | | | | | — | | | | | | — | | | | | | — | | | | | | 375,933 | | |
Jeanne Thoma | | | | | 71,750 | | | | | | 304,183 | | | | | | — | | | | | | — | | | | | | — | | | | | | 395,744 | | |
Name(1) | Fees Earned or Paid in Cash ($)(2) | Stock Awards ($)(3)(4) | Option Awards ($)(4) | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | Total ($) | ||||||||||||||||||||||||||||||||
Patrick Walsh(5) | 101,750 | 320,458 | — | — | — | 422,208 | ||||||||||||||||||||||||||||||||
Robert Brown, Jr.(5), (6) | 56,006 | — | — | — | — | 56,006 | ||||||||||||||||||||||||||||||||
Thomas Haughey | 91,750 | 320,458 | — | — | — | 412,208 | ||||||||||||||||||||||||||||||||
Matthew Leonard | 6,601 | 464,155 | (7) | — | — | — | 470,756 | |||||||||||||||||||||||||||||||
David Nash(5) | 86,750 | 320,458 | — | — | — | 407,208 | ||||||||||||||||||||||||||||||||
Antonio Pera | 72,794 | 320,458 | — | — | — | 393,252 | ||||||||||||||||||||||||||||||||
Renee Tannenbaum | 71,908 | 320,458 | — | — | — | 392,366 | ||||||||||||||||||||||||||||||||
Jeanne Thoma | 75,294 | 320,458 | — | — | — | 395,752 |
Name | | | Stock Options Outstanding | | | Unvested Shares of Restricted Stock | | ||||||
Patrick D. Walsh | | | | | — | | | | | | 10,049 | | |
Robert E. Brown, Jr. | | | | | — | | | | | | 10,049 | | |
Thomas J. Haughey | | | | | — | | | | | | 10,049 | | |
David B. Nash, M.D. | | | | | — | | | | | | 10,049 | | |
Antonio R. Pera | | | | | 16,024 | | | | | | 10,049 | | |
Renee P. Tannenbaum, Pharm.D. | | | | | — | | | | | | 13,346 | | |
Jeanne Thoma | | | | | 16,024 | | | | | | 10,049 | | |
Name | Stock Options Outstanding | Unvested Shares of Restricted Stock | ||||||||||||
Patrick Walsh | 4,634 | 6,865 | ||||||||||||
Robert Brown, Jr. | 14,802 | — | ||||||||||||
Thomas Haughey | 4,634 | 6,865 | ||||||||||||
Matthew Leonard | — | 7,583 | ||||||||||||
David Nash | 4,634 | 6,865 | ||||||||||||
Antonio Pera | 16,024 | 6,865 | ||||||||||||
Renee Tannenbaum | — | 15,763 | ||||||||||||
Jeanne Thoma | 16,024 | 6,865 |
• Seven of our nine directors are independent | • Annual Board and committee self-assessment process | |||||||||
• Separate Chief Executive Officer and Board Chair positions | • Strong focus on pay-for-performance | |||||||||
• Independent standing | • Stock ownership guidelines for executive officers and directors | |||||||||
• Regular meetings of our independent directors without management present | • Clawback policy on executive compensation | |||||||||
• Two of our nine directors are female and three of our nine directors identify as racially diverse. | • Environmental, social and governance (“ESG”) risks, opportunities and impacts to support the sustainable growth of ANI’s businesses are overseen by the Nominating and Corporate Governance Committee |
Board Diversity Matrix (as of April 11, 2023) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Number of Directors | | 9 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Female | | Male | | Non-Binary | | Did Not Disclose Gender | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Board Diversity Matrix (as of April 5, 2024) | Board Diversity Matrix (as of April 5, 2024) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Number of Directors | Total Number of Directors | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Female | Female | Male | Non-Binary | Did Not Disclose Gender | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Part I: Gender Identity | Part I: Gender Identity | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Directors | | | | 2 | | | | | 7 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||
Directors | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Directors | 2 | 7 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Part II: Demographic Background | Part II: Demographic Background | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
African American or Black | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
African American or Black | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
African American or Black | | | | — | | | | | — | | | | | — | | | | | — | | | — | — | |||||||||||||||||||||||||||||||||||||||
Alaskan Native or Native American | | | | — | | | | | — | | | | | — | | | | | — | | | Alaskan Native or Native American | — | — | ||||||||||||||||||||||||||||||||||||||
Asian | | | | — | | | | | 2 | | | | | — | | | | | — | | | Asian | — | 2 | — | |||||||||||||||||||||||||||||||||||||
Hispanic or Latinx | | | | — | | | | | 1 | | | | | — | | | | | — | | | Hispanic or Latinx | — | 1 | — | |||||||||||||||||||||||||||||||||||||
Native Hawaiian or Pacific Islander | | | | — | | | | | — | | | | | — | | | | | — | | | Native Hawaiian or Pacific Islander | — | — | ||||||||||||||||||||||||||||||||||||||
White | | | | 2 | | | | | 2 | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Two or More Races or Ethnicities | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||
Two or More Races or Ethnicities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Two or More Races or Ethnicities | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LGBTQ+ | | — | | LGBTQ+ | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Did not Disclose Demographic Background | | 2 | | Did not Disclose Demographic Background | — | 1 | — |
Board Diversity Matrix (As of March 25, 2022) | | ||||||||||||
| | | Female | | | Male | | ||||||
Total Number of Directors | | | 9 | | |||||||||
Part I: Gender Identity | | ||||||||||||
Directors | | | | | 2 | | | | | | 7 | | |
Part II: Demographic Background | | ||||||||||||
African American or Black | | | | | | | | | | | | | |
Alaskan Native or Native American | | | | | | | | | | | | | |
Asian | | | | | | | | | | | 2 | | |
Hispanic or Latino | | | | | | | | | | | 1 | | |
Native Hawaiian or Pacific Islander | | | | | | | | | | | | | |
White | | | | | 2 | | | | | | 3 | | |
Two or More Races or Ethnicities | | | | | | | | | | | | | |
LGBTQ+ | | | | | | | | | | | | | |
Did Not Disclose Demographic Background | | | 1 | |
Name | Audit and Finance(2) | Compensation(3) | Nominating and Corporate Governance(4) | |||||||||||||||||
Thomas Haughey | Chair | — | ✓ | |||||||||||||||||
Nikhil Lalwani(1) | — | — | — | |||||||||||||||||
Matthew Leonard | ✓ | — | ✓ | |||||||||||||||||
David Nash | ✓ | — | Chair | |||||||||||||||||
Antonio Pera | — | Chair | — | |||||||||||||||||
Muthusamy Shanmugam(1) | — | — | — | |||||||||||||||||
Renee Tannenbaum | — | ✓ | ✓ | |||||||||||||||||
Jeanne Thoma | ✓ | ✓ | — | |||||||||||||||||
Patrick Walsh | — | — | — | |||||||||||||||||
Number of Committee Meetings Held in 2023 | 5 | 7 | 4 |
Name | | | Audit and Finance | | | Compensation** | | | Nominating and Corporate Governance | |
Robert E. Brown, Jr. | | | — | | | Chair | | | ✓ | |
Thomas Haughey | | | Chair | | | — | | | ✓ | |
Nikhil Lalwani* | | | — | | | — | | | — | |
David B. Nash, M.D. | | | ✓ | | | — | | | Chair | |
Antonio R. Pera | | | — | | | ✓ | | | — | |
Muthusamy Shanmugam* | | | — | | | — | | | — | |
Renee P. Tannenbaum, Pharm.D. | | | — | | | ✓ | | | — | |
Jeanne A. Thoma | | | ✓ | | | — | | | — | |
Patrick D. Walsh | | | — | | | — | | | — | |
Number of Committee Meetings Held in 2022 | | | 5 | | | 6 | | | 4 | |
| | 2022 | | 2021 | | |||||||||||||||||||||||||||
2023 | 2023 | 2022 | ||||||||||||||||||||||||||||||
Audit Fees | | | $ | 879,375 | | | | $ | 943,587 | | | |||||||||||||||||||||
Audit-Related Fees | | | | — | | | | | — | | | |||||||||||||||||||||
Tax Fees | | | | — | | | | | — | | | |||||||||||||||||||||
All Other Fees | | | | — | | | | | — | | | |||||||||||||||||||||
Total | | | $ | 879,375 | | | | $ | 943,587 | | |
Name | Age | Position | ||||||||||||||||
Nikhil Lalwani | 46 | President and Chief Executive Officer | ||||||||||||||||
Stephen P. Carey | 53 | Senior Vice President and Chief Financial Officer | ||||||||||||||||
Meredith W. Cook | 50 | Senior Vice President, General Counsel and Corporate Secretary | ||||||||||||||||
Krista Davis | 51 | Senior Vice President and Chief Human Resources Officer | ||||||||||||||||
Chad Gassert | 48 | Senior Vice President, Corporate Development & Strategy | ||||||||||||||||
Ori Gutwerg | 50 | Senior Vice President, Generics | ||||||||||||||||
James G. Marken | 61 | Senior Vice President, Operations and Product Development | ||||||||||||||||
Christopher Mutz | 53 | Senior Vice President, Head of Rare | ||||||||||||||||
Thomas Rowland | 58 | Senior Vice President, Head of Established Brands | ||||||||||||||||
Muthusamy Shanmugam | 56 | Head of Research & Development and Chief Operating Officer of NJ Operations |
Executive | Position | |||||||||
Nikhil Lalwani | President and Chief Executive Officer (“CEO”) | |||||||||
Stephen P. Carey | Senior Vice President, Finance and Chief Financial Officer | |||||||||
Senior Vice President, | ||||||||||
Ori Gutwerg | Senior Vice President, Generics | |||||||||
Christopher K. Mutz | Senior Vice President, Head of Rare Disease |
Base Salary | The Compensation Committee, after considering the market practice survey data of our peer group provided by our independent compensation consultant, increased the base salaries for each of our NEOs | ||||||||
Annual Incentives | For Based on the Company’s performance results for | ||||||||
Long-Term Incentives | For |
What We Do | What We Don’t Do | |||||||||||||||
Evaluate and reward performance against pre-determined goals | x | No fixed terms/guaranteed increases in employment agreements or equity grants | ||||||||||||||
Emphasize significant variable (“at risk”) compensation for our CEO and NEOs | x | No excessive cash severance | ||||||||||||||
Maintain a “clawback” policy | x | No repricing or exchange of underwater options without stockholder approval | ||||||||||||||
Use an independent compensation consultant | x | No special perquisites | ||||||||||||||
Maintain stock ownership guidelines | x | No supplemental executive retirement plan | ||||||||||||||
Hold an annual say-on-pay vote | x | No dividends or dividend equivalents on unvested equity awards | ||||||||||||||
Conduct an annual compensation risk assessment | ||||||||||||||||
Include “double trigger” equity vesting benefits to our CEO | ||||||||||||||||
Include “double trigger” cash severance benefits to all of our NEOs, including our CEO |
Pay Element | How It’s Paid | Purpose | |||||||||||||||
Base Salary | Cash | Provide a competitive base salary rate relative to similar positions in the market and enable the Company to attract and retain critical executive talent. | |||||||||||||||
Annual Incentives | Cash | Create an incentive for the achievement of pre-defined annual business and individual objectives. | |||||||||||||||
Long-Term Incentives | Equity | Align interests of employees with stockholders; create focus on long-term performance and creating stockholder value; support the Company’s retention strategy |
2023 Peer Group | ||||||||||||||||||
Amphastar Pharmaceuticals, Inc. | Eagle Pharmaceuticals, Inc. | Pacira BioSciences, Inc. | ||||||||||||||||
BioCryst Pharmaceuticals, Inc. | Insmed Incorporated | PTC Therapeutics, Inc. | ||||||||||||||||
Intercept Pharmaceuticals, Inc. | Supernus Pharmaceuticals, Inc. | |||||||||||||||||
Coherus BioSciences, Inc. | Ironwood Pharmaceuticals, Inc. | Travere Therapeutics, Inc. | ||||||||||||||||
Collegium Pharmaceutical, Inc. | Lannett Company, Inc. | Vanda Pharmaceuticals Inc. | ||||||||||||||||
Myriad Genetics, Inc. | ||||||||||||||||||
Name | | 2021 Base Salary | | 2022 Base Salary | | % Increase | | Name | 2022 Base Salary | 2023 Base Salary | % Increase | ||||||||||||||||||||||||||||||||||||||
Nikhil Lalwani | | | $ | 721,000 | | | | $ | 742,630 | | | | | 3.0% | | | Nikhil Lalwani | $ | 742,630 | $ | $ | 772,335 | 4.0 | 4.0 | % | ||||||||||||||||||||||||
Stephen P. Carey | | | $ | 495,000 | | | | $ | 509,850 | | | | | 3.0% | | | |||||||||||||||||||||||||||||||||
James G. Marken | | | $ | 445,000 | | | | $ | 458,350 | | | | | 3.0% | | | |||||||||||||||||||||||||||||||||
Chad Gassert | Chad Gassert | $ | 420,000 | $ | 432,600 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||
Ori Gutwerg | | | $ | 420,000 | | | | $ | 432,600 | | | | | 3.0% | | | Ori Gutwerg | $ | 432,600 | $ | $ | 449,904 | 4.0 | 4.0 | % | ||||||||||||||||||||||||
Christopher K. Mutz | | | $ | 400,000 | | | | $ | 412,000 | | | | | 3.0% | | | Christopher K. Mutz | $ | 412,000 | $ | $ | 428,480 | 4.0 | 4.0 | % |
Name | Base Salary | Target Incentive Opportunity (% of Salary) | Cash Target Bonus Opportunity ($) | |||||||||||||||||
Nikhil Lalwani | $ | 772,335 | 100% | $ | 772,335 | |||||||||||||||
Stephen P. Carey | $ | 509,850 | 60% | $ | 305,910 | |||||||||||||||
Chad Gassert | $ | 432,600 | 50% | $ | 216,300 | |||||||||||||||
Ori Gutwerg | $ | 449,904 | 50% | $ | 224,952 | |||||||||||||||
Christopher K. Mutz | $ | 428,480 | 50% | $ | 214,240 |
Name | | | Base Salary | | | Target Incentive Opportunity (% of Salary) | | | Cash Target Bonus Opportunity ($) | | |||||||||
Nikhil Lalwani | | | | $ | 742,630 | | | | | | 100% | | | | | $ | 742,630 | | |
Stephen P. Carey | | | | $ | 509,850 | | | | | | 60% | | | | | $ | 305,910 | | |
James G. Marken | | | | $ | 458,350 | | | | | | 50% | | | | | $ | 229,175 | | |
Ori Gutwerg | | | | $ | 432,600 | | | | | | 50% | | | | | $ | 216,300 | | |
Christopher K. Mutz | | | | $ | 412,000 | | | | | | 50% | | | | | $ | 206,000 | | |
Level | | Corporate Performance | | Functional / Business Unit Performance | | Level | Corporate Performance | Functional / Business Unit Performance | |||||||||||||||||||||||||
CEO | | | | 100% | | | | | — | | | CEO | 100% | — | |||||||||||||||||||
Other NEOs | | | | 70% | | | | | 30% | | | Other NEOs | 70% | 30% |
2023 Objective | Weighting | |||||||||
Financial Objectives: | ||||||||||
•Net Revenues: | 25% | |||||||||
•Adjusted non-GAAP EBITDA: | 25% | |||||||||
Generics Business: | ||||||||||
•Complete multiple ANDA filings and •Strengthen product pipeline to deliver significant new revenues gross profit from new launches in 2023 and 2024 •Grow alternate selling channels | ||||||||||
Ensure market access to enable target market share | ||||||||||
•Launch and •Drive Acute Gouty Arthritis launch •Further strengthen culture of | ||||||||||
Company-Wide | ||||||||||
•Strengthen organization system and processes across key functional areas to support Company growth and scale up Chennai R&D operations •Reduce operating expenses by | 10% | |||||||||
Corporate Development & Strategy: | ||||||||||
•Define and begin implementation of medium-to-long term | 10% | |||||||||
Total | 100% |
Weighting | Assessment Results / Achievements | Payout Factor (% of Target) | ||||||||||||
50% | •Revenues of $486.8 million •Adjusted Non-GAAP EBITDA of $133.8 million | 200% |
| Weighting | | | Assessment Results / Achievements | | | Payout Factor (% of Target) | |
| | | | Net Revenues were $316.4M Adjusted non-GAAP EBITDA was $55.9M | | | ||
| 50% | | | | | | 27.5% | |
Name | Accomplishments | |||||||||
Nikhil Lalwani | Led the organization to achieve net revenues of | |||||||||
Stephen P. Carey | Supported | |||||||||
Ori Gutwerg | Drove Generics revenue overperformance at | |||||||||
Christopher K. Mutz | Drove Rare Disease overperformance at $112.1 million in sales; successful transition of |
Name | | Cash Target Bonus Opportunity ($) | | Corporate Performance Achievement | | Corporate Performance Weight | | Functional Performance Achievement | | Functional Performance Weight | | Actual Cash Incentive Payout (% of Target) | | Actual Cash Incentive Payout ($) | | Name | Cash Target Bonus Opportunity ($) | Corporate Performance Achievement | Corporate Performance Weight | Functional Performance Achievement | Functional Performance Weight | Actual Cash Incentive Payout (% of Target) | Actual Cash Incentive Payout ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nikhil Lalwani | | | $ | 742,630 | | | | | 75% | | | | | 100% | | | | | — | | | | | — | | | | | 75% | | | | $ | 556,973 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen P. Carey | | | $ | 305,910 | | | | | 75% | | | | | 70% | | | | | 75% | | | | | 30% | | | | | 75% | | | | $ | 229,432 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
James G. Marken | | | $ | 229,175 | | | | | 75% | | | | | 70% | | | | | 125% | | | | | 30% | | | | | 90% | | | | $ | 206,258 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chad Gassert | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ori Gutwerg | | | $ | 216,300 | | | | | 75% | | | | | 70% | | | | | 125% | | | | | 30% | | | | | 90% | | | | $ | 194,670 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Christopher K. Mutz | | | $ | 206,000 | | | | | 75% | | | | | 70% | | | | | 58% | | | | | 30% | | | | | 70% | | | | $ | 144,200 | | |
Name | | | Shares (#) | | | Fair Market Value at Grant ($) | | ||||||
Nikhil Lalwani | | | | | 133,407 | | | | | $ | 3,806,102 | | |
Stephen P. Carey | | | | | 45,166 | | | | | $ | 1,288,585 | | |
James G. Marken | | | | | 26,578 | | | | | $ | 758,269 | | |
Ori Gutwerg | | | | | 25,904 | | | | | $ | 739,041 | | |
Christopher K. Mutz | | | | | 25,904 | | | | | $ | 739,041 | | |
Restricted Stock Awards | Performance Stock Units | |||||||||||||||||||||||||||||||
Name | Shares (#) | Fair Market Value at Grant ($) | Shares (#) | Fair Market Value at Grant ($) | Total Value at Grant ($) | |||||||||||||||||||||||||||
Nikhil Lalwani | 95,530 | $ | 3,996,975 | 31,843 | $ | 1,759,167 | $ | 5,756,142 | ||||||||||||||||||||||||
Stephen P. Carey | 24,316 | $ | 1,017,381 | 8,105 | $ | 447,761 | $ | 1,465,142 | ||||||||||||||||||||||||
Chad Gassert | 17,369 | $ | 726,719 | 5,789 | $ | 319,813 | $ | 1,046,532 | ||||||||||||||||||||||||
Ori Gutwerg | 17,369 | $ | 726,719 | 5,789 | $ | 319,813 | $ | 1,046,532 | ||||||||||||||||||||||||
Christopher K. Mutz | 17,369 | $ | 726,719 | 5,789 | $ | 319,813 | $ | 1,046,532 |
Title | Multiple of Annual Base Salary | ||||||||||
Chief Executive Officer | Four (4) Times | ||||||||||
All Other Executive Officers | One (1) Times |
Name and Principal Position(1) | Year | Salary ($)(2) | Bonus ($)(3) | Stock Awards ($)(4) | Option Awards ($)(5) | Non-Equity Incentive Plan Compensation($)(6) | All Other Compensation ($)(7) | Total ($) | ||||||||||||||||||||||||||||||||||||||||||
Nikhil Lalwani President and Chief Executive Officer | 2023 | 764,341 | — | 5,756,142 | — | 1,544,670 | 13,200 | 8,078,353 | ||||||||||||||||||||||||||||||||||||||||||
2022 | 736,812 | — | 3,806,102 | — | 556,973 | 12,200 | 5,112,087 | |||||||||||||||||||||||||||||||||||||||||||
2021 | 715,347 | — | 4,369,205 | — | 1,442,000 | 14,508 | 6,541,060 | |||||||||||||||||||||||||||||||||||||||||||
Stephen P. Carey Senior Vice President and Chief Financial Officer | 2023 | 509,857 | — | 1,465,142 | — | 584,289 | 16,800 | 2,576,088 | ||||||||||||||||||||||||||||||||||||||||||
2022 | 505,859 | — | 1,288,585 | — | 229,432 | 15,708 | 2,039,584 | |||||||||||||||||||||||||||||||||||||||||||
2021 | 491,319 | — | 1,743,585 | — | 594,000 | 21,650 | 2,850,554 | |||||||||||||||||||||||||||||||||||||||||||
Chad Gassert Senior Vice President, Corporate Development and Strategy | 2023 | 429,223 | — | 1,046,532 | — | 413,133 | 7,355 | 1,896,243 | ||||||||||||||||||||||||||||||||||||||||||
Ori Gutwerg Senior Vice President, Generics | 2023 | 445,254 | — | 1,046,532 | — | 449,904 | — | 1,941,690 | ||||||||||||||||||||||||||||||||||||||||||
2022 | 429,217 | — | 739,041 | — | 194,670 | — | 1,362,928 | |||||||||||||||||||||||||||||||||||||||||||
2021 | 355,385 | 134,000 | 406,441 | 402,152 | 221,359 | — | 1,519,337 | |||||||||||||||||||||||||||||||||||||||||||
Christopher K. Mutz Senior Vice President, Head of Rare Disease | 2023 | 424,050 | — | 1,046,532 | — | 428,480 | 15,389 | 1,914,451 | ||||||||||||||||||||||||||||||||||||||||||
2022 | 408,772 | — | 739,041 | — | 144,200 | 12,200 | 1,304,213 | |||||||||||||||||||||||||||||||||||||||||||
2021 | 338,462 | — | 508,060 | 502,697 | 247,482 | 9,231 | 1,605,932 |
Name and Principal Position(1) | | | Year | | | Salary ($)(2) | | | Bonus ($)(3) | | | Stock Awards ($)(4) | | | Option Awards ($)(5) | | | Non-Equity Incentive Plan Compensation | | | All Other Compensation ($)(6) | | | Total ($) | | ||||||||||||||||||||||||
Nikhil Lalwani President and Chief Executive Officer | | | | | 2022 | | | | | | 736,812 | | | | | | 556,973 | | | | | | 3,806,102 | | | | | | — | | | | | | — | | | | | | 12,200 | | | | | | 5,112,087 | | |
| | | 2021 | | | | | | 715,347 | | | | | | 1,442,000 | | | | | | 4,369,205 | | | | | | — | | | | | | — | | | | | | 14,508 | | | | | | 6,541,060 | | | ||
| | | 2020 | | | | | | 199,231 | | | | | | 210,000 | | | | | | 826,732 | | | | | | 2,479,073 | | | | | | — | | | | | | — | | | | | | 3,715,036 | | | ||
Stephen P. Carey Senior Vice President and Chief Financial Officer | | | | | 2022 | | | | | | 505,859 | | | | | | 229,432 | | | | | | 1,288,585 | | | | | | — | | | | | | — | | | | | | 15,708 | | | | | | 2,039,584 | | |
| | | 2021 | | | | | | 491,319 | | | | | | 594,000 | | | | | | 1,743,585 | | | | | | — | | | | | | — | | | | | | 21,650 | | | | | | 2,850,554 | | | ||
| | | 2020 | | | | | | 474,271 | | | | | | 388,792 | | | | | | 1,877,400 | | | | | | — | | | | | | — | | | | | | 14,114 | | | | | | 2,754,577 | | | ||
James G. Marken Senior Vice President, Operations and Product Development | | | | | 2022 | | | | | | 454,767 | | | | | | 206,258 | | | | | | 758,269 | | | | | | — | | | | | | — | | | | | | 12,200 | | | | | | 1,431,494 | | |
| | | 2021 | | | | | | 440,001 | | | | | | 255,875 | | | | | | 1,025,632 | | | | | | — | | | | | | — | | | | | | 13,145 | | | | | | 1,734,653 | | | ||
| | | 2020 | | | | | | 426,267 | | | | | | 276,300 | | | | | | 1,158,911 | | | | | | — | | | | | | — | | | | | | 13,057 | | | | | | 1,874,535 | | | ||
Ori Gutwerg Senior Vice President, Generics | | | | | 2022 | | | | | | 429,217 | | | | | | 194,670 | | | | | | 739,041 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,362,929 | | |
| | | 2021 | | | | | | 355,385 | | | | | | 355,359 | | | | | | 406,441 | | | | | | 402,152 | | | | | | — | | | | | | — | | | | | | 1,519,337 | | |
Name and Principal Position(1) | | | Year | | | Salary ($)(2) | | | Bonus ($)(3) | | | Stock Awards ($)(4) | | | Option Awards ($)(5) | | | Non-Equity Incentive Plan Compensation | | | All Other Compensation ($)(6) | | | Total ($) | | ||||||||||||||||||||||||
Christopher K. Mutz Head of Rare Disease | | | | | 2022 | | | | | | 408,772 | | | | | | 144,200 | | | | | | 739,041 | | | | | | — | | | | | | — | | | | | | 12,200 | | | | | | 1,304,213 | | |
| | | 2021 | | | | | | 338,462 | | | | | | 247,482 | | | | | | 508,060 | | | | | | 502,697 | | | | | | — | | | | | | 9,231 | | | | | | 1,605,932 | | |
Name | | | Year | | | 401(k) Contribution ($) | | | Life Insurance Reimbursement ($) | | |||||||||
Nikhil Lalwani | | | | | 2022 | | | | | | 12,200 | | | | | | — | | |
| | | 2021 | | | | | | 14,508 | | | | | | — | | | ||
| | | 2020 | | | | | | — | | | | | | — | | | ||
Stephen P. Carey | | | | | 2022 | | | | | | 12,200 | | | | | | 3,508 | | |
| | | 2021 | | | | | | 17,072 | | | | | | 4,578 | | | ||
| | | 2020 | | | | | | 14,114 | | | | | | — | | | ||
James G. Marken | | | | | 2022 | | | | | | 13,145 | | | | | | — | | |
| | | 2021 | | | | | | 13,145 | | | | | | — | | | ||
| | | 2020 | | | | | | 13,057 | | | | | | — | | | ||
Ori Gutwerg | | | | | 2022 | | | | | | — | | | | | | — | | |
| | | 2021 | | | | | | — | | | | | | — | | | ||
Christopher K. Mutz | | | | | 2022 | | | | | | 12,200 | | | | | | — | | |
| | | 2021 | | | | | | 9,231 | | | | | | — | | |
Name | Year | 401(k) Contribution ($) | Life Insurance Reimbursement ($) | |||||||||||||||||
Nikhil Lalwani | 2023 | 13,200 | — | |||||||||||||||||
2022 | 12,200 | — | ||||||||||||||||||
2021 | 14,508 | — | ||||||||||||||||||
Stephen P. Carey | 2023 | 13,200 | 3,600 | |||||||||||||||||
2022 | 12,200 | 3,508 | ||||||||||||||||||
2021 | 17,072 | 4,578 | ||||||||||||||||||
Chad Gassert | 2023 | 6,356 | 999 | |||||||||||||||||
Ori Gutwerg | 2023 | — | — | |||||||||||||||||
2022 | — | — | ||||||||||||||||||
2021 | — | — | ||||||||||||||||||
Christopher K. Mutz | 2023 | 13,200 | 2,189 | |||||||||||||||||
2022 | 12,200 | — | ||||||||||||||||||
2021 | 9,231 | — |
Estimated Future Payouts Under Non-Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards | All Other Stock Awards: Number of Shares of Stock or Units (#) | Grant Date Fair Value of Stock and Option Awards ($) | ||||||||||||||||||||||||||||||||||||||
Name | Approval Date or Grant Date | Threshold ($) | Target ($) | Maximum ($) | Threshold | Target | Maximum | ||||||||||||||||||||||||||||||||||
Nikhil Lalwani | — | 772,335 | 1,544,670 | ||||||||||||||||||||||||||||||||||||||
02/28/2023(1) | 95,530 | 3,996,975 | |||||||||||||||||||||||||||||||||||||||
02/28/2023(2) | 15,921 | 31,843 | 63,686 | 31,843 | 1,759,167 | ||||||||||||||||||||||||||||||||||||
Stephen P. Carey | — | 305,910 | 611,820 | ||||||||||||||||||||||||||||||||||||||
02/28/2023(1) | 24,316 | 1,017,381 | |||||||||||||||||||||||||||||||||||||||
02/28/2023(2) | 4,052 | 8,105 | 16,210 | 8,105 | 447,761 | ||||||||||||||||||||||||||||||||||||
Chad Gassert | — | 216,300 | 432,600 | ||||||||||||||||||||||||||||||||||||||
02/28/2023(1) | 17,369 | 726,719 | |||||||||||||||||||||||||||||||||||||||
02/28/2023(2) | 2,894 | 5,789 | 11,578 | 5,789 | 319,813 | ||||||||||||||||||||||||||||||||||||
Ori Gutwerg | — | 224,952 | 449,904 | ||||||||||||||||||||||||||||||||||||||
02/28/2023(1) | 17,369 | 726,719 | |||||||||||||||||||||||||||||||||||||||
02/28/2023(2) | 2,894 | 5,789 | 11,578 | 5,789 | 319,813 | ||||||||||||||||||||||||||||||||||||
Christopher K. | — | 214,240 | 428,480 | ||||||||||||||||||||||||||||||||||||||
Mutz | 02/28/2023(1) | 17,369 | 726,719 | ||||||||||||||||||||||||||||||||||||||
02/28/2023(2) | 2,894 | 5,789 | 11,578 | 5,789 | 319,813 |
Name | | | Approval Date or Grant Date | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(1) | | | All Other Option Awards: Number of Securities Underlying Options (#) | | | Exercise or Base Price of Option Awards ($/Share) | | | Grand Date Fair Value of Stock and Option Awards ($) | | |||||||||||||||
Nikhil Lalwani | | | | | 04/27/2022 | | | | | | 33,352 | | | | | | — | | | | | | — | | | | | | 1,009,565 | | |
| | | 03/24/2022 | | | | | | 100,055 | | | | | | — | | | | | | — | | | | | | 2,796,537 | | | ||
Stephen P. Carey | | | | | 04/27/2022 | | | | | | 11,291 | | | | | | — | | | | | | — | | | | | | 341,779 | | |
| | | 03/24/2022 | | | | | | 33,875 | | | | | | | | | | | | | | | | | | 946,806 | | | ||
James G. Marken | | | | | 04/27/2022 | | | | | | 6,644 | | | | | | — | | | | | | — | | | | | | 201,114 | | |
| | | 03/24/2022 | | | | | | 19,934 | | | | | | — | | | | | | — | | | | | | 557,155 | | | ||
Ori Gutwerg | | | | | 04/27/2022 | | | | | | 6,476 | | | | | | — | | | | | | — | | | | | | 196,029 | | |
| | | 03/24/2022 | | | | | | 19,428 | | | | | | — | | | | | | — | | | | | | 543,013 | | | ||
Christopher K. Mutz | | | | | 04/27/2022 | | | | | | 6,476 | | | | | | — | | | | | | — | | | | | | 196,029 | | |
| | | 03/24/2022 | | | | | | 19,428 | | | | | | — | | | | | | — | | | | | | 543,013 | | |
| | Stock Awards | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Option Awards | Option Awards | Stock Awards | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($) | | Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | ||||||||||||||||||||||||||||||||||||||||||||||||
Nikhil Lalwani | | | | 41,250 | | | | | 1,190,391 | | | |||||||||||||||||||||||||||||||||||||||||||||||
Stephen P. Carey | | | | 28,672 | | | | | 812,505 | | | |||||||||||||||||||||||||||||||||||||||||||||||
James G. Marken | | | | 16,959 | | | | | 480,954 | | | |||||||||||||||||||||||||||||||||||||||||||||||
Chad Gassert | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ori Gutwerg | | | | 3,226 | | | | | 129,846 | | | |||||||||||||||||||||||||||||||||||||||||||||||
Christopher K. Mutz | | | | 4,033 | | | | | 162,328 | | |
Name | | | Grant Date | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | | Number of Shares Units of Stock That Have Not Vested (#) | | | Market Value of Shares or Units of Stock That Have Not Vested ($) | | ||||||||||||||||||||||||
Nikhil Lalwani | | | | | 9/8/2020 | | | | | | 89,821 | | | | | | 89,822(1) | | | | | | — | | | | | | 29.00 | | | | | | 9/7/2030 | | | | | | — | | | | | | — | | |
| | | 9/8/2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,254(2) | | | | | | 573,438 | | | ||
| | | 3/23/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 102,372(2) | | | | | | 4,118,426 | | | ||
| | | 3/24/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 100,055(2) | | | | | | 4,025,213 | | | ||
| | | 4/27/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 33,352(2) | | | | | | 1,341,751 | | | ||
Stephen P. Carey | | | | | 5/6/2016 | | | | | | 50,000 | | | | | | — | | | | | | — | | | | | | 46.49 | | | | | | 5/5/2026 | | | | | | — | | | | | | — | | |
| | | 3/31/2017 | | | | | | 13,250 | | | | | | — | | | | | | — | | | | | | 49.51 | | | | | | 3/30/2027 | | | | | | — | | | | | | — | | | ||
| | | 4/6/2018 | | | | | | 9,600 | | | | | | — | | | | | | — | | | | | | 57.06 | | | | | | 4/5/2028 | | | | | | — | | | | | | — | | | ||
| | | 3/28/2019 | | | | | | 11,298 | | | | | | 3,766(3) | | | | | | — | | | | | | 66.39 | | | | | | 3/27/2029 | | | | | | — | | | | | | — | | | ||
| | | 3/28/2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,113(2) | | | | | | 125,236 | | | ||
| | | 4/10/2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 19,844(2) | | | | | | 799,933 | | | ||
| | | 3/23/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 40,853(2) | | | | | | 1,643,516 | | | ||
| | | 3/24/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 33,875(2) | | | | | | 1,362,791 | | | ||
| | | 4/27/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,291(2) | | | | | | 454,236 | | | ||
James G. Marken | | | | | 4/1/2014 | | | | | | 1,625 | | | | | | — | | | | | | — | | | | | | 33.00 | | | | | | 3/31/2024 | | | | | | — | | | | | | — | | |
| | | 4/1/2014 | | | | | | 42 | | | | | | — | | | | | | — | | | | | | 33.00 | | | | | | 3/31/2024 | | | | | | — | | | | | | — | | | ||
| | | 4/16/2015 | | | | | | 3,000 | | | | | | — | | | | | | — | | | | | | 68.71 | | | | | | 4/15/2025 | | | | | | — | | | | | | — | | | ||
| | | 4/07/2016 | | | | | | 3,750 | | | | | | — | | | | | | — | | | | | | 40.59 | | | | | | 4/6/2026 | | | | | | — | | | | | | — | | | ||
| | | 3/31/2017 | | | | | | 7,250 | | | | | | — | | | | | | — | | | | | | 49.51 | | | | | | 3/30/2027 | | | | | | — | | | | | | — | | | ||
| | | 4/6/2018 | | | | | | 5,300 | | | | | | — | | | | | | — | | | | | | 57.06 | | | | | | 4/5/2028 | | | | | | — | | | | | | — | | | ||
| | | 3/28/2019 | | | | | | 6,213 | | | | | | 2,072(3) | | | | | | — | | | | | | 66.39 | | | | | | 3/27/2029 | | | | | | — | | | | | | — | | | ||
| | | 3/28/2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,712(2) | | | | | | 68,874 | | | ||
| | | 4/10/2020 | | | | | | — | | | | | | — | | | �� | | | — | | | | | | — | | | | | | — | | | | | | 12,274(2) | | | | | | 493,783 | | | ||
| | | 3/23/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,031(2) | | | | | | 966,767 | | | ||
| | | 3/24/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 19,934(2) | | | | | | 801,945 | | | ||
| | | 4/27/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,644(2) | | | | | | 267,288 | | | ||
Ori Gutwerg | | | | | 2/15/2021 | | | | | | 6,751 | | | | | | 20,255(1) | | | | | | — | | | | | | 31.49 | | | | | | 2/14/2031 | | | | | | — | | | | | | — | | |
| | | 2/15/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,681(2) | | | | | | 389,467 | | | ||
| | | 3/24/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 19,428(2) | | | | | | 781,588 | | | ||
| | | 4/27/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,476(2) | | | | | | 260,529 | | | ||
Christopher K. Mutz | | | | | 2/15/2021 | | | | | | 8,439 | | | | | | 25,319(1) | | | | | | — | | | | | | 31.49 | | | | | | 2/14/2031 | | | | | | — | | | | | | — | | |
| | | 2/15/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,101(2) | | | | | | 486,823 | | | ||
| | | 3/24/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 19,428(2) | | | | | | 781,588 | | | ||
| | | 4/27/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,476(2) | | | | | | 260,529 | | |
Name | Grant Date | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | |||||||||||||||||||||||||||||||||||||||||||||
Nikhil Lalwani | 9/8/2020 | 123,116 | 44,911 | (1) | — | 29.00 | 9/7/2030 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
9/8/2020 | — | — | — | — | — | 7,127 | (2) | 392,983 | |||||||||||||||||||||||||||||||||||||||||||||
3/23/2021 | — | — | — | — | — | 68,248 | (2) | 3,763,195 | |||||||||||||||||||||||||||||||||||||||||||||
3/24/2022 | — | — | — | — | — | 75,042 | (2) | 4,137,816 | |||||||||||||||||||||||||||||||||||||||||||||
4/27/2022 | — | — | — | — | — | 25,014 | (2) | 1,379,272 | |||||||||||||||||||||||||||||||||||||||||||||
2/28/2023 | — | — | — | — | — | 95,530 | (2) | 5,267,524 | |||||||||||||||||||||||||||||||||||||||||||||
2/28/2023 | — | — | — | — | — | 31,843 | (3) | 3,511,646 | |||||||||||||||||||||||||||||||||||||||||||||
Stephen P. Carey | 5/6/2016 | 50,000 | — | — | 46.49 | 5/5/2026 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
3/31/2017 | 13,250 | — | — | 49.51 | 3/30/2027 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
4/6/2018 | 9,600 | — | — | 57.06 | 4/5/2028 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
3/28/2019 | 15,064 | — | — | 66.39 | 3/27/2029 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
4/10/2020 | — | — | — | — | — | 9,942 | (2) | 548,202 | |||||||||||||||||||||||||||||||||||||||||||||
3/23/2021 | — | — | — | — | — | 27,236 | (2) | 1,501,793 | |||||||||||||||||||||||||||||||||||||||||||||
3/24/2022 | — | — | — | — | — | 25,407 | (2) | 1,400,942 | |||||||||||||||||||||||||||||||||||||||||||||
4/27/2022 | — | — | — | — | — | 8,469 | (2) | 466,981 | |||||||||||||||||||||||||||||||||||||||||||||
2/28/2023 | — | — | — | — | — | 24,316 | (2) | 1,340,784 | |||||||||||||||||||||||||||||||||||||||||||||
2/28/2023 | — | — | — | — | — | 8,105 | (3) | 893,819 | |||||||||||||||||||||||||||||||||||||||||||||
Chad Gassert | 2/28/2023 | — | — | — | — | — | 17,369 | (2) | 957,727 | ||||||||||||||||||||||||||||||||||||||||||||
2/28/2023 | — | — | — | — | — | 5,789 | (3) | 638,411 | |||||||||||||||||||||||||||||||||||||||||||||
Ori Gutwerg | 2/15/2021 | 13,502 | 13,504 | (1) | — | 31.49 | 2/14/2031 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
2/15/2021 | — | — | — | — | — | 6,454 | (2) | 355,874 | |||||||||||||||||||||||||||||||||||||||||||||
3/24/2022 | — | — | — | — | — | 14,571 | (2) | 803,445 | |||||||||||||||||||||||||||||||||||||||||||||
4/27/2022 | — | — | — | — | — | 4,857 | (2) | 267,815 | |||||||||||||||||||||||||||||||||||||||||||||
2/28/2023 | — | — | — | — | — | 17,369 | (2) | 957,727 | |||||||||||||||||||||||||||||||||||||||||||||
2/28/2023 | — | — | — | — | — | 5,789 | (3) | 638,411 | |||||||||||||||||||||||||||||||||||||||||||||
Christopher K. Mutz | 2/15/2021 | 16,878 | 16,880 | (1) | — | 31.49 | 2/14/2031 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
2/15/2021 | — | — | — | — | — | 8,068 | (2) | 444,870 | |||||||||||||||||||||||||||||||||||||||||||||
3/24/2022 | — | — | — | — | — | 14,571 | (2) | 803,445 | |||||||||||||||||||||||||||||||||||||||||||||
4/27/2022 | — | — | — | — | — | 4,857 | (2) | 267,815 | |||||||||||||||||||||||||||||||||||||||||||||
2/28/2023 | — | — | — | — | — | 17,369 | (2) | 957,727 | |||||||||||||||||||||||||||||||||||||||||||||
2/28/2023 | — | — | — | — | — | 5,789 | (3) | 638,411 |
Name(5) | | | Base Salary Continuation(1) ($) | | | Bonus Payments(2) ($) | | | Benefits Continuation(4) ($) | | | Outplacement Services ($) | | | Equity Awards(3) ($) | | | Total ($) | | ||||||||||||||||||
Nikhil Lalwani | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Qualifying Termination | | | | | 1,485,260 | | | | | | 4,455,780 | | | | | | 45,000 | | | | | | — | | | | | | 7,011,213 | | | | | | 12,997,253 | | |
Qualifying Termination within CIC Period | | | | | 2,227,890 | | | | | | 5,941,040 | | | | | | 90,000 | | | | | | 10,000 | | | | | | 11,067,493 | | | | | | 19,336,423 | | |
Name(6) | Base Salary Continuation(1) ($) | Bonus Payments(2) ($) | Benefits Continuation(3) ($) | Outplacement Services ($) | Equity Awards(4)(5) ($) | Total ($) | ||||||||||||||||||||||||||||||||
Nikhil Lalwani | ||||||||||||||||||||||||||||||||||||||
Qualifying Termination | 1,544,670 | 4,634,010 | 45,000 | — | 12,227,184 | 18,450,864 | ||||||||||||||||||||||||||||||||
Qualifying Termination within CIC Period | 2,317,005 | 6,178,680 | 90,000 | 10,000 | 17,870,511 | 26,466,196 | ||||||||||||||||||||||||||||||||
Stephen P. Carey | ||||||||||||||||||||||||||||||||||||||
Qualifying Termination | 509,850 | 1,223,640 | 30,000 | — | 5,407,520 | 7,171,010 | ||||||||||||||||||||||||||||||||
Qualifying Termination within CIC Period | 1,019,700 | 1,835,460 | 60,000 | 10,000 | 5,705,460 | 8,630,620 | ||||||||||||||||||||||||||||||||
Chad Gassert | ||||||||||||||||||||||||||||||||||||||
Qualifying Termination | 432,600 | 865,200 | 30,000 | — | 345,834 | 1,673,634 | ||||||||||||||||||||||||||||||||
Qualifying Termination within CIC Period | 865,200 | 1,297,800 | 60,000 | 10,000 | 1,276,932 | 3,509,932 | ||||||||||||||||||||||||||||||||
Ori Gutwerg | ||||||||||||||||||||||||||||||||||||||
Qualifying Termination | 449,904 | 899,808 | 30,000 | — | 1,040,516 | 2,420,228 | ||||||||||||||||||||||||||||||||
Qualifying Termination within CIC Period | 899,808 | 1,349,712 | 60,000 | 10,000 | 3,023,384 | 5,342,904 | ||||||||||||||||||||||||||||||||
Christopher K. Mutz | ||||||||||||||||||||||||||||||||||||||
Qualifying Termination | 428,480 | 856,960 | 30,000 | — | 1,124,921 | 2,440,361 | ||||||||||||||||||||||||||||||||
Qualifying Termination within CIC Period | 856,960 | 1,285,440 | 60,000 | 10,000 | 3,192,235 | 5,404,635 |
Name(5) | | | Base Salary Continuation(1) ($) | | | Bonus Payments(2) ($) | | | Benefits Continuation(4) ($) | | | Outplacement Services ($) | | | Equity Awards(3) ($) | | | Total ($) | | ||||||||||||||||||
Stephen P. Carey | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Qualifying Termination | | | | | 509,850 | | | | | | 1,223,640 | | | | | | 30,000 | | | | | | — | | | | | | 6,112,707 | | | | | | 7,876,197 | | |
Qualifying Termination within CIC Period | | | | | 1,019,700 | | | | | | 1,835,460 | | | | | | 60,000 | | | | | | 10,000 | | | | | | 6,112,707 | | | | | | 9,037,867 | | |
James G. Marken | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Qualifying Termination | | | | | 458,350 | | | | | | 916,700 | | | | | | 30,000 | | | | | | — | | | | | | 3,621,303 | | | | | | 5,026,353 | | |
Qualifying Termination within CIC Period | | | | | 916,700 | | | | | | 1,375,050 | | | | | | 60,000 | | | | | | 10,000 | | | | | | 3,621,303 | | | | | | 5,983,053 | | |
Ori Gutwerg | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Qualifying Termination | | | | | 432,600 | | | | | | 865,200 | | | | | | 30,000 | | | | | | — | | | | | | 449,350 | | | | | | 1,777,150 | | |
Qualifying Termination within CIC Period | | | | | 865,200 | | | | | | 1,297,800 | | | | | | 60,000 | | | | | | 10,000 | | | | | | 1,608,578 | | | | | | 3,841,578 | | |
Christopher K. Mutz | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Qualifying Termination | | | | | 412,000 | | | | | | 824,000 | | | | | | 30,000 | | | | | | — | | | | | | 496,558 | | | | | | 1,762,558 | | |
Qualifying Termination within CIC Period | | | | | 824,000 | | | | | | 1,236,000 | | | | | | 60,000 | | | | | | 10,000 | | | | | | 1,750,204 | | | | | | 3,880,204 | | |
Year (1)(2)(3)(4) | Summary Compensation Table Total for PEO $ | Summary Compensation Table Total for Former PEO $ | Summary Compensation Table Total for Interim PEO $ | Compensation Actually Paid to PEO(5)(6) $ | Compensation Actually Paid to Former PEO(5)(6) $ | Compensation Actually Paid to Interim PEO(5)(6) $ | Average Summary Compensation Table Total for non-PEO NEOs $ | Average Compensation Actually Paid to non-PEO NEOs(5)(6) $ | Year-end value of $100 invested on December 31, 2019 in: | Net Income (Loss) (in millions) $ | Revenue (in millions) $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ANIP $ | Peer Group(7) $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 8,078,353 | — | — | 15,160,494 | — | — | 2,082,118 | 3,244,810 | 89.41 | 91.86 | 18.8 | 486.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 5,112,087 | — | — | 4,452,988 | — | — | 1,535,136 | 1,389,338 | 65.23 | 94.77 | (47.9) | 316.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 6,541,060 | — | — | 10,473,389 | — | — | 1,927,619 | 2,846,757 | 74.72 | 139.98 | (42.6) | 216.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 3,715,036 | 857,814 | 962,213 | 3,830,533 | (2,920,400) | 627,223 | 2,429,358 | 689,160 | 47.09 | 144.89 | (22.5) | 208.5 |
Year | | | Summary Compensation Table Total for PEO(1) $ | | | Summary Compensation Table Total for Former PEO(2) $ | | | Summary Compensation Table Total for Interim PEO(3) $ | | | Compensation Actually Paid to PEO(5)(6) $ | | | Compensation Actually Paid to Former PEO(5)(6) $ | | | Compensation Actually Paid to Interim PEO(5)(6) $ | | | Average Summary Compensation Table Total for Non-PEO NEOs(4) $ | | | Average Compensation Actually Paid to Non-PEO NEOs(5)(6) $ | | | Year-end value of $100 invested on December 31, 2019 in: | | | | |||||||||||||||||||||||||||||||||||||||||||
| ANIP $ | | | Peer Group(7) $ | | | Net Income (in millions) $ | | | Revenue (in millions) $ | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | | | | | 5,112,087 | | | | | | 0 | | | | | | 0 | | | | | | 4,616,875 | | | | | | 0 | | | | | | 0 | | | | | | 1,535,136 | | | | | | 1,413,126 | | | | | | 65.23 | | | | | | 94.77 | | | | | | (47.9) | | | | | | 316.4 | | |
2021 | | | | | 6,541,060 | | | | | | 0 | | | | | | 0 | | | | | | 10,473,388 | | | | | | 0 | | | | | | 0 | | | | | | 1,927,619 | | | | | | 2,847,003 | | | | | | 74.72 | | | | | | 139.98 | | | | | | (42.6) | | | | | | 213.1 | | |
2020 | | | | | 3,715,036 | | | | | | 857,814 | | | | | | 962,213 | | | | | | 3,830,533 | | | | | | (2,757,466) | | | | | | 626,418 | | | | | | 2,429,358 | | | | | | 689,410 | | | | | | 47.09 | | | | | | 144.89 | | | | | | (22.5) | | | | | | 208.5 | | |
2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
PEO ($) | PEO ($) | PEO ($) | PEO ($) | Former PEO ($) | Interim PEO ($) | |||||||||||||||||||||||||||||||||
Total Compensation from SCT | $ | 8,078,353 | $ | 5,112,087 | $ | 6,541,060 | $ | 3,715,036 | $ | 857,814 | $ | 962,213 | ||||||||||||||||||||||||||
Adjustments for Equity Awards: | ||||||||||||||||||||||||||||||||||||||
Subtraction: Value of Stock and Option Awards reported in SCT | (5,756,142) | (3,806,102) | (4,369,205) | (3,305,805) | — | (679,308) | ||||||||||||||||||||||||||||||||
Addition: Fair value at year-end of awards granted during the covered fiscal year that are outstanding and unvested at year-end | 8,659,248 | 5,366,964 | 6,289,690 | 3,421,302 | — | 268,765 | ||||||||||||||||||||||||||||||||
Addition: Fair value at vest of awards granted and vested during the covered fiscal year | — | — | — | — | — | 205,508 | ||||||||||||||||||||||||||||||||
Addition (Subtraction): Year-over-year change in fair value of awards granted in any prior fiscal year that are outstanding and unvested at year end | 3,071,536 | (1,231,665) | 2,092,579 | — | — | — | ||||||||||||||||||||||||||||||||
Addition (Subtraction): Change as of the vesting date (from the end of the prior fiscal year) in fair value of awards granted in any prior fiscal year for which vesting conditions were satisfied at the end of or during the covered fiscal year | 1,107,499 | (988,296) | (80,735) | — | (3,778,214) | (129,955) | ||||||||||||||||||||||||||||||||
(Subtraction): Fair value at end of prior fiscal year of awards granted in any prior fiscal year that fail to meet the applicable vesting conditions during the covered fiscal year | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Compensation Actually Paid (as calculated) | $ | 15,160,494 | $ | 4,452,988 | $ | 10,473,389 | $ | 3,830,533 | $ | (2,920,400) | $ | 627,223 |
| | | 2022 | | | 2021 | | | 2020 | | |||||||||||||||||||||||||||||||||||||||
| | | PEO ($) | | | Average of Other Non-PEO NEOs ($) | | | PEO ($) | | | Average of Other Non-CEO PEOs ($) | | | PEO ($) | | | Former PEO ($) | | | Interim PEO ($) | | | Average of Other Non-PEO NEOs ($) | | ||||||||||||||||||||||||
Total Compensation from SCT | | | | | 5,112,087 | | | | | | 1,535,136 | | | | | | 6,541,060 | | | | | | 1,927,619 | | | | | | 3,715,036 | | | | | | 857,814 | | | | | | 962,213 | | | | | | 2,429,358 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Subtraction): SCT Value of Stock and Option Awards | | | | | (3,806,102) | | | | | | (881,234) | | | | | | (4,369,205) | | | | | | (1,147,142) | | | | | | (3,305,805) | | | | | | 0 | | | | | | (679,308) | | | | | | (1,637,904) | | |
Addition: Fair value at year-end of awards granted during the covered fiscal year that are outstanding and unvested at year-end | | | | | 5,366,964 | | | | | | 1,242,624 | | | | | | 6,289,690 | | | | | | 1,739,550 | | | | | | 3,421,302 | | | | | | 0 | | | | | | 268,765 | | | | | | 1,007,514 | | |
Addition: Fair value at vest of awards granted and vested during the covered fiscal year | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 204,450 | | | | | | 0 | | |
Addition (Subtraction): Year-over-year change in fair value of awards granted in any prior fiscal year that are outstanding and unvested at year end | | | | | (1,067,777) | | | | | | (232,327) | | | | | | 2,092,579 | | | | | | 295,425 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | (785,995) | | |
Addition (Subtraction): Change as of the vesting date (from the end of the prior fiscal year) in fair value of awards granted in any prior fiscal year for which vesting conditions were satisfied at the end of or during the covered fiscal year | | | | | (988,296) | | | | | | (251,073) | | | | | | (80,735) | | | | | | 31,551 | | | | | | 0 | | | | | | (3,615,280) | | | | | | (129,702) | | | | | | (323,564) | | |
(Subtraction): Fair value at end of prior year of awards granted in any prior fiscal year that fail to meeting the applicable vesting conditions during the covered fiscal year | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Total Adjustments for Equity Awards | | | | | (495,212) | | | | | | (122,010) | | | | | | 3,932,328 | | | | | | 919,384 | | | | | | 115,497 | | | | | | (3,615,280) | | | | | | (335,795) | | | | | | (1,739,949) | | |
Compensation Actually Paid (as calculated) | | | | | 4,616,875 | | | | | | 1,413,126 | | | | | | 10,473,388 | | | | | | 2,847,003 | | | | | | 3,830,533 | | | | | | (2,757,466) | | | | | | 626,418 | | | | | | 689,410 | | |
2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
Average of Other non-PEO NEOs ($) | Average of Other non-PEO NEOs ($) | Average of Other non-PEO NEOs ($) | Average of Other non-PEO NEOs ($) | |||||||||||||||||||||||
Total Compensation from SCT | $ | 2,082,118 | $ | 1,535,136 | $ | 1,927,619 | $ | 2,429,358 | ||||||||||||||||||
Adjustments for Equity Awards: | ||||||||||||||||||||||||||
Subtraction: Value of Stock and Option Awards reported in SCT | (1,151,185) | (881,234) | (1,147,142) | (1,637,904) | ||||||||||||||||||||||
Addition: Fair value at year-end of awards granted during the covered fiscal year that are outstanding and unvested at year-end | 1,731,772 | 1,242,624 | 1,739,550 | 1,007,514 | ||||||||||||||||||||||
Addition: Fair value at vest of awards granted and vested during the covered fiscal year | — | — | — | — | ||||||||||||||||||||||
Addition (Subtraction): Year-over-year change in fair value of awards granted in any prior fiscal year that are outstanding and unvested at year end | 543,087 | (256,115) | 295,425 | (785,997) | ||||||||||||||||||||||
Addition (Subtraction): Change as of the vesting date (from the end of the prior fiscal year) in fair value of awards granted in any prior fiscal year for which vesting conditions were satisfied at the end of or during the covered fiscal year | 39,018 | (251,073) | 31,305 | (323,811) | ||||||||||||||||||||||
(Subtraction): Fair value at end of prior fiscal year of awards granted in any prior fiscal year that fail to meet the applicable vesting conditions during the covered fiscal year | — | — | — | — | ||||||||||||||||||||||
Compensation Actually Paid (as calculated) | $ | 3,244,810 | $ | 1,389,338 | $ | 2,846,757 | $ | 689,160 |
| | | Weighted Average Fair Value | | |||||||||||||||
Award Type Vesting | | | 2022 | | | 2021 | | | 2020 | | |||||||||
RSAs | | | | $ | 29.45 | | | | | $ | 31.51 | | | | | $ | 35.84 | | |
| | | For Stock Options Vesting in | | ||||||
| | | 2022 | | | 2021 | | | 2020 | |
Expected volatility | | | 55% – 63% | | | 51% – 54% | | | 50% – 53% | |
Expected dividend yield | | | 0% | | | 0% | | | 0% | |
Expected term, in years | | | 3.0 – 4.5 | | | 3.0 – 4.5 | | | 3.0 – 4.5 | |
Risk-free interest rate | | | 1.9% – 3.5% | | | 0.4% – 0.9% | | | 0.2% – 0.4% | |
2019 | 2020 | 2021 | 2022 | 2023 | |||||||||||||
PEO CAP | — | $3,831 | $10,473 | $4,453 | $15,160 | ||||||||||||
Average non-PEO NEO CAP | — | $689 | $2,847 | $1,389 | $3,245 | ||||||||||||
ANIP value of $100 Invested 12/31/19 | $100.00 | $47.09 | $74.72 | $65.23 | $89.41 | ||||||||||||
Peer Group value of $100 Invested 12/31/19 | $100.00 | $144.89 | $139.98 | $94.77 | $91.86 |
2020 | 2021 | 2022 | 2023 | |||||||||||
PEO CAP | $3,831 | $10,473 | $4,453 | $15,160 | ||||||||||
Average non-PEO NEO CAP | $689 | $2,847 | $1,389 | $3,245 | ||||||||||
Net Income ($Mil.) | $(23) | $(43) | $(48) | $19 |
2020 | 2021 | 2022 | 2023 | |||||||||||
PEO CAP | $3,831 | $10,473 | $4,453 | $15,160 | ||||||||||
Average non-PEO NEO CAP | $689 | $2,847 | $1,389 | $3,245 | ||||||||||
Revenue ($Mil.) | $208 | $216 | $316 | $487 |
Increase in Authorized Shares | Increase the number of shares authorized for issuance under the Stock Plan by 1,610,000 additional shares |
| Shares underlying outstanding stock options (#) | | | Weighted average exercise price per share ($) | | | Weighted average remaining term | | | Shares underlying outstanding performance and restricted stock awards | | | Shares available for future grant | |
| 889,168 | | | 45.77 | | | 5.33 | | | 1,568,525 | | | 425,081 | |
Shares underlying outstanding stock options (#) | Weighted average exercise price per share ($) | Weighted average remaining term | Shares underlying outstanding performance and restricted stock awards | Shares available for future grant | ||||||||||||||||||||||
658,317 | 45.68 | 4.73 | 1,710,426 | 408,083 |
Element | 2023 | 2022 | 2021 | Average | ||||||||||||||||||||||
Granted | 762,283 | 784,395 | 709,000 | — | ||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 18,001,213 | 16,259,786 | 12,596,000 | — | ||||||||||||||||||||||
Burn Rate | 4.23 | % | 4.82 | % | 5.63 | % | 4.89 | % | ||||||||||||||||||
Outstanding | 2,123,913 | 2,048,279 | 1,695,000 | — | ||||||||||||||||||||||
Common Shares Outstanding (as of December 31) | 20,446,953 | 17,494,466 | 16,829,739 | — | ||||||||||||||||||||||
Overhang | 10.39 | % | 11.71 | % | 10.07 | % | 10.72 | % |
Element | | | 2022 | | | 2021 | | | 2020 | | | Average | | ||||||||||||
Granted | | | | | 784,395 | | | | | | 709,000 | | | | | | 536,000 | | | | | | — | | |
Weighted Average Common Shares Outstanding | | | | | 16,259,786 | | | | | | 12,596,000 | | | | | | 11,964,000 | | | | | | — | | |
Burn Rate | | | | | 4.82% | | | | | | 5.63% | | | | | | 4.48% | | | | | | 4.32% | | |
Outstanding | | | | | 2,048,279 | | | | | | 1,695,000 | | | | | | 1,288,000 | | | | | | — | | |
Common Shares Outstanding (as of December 31) | | | | | 17,494,466 | | | | | | 16,829,739 | | | | | | 12,354,398 | | | | | | — | | |
Overhang | | | | | 11.71% | | | | | | 10.07% | | | | | | 10.43% | | | | | | 10.74% | | |
Fiscal Year | | Time-Based Option Awards Granted | | Time-Based Restricted Stock Awards Granted | | Fiscal Year | Time-Based Option Awards Granted | Time-Based Restricted Stock Awards Granted | Performance-Based Stock Units Granted | |||||||||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||||||||||||
2022 | | | | 35,902 | | | | | 748,493 | | | |||||||||||||||||||||||||||||||
2021 | | | | 168,000 | | | | | 541,000 | | | |||||||||||||||||||||||||||||||
2020 | | | | 231,000 | | | | | 305,000 | | |
Name and position(1) | Number of shares subject to stock awards(2) | ||||||||||||
533,156 | |||||||||||||
President and Chief Executive Officer | |||||||||||||
Stephen P. Carey | |||||||||||||
Senior Vice President, Finance and Chief Financial Officer | |||||||||||||
Chad Gassert(3) | |||||||||||||
Senior Vice President, | |||||||||||||
Ori Gutwerg | |||||||||||||
Senior Vice President, Generics | |||||||||||||
Christopher K. Mutz | |||||||||||||
Head of Rare Disease | |||||||||||||
All current executive officers as a group | |||||||||||||
All current directors who are not executive officers as a group | |||||||||||||
All employees, including all current officers who are not executive officers, as a group |
Plan Category | | Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights (a) | | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights ($)(1) (b) | | Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (excluding Securities Reflected in Column (a)) (c) | | ||||||||||||||||||||||||||||||||||||||||||||
Equity Compensation Plans Approved by Security Holders | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Compensation Plans Approved by Security Holders | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Compensation Plans Approved by Security Holders | | | | 666,924 | | | | | 51.18 | | | | | 1,231,407(2) | | | 474,085 | 53.55 | 1,211,568 | 1,211,568 | (2) | ||||||||||||||||||||||||||||||
Equity Compensation Plans Not Approved by Security Holders | | | | 240,407(3) | | | | | 29.63 | | | | | | | | |||||||||||||||||||||||||||||||||||
Total | | | | 907,331 | | | | | 45.47 | | | | | 1,231,407 | | | |||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total |
| | | Common Stock Beneficially Owned | | | Class C Special Stock Beneficially Owned | | ||||||||||||||||||
Name of Beneficial Owner | | | Number(1) | | | Percent | | | Number(1) | | | Percent | | ||||||||||||
5% Stockholders or holders of Class C Special Stock: | | | | | | | | | | | | | | | | | | | | | | | | | |
Meridian Venture Partners II, L.P.(2) | | | | | 2,019,259 | | | | | | 11.1% | | | | | | — | | | | | | — | | |
BlackRock, Inc.(3) | | | | | 1,983,237 | | | | | | 10.9% | | | | | | — | | | | | | — | | |
Esjay LLC(4) | | | | | 1,332,620 | | | | | | 7.4% | | | | | | — | | | | | | — | | |
Louis W. Sullivan, M.D.(5) | | | | | — | | | | | | — | | | | | | 2,777 | | | | | | 25.6% | | |
Hans Michael Jebsen(6) | | | | | — | | | | | | — | | | | | | 2,777 | | | | | | 25.6% | | |
Angela Ho(7) | | | | | — | | | | | | — | | | | | | 2,777 | | | | | | 25.6% | | |
Marcus Jebsen(8) | | | | | — | | | | | | — | | | | | | 1,388 | | | | | | 12.8% | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | | | | | | | |
Robert E. Brown, Jr.(9) | | | | | 2,083,082 | | | | | | 11.5% | | | | | | — | | | | | | — | | |
Thomas Haughey(10) | | | | | 44,885 | | | | | | * | | | | | | — | | | | | | — | | |
David B. Nash, M.D.(11) | | | | | 36,330 | | | | | | * | | | | | | — | | | | | | — | | |
Antonio R. Pera(12) | | | | | 45,786 | | | | | | * | | | | | | — | | | | | | — | | |
Muthusamy Shanmugam(13) | | | | | 1,373,449 | | | | | | 7.6% | | | | | | — | | | | | | — | | |
Renee Tannenbaum, Pharm.D.(14) | | | | | 13,346 | | | | | | * | | | | | | — | | | | | | — | | |
Jeanne A. Thoma(15) | | | | | 45,358 | | | | | | * | | | | | | — | | | | | | — | | |
Patrick D. Walsh(16) | | | | | 68,071 | | | | | | * | | | | | | — | | | | | | — | | |
Nikhil Lalwani(17) | | | | | 453,647 | | | | | | 2.5% | | | | | | — | | | | | | — | | |
Stephen P. Carey(18) | | | | | 251,594 | | | | | | 1.4% | | | | | | — | | | | | | — | | |
Ori Gutwerg(19) | | | | | 58,147 | | | | | | * | | | | | | — | | | | | | — | | |
James G. Marken(20) | | | | | 155,388 | | | | | | * | | | | | | — | | | | | | — | | |
Christopher Mutz(21) | | | | | 63,468 | | | | | | * | | | | | | — | | | | | | — | | |
All executive officers and directors as a group (16 persons) | | | | | 5,163,175 | | | | | | 28.5% | | | | | | — | | | | | | — | | |
Common Stock Beneficially Owned | Class C Special Stock Beneficially Owned | |||||||||||||||||||||||||
Name of Beneficial Owner | Number(1) | Percent | Number(1) | Percent | ||||||||||||||||||||||
5% Stockholders or holders of Class C Special Stock: | ||||||||||||||||||||||||||
BlackRock, Inc.(2) | 2,524,660 | 12.0 | % | — | — | |||||||||||||||||||||
Meridian Venture Partners II, L.P.(3) | 1,419,381 | 6.8 | % | — | — | |||||||||||||||||||||
Vanguard Group(4) | 1,288,972 | 6.1 | % | — | — | |||||||||||||||||||||
Rubric Capital Management LP(5) | 1,125,000 | 5.4 | % | — | — | |||||||||||||||||||||
Louis W. Sullivan, M.D.(6) | — | — | 2,777 | 25.6 | % | |||||||||||||||||||||
Hans Michael Jebsen(7) | — | — | 2,777 | 25.6 | % | |||||||||||||||||||||
Angela Ho(8) | — | — | 2,777 | 25.6 | % | |||||||||||||||||||||
Marcus Jebsen(9) | — | — | 1,388 | 12.8 | % | |||||||||||||||||||||
Named Executive Officers and Directors: | ||||||||||||||||||||||||||
Thomas Haughey(10) | 51,750 | * | — | — | ||||||||||||||||||||||
Matthew Leonard(11) | 7,583 | * | — | — | ||||||||||||||||||||||
David Nash(12) | 43,195 | * | — | — | ||||||||||||||||||||||
Antonio Pera(13) | 42,651 | * | — | — | ||||||||||||||||||||||
Muthusamy Shanmugam(14) | 896,010 | 4.3 | % | — | — | |||||||||||||||||||||
Renee Tannenbaum(15) | 20,211 | * | — | — | ||||||||||||||||||||||
Jeanne Thoma(16) | 52,223 | * | — | — | ||||||||||||||||||||||
Patrick Walsh(17) | 74,936 | * | — | — | ||||||||||||||||||||||
Nikhil Lalwani(18) | 476,059 | 2.3 | % | — | — | |||||||||||||||||||||
Stephen P. Carey(19) | 250,363 | 1.2 | % | — | — | |||||||||||||||||||||
Chad Gassert(20) | 312,643 | 1.5 | % | — | — | |||||||||||||||||||||
Ori Gutwerg(21) | 76,254 | * | — | — | ||||||||||||||||||||||
Christopher Mutz(22) | 98,543 | * | — | — | ||||||||||||||||||||||
All executive officers and directors as a group (17 persons) | 2,664,398 | 12.7 | % | — | — |
By Order of the Board of Directors, | |||||
Meredith W. Cook | |||||
Senior Vice President, General Counsel and Corporate Secretary | |||||
April 5, 2024 | |||||
Princeton, New Jersey |