| Filed by the Registrant ☒ | | | Filed by a Party other than the Registrant ☐ | |
| (a) Paul M. Bisaro | | | (d) Neal P. Goldman | | | (g) Susan M. Silbermann | |
| (b) Daniel A. Celentano | | | (e) Karen L. Ling | | | (h) James R. Sulat | |
| ||||||||
(c) Riad H. El-Dada | | | (f) Woodrow A. Myers, Jr., M.D. | | | (i) Sigurdur O. Olafsson | |
| | | | By Order of the Board of Directors, | |
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| | | Mark Tyndall, Secretary | |
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| TABLE OF CONTENTS | |
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| PROXY STATEMENT SUMMARY | |
| Proposal | | | | | | Our Board’s Recommendation | | |||||||||||
| 1. | | | Election of directors (page | | | | | | FOR each nominee | | ||||||||
| 2. | | | Advisory non-binding vote to approve the re-appointment of the independent auditors and binding vote to authorize the Audit Committee of the Board to set the independent auditors’ remuneration (page | | | | | | FOR | | ||||||||
| 3. | | | Advisory non-binding vote to approve the Company’s executive compensation (page | | | | | | FOR | | ||||||||
| 4. | | | Authorize the Company and/or any subsidiary of the Company to make market purchases or overseas market purchases of Company shares (page | | | | | | FOR | | ||||||||
| 5. | | | Authorize the price range at which the Company can re-allot shares held as treasury shares (Special Resolution) (page | | | | | | FOR | |
| PROXY STATEMENT SUMMARY | | | | |
| Name | | Age | | Director Since | | Principal Occupation | | Current Committee Memberships | | Other Public Boards | | Name | | Age | | Director Since | | Principal Occupation | | Current Committee Memberships | | Other Public Boards | | ||||||||||
| Paul M. Bisaro* | | 61 | | 2022 | | Former President, Chief Executive Officer, and Director at Impax Laboratories | | — | | 2 | | Paul M. Bisaro* | | 62 | | 2022 | | Former President, Chief Executive Officer and Director at Impax Laboratories | | — | | 2 | | ||||||||||
| Sigurdur O. Olafsson | | 54 | | 2022 | | President, Chief Executive Officer, and Director at Mallinckrodt | | — | | — | | Sigurdur O. Olafsson | | 54 | | 2022 | | President, Chief Executive Officer and Director at Mallinckrodt | | — | | — | | ||||||||||
| Daniel A. Celentano* | | 71 | | 2022 | | Former Senior Managing Director at Evercore | | Audit; Governance and Compliance | | — | | Daniel A. Celentano* | | 71 | | 2022 | | Former Senior Managing Director at Evercore | | Audit | | — | | ||||||||||
| Riad H. El-Dada* | | 58 | | 2022 | | Former President of U.S. Human Health at Merck | | Governance and Compliance; Human Resources and Compensation | | — | | Riad H. El-Dada* | | 58 | | 2022 | | Former President of U.S. Human Health at Merck | | Governance and Compliance | | — | | ||||||||||
| Neal P. Goldman* | | 53 | | 2022 | | Managing Member of SAGE Capital Investments | | Audit; Human Resources and Compensation (Chair) | | 3 | | Neal P. Goldman* | | 53 | | 2022 | | Managing Member of SAGE Capital Investments | | Audit; Human Resources and Compensation (Chair) | | 3 | | ||||||||||
| Karen L. Ling* | | 59 | | 2022 | | Former Executive Vice President and Chief Human Resources Officer at AIG | | Human Resources and Compensation | | 1 | | ||||||||||||||||||||||
| Woodrow A. Myers, Jr., M.D.* | | 69 | | 2022 | | Managing Director of Myers Ventures | | Governance and Compliance (Chair) | | 1 | |
| | | | PROXY STATEMENT SUMMARY | |
| Name | | Age | | Director Since | | Principal Occupation | | Current Committee Memberships | | Other Public Boards | | Name | | Age | | Director Since | | Principal Occupation | | Current Committee Memberships | | Other Public Boards | | ||||||||||
| Karen L. Ling* | | 59 | | 2022 | | Former Executive Vice President and Chief Human Resources Officer at AIG | | — | | 2 | | Susan M. Silbermann* | | 60 | | 2022 | | Former Global President, Emerging Markets at Pfizer and Chair of the Pfizer Global COVID-19 Task Force | | Governance and Compliance | | 2 | | ||||||||||
| Woodrow A. Myers, Jr., M.D.* | | 68 | | 2022 | | Managing Director of Myers Ventures | | Governance and Compliance (Chair); Human Resources and Compensation | | 1 | | James R. Sulat* | | 72 | | 2022 | | Former Chief Executive Officer, Chief Financial Officer and Director at Maxygen | | Audit (Chair); Human Resources and Compensation | | 1 | | ||||||||||
| James R. Sulat* | | 72 | | 2022 | | Former Chief Executive Officer, Chief Financial Officer, and Director at Maxygen | | Audit (Chair); Human Resources and Compensation | | 2 | |
| GENERAL INFORMATION Questions and Answers about Proxy Materials, Voting, Attending the Meeting and Other General Information | |
| | | | GENERAL INFORMATION | |
| GENERAL INFORMATION | | | | |
| Proposal | | | Vote Required | | |||
| 1. | | | Election of directors | | | Majority of votes cast | |
| 2. | | | Advisory non-binding vote to approve the re-appointment of the independent auditors and binding vote to authorize the Audit Committee of the Board to set the independent auditors’ remuneration | | | Majority of votes cast | |
| 3. | | | Advisory non-binding vote to approve the Company’s executive compensation | | | Majority of votes cast | |
| 4. | | | Authorize the Company and/or any subsidiary of the Company to make market purchases or overseas market purchases of Company shares | | | Majority of votes cast | |
| 5. | | | Authorize the price range at which the Company can re-allot shares held as treasury shares (Special Resolution) | | | 75% of votes cast | |
| | | | GENERAL INFORMATION | |
| GENERAL INFORMATION | | | | |
| CORPORATE GOVERNANCE | |
| CORPORATE GOVERNANCE | | | | |
| | | | CORPORATE GOVERNANCE | |
| CORPORATE GOVERNANCE | | | | |
| | | | CORPORATE GOVERNANCE | |
| CORPORATE GOVERNANCE | | | | |
| | | | CORPORATE GOVERNANCE | |
| CORPORATE GOVERNANCE | | | | |
| | | | CORPORATE GOVERNANCE | |
| BOARD OF DIRECTORS AND BOARD COMMITTEES | |
| Non-Employee Directors | | Audit Committee | | Governance and Compliance Committee | | Human Resources and Compensation Committee | | Non-Employee Directors | | Audit Committee | | Governance and Compliance Committee | | Human Resources and Compensation Committee | | ||||||
| Paul M. Bisaro | | | | | | | | Paul M. Bisaro | | | | | | | | ||||||
| Daniel A. Celentano | | | | | | Daniel A. Celentano | | | | | | | |||||||||
| Riad H. El-Dada | | | | | | Riad H. El-Dada | | | | | | | |||||||||
| Neal P. Goldman | | | | | | Neal P. Goldman | | | | | | ||||||||||
| Karen L. Ling | | — | | — | | — | | Karen L. Ling | | | | | | | |||||||
| Woodrow A. Myers, Jr., M.D. | | | | | | Woodrow A. Myers, Jr., M.D. | | | | | | | |||||||||
| James R. Sulat | | | | | | Susan M. Silbermann | | | | | | | |||||||||
| Number of Meetings Held in Fiscal 2021(1) | | 11 | | 4 | | 6 | | James R. Sulat | | | | | | ||||||||
| Number of Meetings Held in Fiscal 2022(1) | | 14 | | 5 | | 4 | |
| | | | BOARD OF DIRECTORS AND BOARD COMMITTEES | |
| Chairman of the Board | | | Chair | | | Member | |
| | Committee | | | | Responsibilities and Composition | | |
| | Audit Committee | | | | The Audit Committee monitors the integrity of our financial statements, the independence and qualifications of the independent auditors, the performance of our internal auditors and independent auditors, our compliance with certain legal and regulatory requirements and the effectiveness of our internal controls. The Audit Committee is responsible for selecting, retaining, evaluating, setting the remuneration of and, if appropriate, recommending the termination of our independent auditors. The current members of the Audit Committee are Mr. Sulat, Mr. Celentano and Mr. Goldman. Each of them is independent under SEC rules and NYSE American corporate governance listing standards applicable to audit committee members. Mr. Sulat is the Chair of the Audit Committee. The Board has determined that Mr. Sulat is an audit committee financial expert. The Audit Committee operates under a charter approved by the Board, which is posted on our website at | | |
| | Governance and Compliance Committee | | | | The Governance and Compliance Committee is responsible for identifying individuals qualified to become Board members, recommending to the Board the director nominees for election at the Annual General Meeting, developing and recommending to the Board our Corporate Governance Guidelines, taking a general leadership role in our corporate governance and assisting the Board in fulfilling its oversight responsibility with respect to regulatory, healthcare compliance and public policy issues that affect us. The Governance and Compliance Committee, together with the HRCC, also reviews the succession planning process relating to the Chief Executive Officer. The members of the Governance and Compliance Committee are Dr. Myers, Mr. | | |
| | Human Resources and Compensation Committee | | | | The HRCC reviews and approves compensation and benefits policies and objectives, determines whether our officers and employees are compensated according to those objectives and carries out the Board’s responsibilities relating to executive compensation. The HRCC, together with the Governance and Compliance Committee, also reviews the succession planning process relating to the Chief Executive Officer. The current members of the HRCC are Mr. Goldman, | | |
| BOARD OF DIRECTORS AND BOARD COMMITTEES | | | | |
| COMPENSATION OF NON-EMPLOYEE DIRECTORS | |
| COMPENSATION OF NON-EMPLOYEE DIRECTORS | | | | |
| | | | COMPENSATION OF NON-EMPLOYEE DIRECTORS | |
| Name | | Fees Earned or Paid in Cash ($) | | Stock Awards ($) | | All Other Compensation ($) | | Total ($) | | Name | | Fees Earned or Paid in Cash ($) | | Stock Awards ($) | | All Other Compensation ($) | | Total ($) | | ||||||||||||||||||||||||||||||||
| David R. Carlucci | | | | 341,000 | | | | | — | | | | | — | | | | | 341,000 | | | Current Directors | | | | | | | | | | | | | | | | | | | | | | ||||||||
| J. Martin Carroll | | | | 356,000 | | | | | — | | | | | — | | | | | 356,000 | | | Paul M. Bisaro | | | | 72,396 | | | | | 650,702 | | | | | — | | | | | 723,098 | | | ||||||||
| Paul R. Carter | | | | 351,000 | | | | | — | | | | | — | | | | | 351,000 | | | Daniel A. Celentano | | | | 59,658 | | | | | 556,263 | | | | | — | | | | | 615,921 | | | ||||||||
| David Y. Norton | | | | 356,000 | | | | | — | | | | | — | | | | | 356,000 | | | Riad H. El-Dada | | | | 51,210 | | | | | 556,263 | | | | | — | | | | | 607,473 | | | ||||||||
| Carlos V. Paya, M.D. | | | | 356,000 | | | | | — | | | | | — | | | | | 356,000 | | | Neal P. Goldman | | | | 70,475 | | | | | 556,263 | | | | | — | | | | | 626,738 | | | ||||||||
| JoAnn A. Reed | | | | 361,000 | | | | | — | | | | | — | | | | | 361,000 | | | Karen L. Ling | | | | 31,591 | | | | | 419,628 | | | | | — | | | | | 451,218 | | | ||||||||
| Angus C. Russell | | | | 490,600 | | | | | — | | | | | — | | | | | 490,600 | | | Woodrow A. Myers, Jr., M.D. | | | | 55,018 | | | | | 556,263 | | | | | — | | | | | 611,281 | | | ||||||||
| Anne C. Whitaker | | | | 346,000 | | | | | — | | | | | — | | | | | 346,000 | | | Susan M. Silbermann | | | | 20,435 | | | | | 446,692 | | | | | — | | | | | 467,127 | | | ||||||||
| Kneeland C. Youngblood, M.D. | | | | 346,000 | | | | | — | | | | | — | | | | | 346,000 | | | James R. Sulat | | | | 72,107 | | | | | 556,263 | | | | | — | | | | | 628,370 | | | ||||||||
| Former Directors(1) | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
| David R. Carlucci | | | | 341,000 | | | | | — | | | | | — | | | | | 341,000 | | | ||||||||||||||||||||||||||||||
| J. Martin Carroll | | | | 356,000 | | | | | — | | | | | — | | | | | 356,000 | | | ||||||||||||||||||||||||||||||
| Paul R. Carter | | | | 351,000 | | | | | — | | | | | — | | | | | 351,000 | | | ||||||||||||||||||||||||||||||
| David Y. Norton | | | | 356,000 | | | | | — | | | | | — | | | | | 356,000 | | | ||||||||||||||||||||||||||||||
| Carlos V. Paya, M.D. | | | | 356,000 | | | | | — | | | | | — | | | | | 356,000 | | | ||||||||||||||||||||||||||||||
| JoAnn A. Reed | | | | 361,000 | | | | | — | | | | | — | | | | | 361,000 | | | ||||||||||||||||||||||||||||||
| Angus C. Russell | | | | 490,600 | | | | | — | | | | | — | | | | | 490,600 | | | ||||||||||||||||||||||||||||||
| Anne C. Whitaker | | | | 346,000 | | | | | — | | | | | — | | | | | 346,000 | | | ||||||||||||||||||||||||||||||
| Kneeland C. Youngblood, M.D. | | | | 346,000 | | | | | — | | | | | — | | | | | 346,000 | | |
| EXECUTIVE OFFICERS | |
| Name | | | Age | | | Title | | |||
| Sigurdur O. Olafsson | | | | | 54 | | | | President, Chief Executive Officer and Director | |
| Bryan M. Reasons | | | | | 55 | | | | Executive Vice President and Chief Financial Officer | |
| Henriette Nielsen | | | | | | | | Executive Vice President and Chief Transformation Officer | | |
| Mark Tyndall | | | | | | | | Executive Vice President, | | |
| Kassie Harrold | | | | | | | | Executive Vice President and Chief Compliance Officer | | |
| | | | | | | | Executive Vice President and Chief Commercial Officer | | ||
| Dr. Peter Richardson | | | | | 63 | | | | Executive Vice President and Chief Scientific Officer | |
| Stephen Welch | | | | | 45 | | | | Executive Vice President and Head of Specialty Generics | |
| Jason Goodson | | | | | | | | Executive Vice President and Head of Corporate Development | |
| | | | EXECUTIVE OFFICERS | |
| EXECUTIVE OFFICERS | | | | |
| COMPENSATION OF EXECUTIVE OFFICERS COMPENSATION DISCUSSION AND ANALYSIS | |
| COMPENSATION OF EXECUTIVE OFFICERS | | | | |
| | Category | | | | Pre-Emergence January 1, 2022 – June 15, 2022 | | | | Post-Emergence June 16, 2022 – December 30, 2022 | | |
| | Human Resources and Compensation Committee | | | | Chair — Mr. Norton Members — Mr. Carlucci, Mr. Carrol and Ms. Whitaker | | | | Chair — Mr. Goldman Members — Mr. El-Dada, Ms. Ling, Dr. Myers and Mr. Sulat | | |
| | Management | | | | Immediately before Emergence: Chief Executive Officer — Mr. Trudeau EVP and Chief Financial Officer — Mr. Reasons EVP and Chief Commercial and Operations Officer — Mr. O’Neill EVP and Chief Scientific Officer — Dr. Romano EVP and Chief Legal Officer — Mr. Casey EVP and Chief Human Resources Officer — Mr. Watkins | | | | End of Year: Chief Executive Officer — Mr. Olafsson EVP and Chief Financial Officer — Mr. Reasons EVP and Chief Transformation Officer — Ms. Nielsen EVP, Chief Legal Officer and Corporate Secretary — Mr. Tyndall EVP and Chief Commercial Officer — Ms. French EVP and Head of Specialty Generics — Mr. Welch EVP and Head of Corporate Development — Mr. Goodson EVP and Chief Compliance Officer — Ms. Harrold | | |
| | Objectives of Compensation Programs | | | | Stabilize Company during bankruptcy proceedings, retain key talent, successfully emerge. | | | | Maximize shareholder value, align individual performance with shareholder value, drive long-term performance. | | |
| | Key Employee Incentive Plan (“KEIP”) | | | | • Incentive plan implemented and was a combination of the Company’s previous short- and long-term incentive plans • Cash-based • Adjusted EBITDA* • Adjusted Operating Cash Flow* | | | | Grandfathered participants only | | |
| | Annual Incentive Plan (“AIP”) | | | | Participants: Non-KEIP NEOs • Cash-based • Adjusted EBITDA* • Adjusted Operating Cash Flow* • Net Sales | | | | Participants: Non-KEIP NEOs • Cash-based • Adjusted EBITDA* • Adjusted Operating Cash Flow* • Net Sales • Executive payouts capped per executive employment agreement | | |
| | Long Term Incentive (“LTI”) | | | | N/A | | | | 50% performance-based restricted unit awards (“PSUs”) 50% restricted unit awards (“RSUs”) PSU Performance Metrics: • Adjusted Operating Cash Flow • Relative Total Shareholder Return | | |
| | Retention | | | | Cash-based | | | | No cash-based retention bonuses were granted post-Emergence | | |
| | Creditor and Shareholder Feedback | | | | Focused on achieving emergence and business operations | | | | Focused on business operations and cash generation | | |
| | | | COMPENSATION OF EXECUTIVE OFFICERS | |
| COMPENSATION OF EXECUTIVE OFFICERS | | | | |
| | | | COMPENSATION OF EXECUTIVE OFFICERS | |
| | Element | | | | Key Features | | | | Objective | | |
| | Base salary | | | | Fixed cash compensation. | | | | Offer a stable income, intended to reflect the market value of the executive’s role, with differentiation for strategic significance, individual capability and experience. | | |
| | | | | Market-competitive, performance-based cash bonus opportunity tied to achievement of Company goals. • Calculation for each executive’s cash incentive is based on performance versus pre-determined goals tied to financial performance measures. • Each executive’s individual performance can modify the amount received up to a maximum, provided that in 2022, any individuals who participated in the 2022 KEIP did not have an individual performance modifier. | | | | Focus executives on | | | |
| | Long-term incentive compensation | | | | Awards of performance units and restricted units • Performance units may be earned from 0% to 200% of the target number of units over a 2.5 year performance period*. For the second half of fiscal 2022 (July 2, 2022 through December 30,2022) through 2024 fiscal year end (December 27, 2024), half of the performance units are based on adjusted operating cash flow, while the other half are based on our Total Shareholder Return (“TSR”) versus TSR performance of the Russell 2000 Biotechnology Subsector Index, in each case over the performance period. • To the extent earned, performance units are delivered as ordinary shares after the end of the performance period except for any portion of the award earned above target, which is delivered as cash. • Restricted units vest in three equal annual installments on each anniversary of the NEO’s employment contract effective date or start date with the Company. | | | | Align the interests of executives with the interests of shareholders in long-term growth and stock performance, reward executives for the achievement of multi-year performance objectives and shareholder value creation and promote retention. | | |
| COMPENSATION OF EXECUTIVE OFFICERS | | | | |
| | Element | | | | Key Features | | | | Objective | | |
| | | | | | Each unit is | | | | | | |
| | Retention | | | | Cash-based retention bonus awarded Cash-based retention bonus awarded in 2022 to the NEOs who served on the Executive Committee prior to Emergence and remained employed directly following Emergence. Payment of the retention bonus was contingent upon remaining continuously employed with the Company through the 90-day anniversary of Emergence. | | | | Designed to stabilize the executive leadership team and reduce the possibility of No additional cash-based retention bonuses were awarded post-Emergence. | | |
| | | | COMPENSATION OF EXECUTIVE OFFICERS | |
| COMPENSATION OF EXECUTIVE OFFICERS | | | | |
| | | | COMPENSATION OF EXECUTIVE OFFICERS | |
| | | | Initial Salary | | | Ending Salary | | | Change | |
| Sigurdur Olafsson | | | $1,100,000 | | | $1,100,000 | | | — | |
| Bryan Reasons(1) | | | $600,000 | | | $630,000 | | | 5% | |
| Mark Tyndall(2) | | | $430,000 | | | $575,000 | | | 34% | |
| Stephen Welch(3) | | | $331,500 | | | $450,000 | | | 36% | |
| Henriette Nielsen | | | $620,000 | | | $620,000 | | | — | |
| Mark Trudeau | | | $1,050,000 | | | N/A | | | N/A | |
| Steven Romano, M.D. | | | $620,000 | | | N/A | | | N/A | |
| Hugh O’Neill | | | $620,000 | | | N/A | | | N/A | |
| Sigurdur Olafsson | | | 135% | |
| Bryan Reasons | | | 75% | |
| Henriette Nielsen | | | 75% | |
| COMPENSATION OF EXECUTIVE OFFICERS | | | | |
| Measure | | | Weighting | | | Threshold (50% Payout) | | | Target (100% Payout) | | | Maximum (150% Payout) | | | Fiscal 2022 Results | | | Weighted Average Funding | | ||||||||||||||||||
| Adjusted Operating Cash Flow(1) | | | | | 40% | | | | | $ | 523 | | | | | $ | 615 | | | | | $ | 708 | | | | | $ | 692 | | | | | | 57% | | |
| Adjusted EBITDA(1) | | | | | 40% | | | | | $ | 655 | | | | | $ | 771 | | | | | $ | 886 | | | | | $ | 739 | | | | | | 35% | | |
| Net Sales(1) | | | | | 20% | | | | | $ | 1,819 | | | | | $ | 2,021 | | | | | $ | 2,223 | | | | | $ | 1,922 | | | | | | 15% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 106%(2) | | |
| | | | | | Revenue for the Last Twelve Months ($ Millions) | | | | Market Capitalization ($ Millions) | | |
| | 75th Percentile | | | | $5,738 | | | | $33,041 | | |
| | Median | | | | $2,937 | | | | $15,105 | | |
| | 25th Percentile | | | | $1,820 | | | | $5,868 | | |
| | Mallinckrodt | | | | $2,381 | | | | $140 | | |
| | Mallinckrodt Percentile | | | | 40% | | | | Lowest | | |
| Name and Principal Position | | | Fiscal Year | | | Salary ($) | | | Bonus ($)(1) | | | Stock Awards ($) | | | Option Awards ($) | | | Non-Equity Incentive Plan Compensation ($)(2) | | | All Other Compensation ($)(3) | | | Total ($) | | |||||||||||||||||||||
| Mark C. Trudeau President and Chief Executive Officer | | | 2021 | | | | | 1,090,385 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,148,280 | | | | | | 737,318 | | | | | | 8,975,983 | | |
| 2020 | | | | | 1,050,000 | | | | | | 1,575,000 | | | | | | — | | | | | | — | | | | | | 11,407,814 | | | | | | 854,724 | | | | | | 14,887,538 | | | |||
| Hugh M. O’Neill Executive Vice President and Chief Commercial and Operations Officer | | | 2021 | | | | | 643,846 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,486,775 | | | | | | 159,060 | | | | | | 3,289,681 | | |
| 2020 | | | | | 607,885 | | | | | | 930,000 | | | | | | — | | | | | | — | | | | | | 2,943,675 | | | | | | 249,666 | | | | | | 4,731,226 | | | |||
| Steven J. Romano, M.D. Executive Vice President and Chief Scientific Officer | | | 2021 | | | | | 643,846 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,486,775 | | | | | | 238,439 | | | | | | 3,369,060 | | |
| 2020 | | | | | 620,000 | | | | | | 930,000 | | | | | | — | | | | | | — | | | | | | 2,943,675 | | | | | | 283,990 | | | | | | 4,777,665 | | |
| | | | COMPENSATION OF EXECUTIVE OFFICERS | |
| Name | | | Contributions to Retirement Savings Plan ($) | | | Credits to Supplemental Savings Plan ($) | | | Tax Reimbursement Payments ($)(1) | | | Director Fees ($)(2) | | | Other ($)(3) | | | Total ($) | | ||||||||||||||||||
| Mark C. Trudeau | | | | | 18,450 | | | | | | 396,842 | | | | | | 303,861 | | | | | | — | | | | | | 18,165 | | | | | | 737,318 | | |
| Hugh M. O’Neill | | | | | 18,450 | | | | | | 130,697 | | | | | | 9,913 | | | | | | — | | | | | | — | | | | | | 159,060 | | |
| Steven J. Romano, M.D. | | | | | 17,400 | | | | | | 130,697 | | | | | | — | | | | | | 74,377 | | | | | | 15,965 | | | | | | 238,439 | | |
| | Fiscal 2022 Strategic Imperatives | | | ||||
| | Deliver Innovative Therapies to Patients with Severe and Critical Needs | | | | • Prioritize internal development, including Life Cycle Management opportunities and business development activities. • Achieve regulatory success by bringing Terlivaz and Acthar SelfJect to patients. • Optimize investment in current portfolio of products and ensure patient access to our therapies, including new products (StrataGraft and Terlivaz). | | |
| | Deliver Performance and Certainty for Stakeholders | | | | • Deliver clear messaging of our strategy including the implications on all parts of our business. • Achieve progress on emergence from Chapter 11, including appropriate exit financing. • Achieve or exceed operational performance targets by maximizing value of current portfolio. • Align operating model to strategy and customer insights. | | |
| | Empower Employees and Shape Culture | | | | • Listen to, develop, engage and enable employees. • Shape our culture through improved collaboration and communication, and develop a common understanding of our strategy and focus for the year. • Continue to evolve our governance model. Enhance our culture of integrity by implementing and following our Corporate Integrity Agreement (“CIA”) requirements. Ensure talent across the organization aligns with our necessary capabilities. • Migrate towards Environmental, Social and Corporate Governance (“ESG”) program, including Diversity and Inclusion initiatives. | | |
| | NEO | | | | Individual Key Achievements | | |
| | Sigurdur Olafsson | | | | • Re-established relationships with investors and creditors as well as industry connections • Established new Executive Committee including hiring for key roles and internal promotions • Ensured establishment of necessary requirements under the CIA and our operating injunction • Restructured the organization to establish a “fit for purpose organization” | | |
| | Bryan Reasons | | | | • Implemented exit financing and ongoing liability management strategies • Led bankruptcy negotiations with various stakeholders • Led fresh start accounting and related complex issues including timely completion of audit • Partnered with the Executive Committee on cost savings initiatives including restructuring the organization | | |
| COMPENSATION OF EXECUTIVE OFFICERS | | | | |
| | NEO | | | | Individual Key Achievements | | |
| | Henriette Nielsen | | | | • Played a key role in acquiring talent for key executive positions including CCO & CSO • Instrumental in the cost savings initiatives and the restructuring of the organization • Led the establishment of a path to deliver on our ESG obligations including establishing an ESG steering Committee (Finance, IT, EHS, Procurement, IR) and numerous workstreams | | |
| | | | Target Performance Multiplier | | | | | | | | | Individual Modifier | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
| | | | Target Bonus Opportunity | | | x | | | Multiplier | | | = | | | Preliminary Payout | | | x | | | Individual Performance Modifier | | | = | | | Final 2022 AIP Payout | | |||||||||||||||||||||||||||
| Sigurdur Olafsson(1) | | | | $ | 771,058 | | | | | | x | | | | | | 106% | | | | | | x | | | | | $ | 817,321 | | | | | | x | | | | | | 150% | | | | | | = | | | | | $ | 1,225,982 | | |
| Bryan Reasons | | | | $ | 472,500 | | | | | | | | | | | | 106% | | | | | | | | | | | $ | 500,850 | | | | | | | | | | | | 130% | | | | | | | | | | | $ | 651,105 | | |
| Henriette Nielsen(1) | | | | $ | 173,736 | | | | | | | | | | | | 106% | | | | | | | | | | | $ | 184,160 | | | | | | | | | | | | 150% | | | | | | | | | | | $ | 276,240 | | |
| Name | | 2021 KEIP Full Year Target | | 2020 KEIP Full Year Target | | Previously Approved Combined Annual and Long-Term Incentive Target | | Mark Tyndall | | | $ | 690,710 | | | ||||
| Mark C. Trudeau | | $6,712,000 | | $9,312,500 | | $11,312,500 | | Stephen Welch | | | $ | 535,500 | | | ||||
| Hugh M. O’Neill | | $2,335,000 | | $2,403,000 | | $2,903,000 | | |||||||||||
| Steven J. Romano, M.D. | | $2,335,000 | | $2,403,000 | | $2,903,000 | |
| | | | COMPENSATION OF EXECUTIVE OFFICERS | |
| Measure | | Weighting | | Threshold (50% Payout) | | Target (100% Payout) | | Maximum (150% Payout) | | Fiscal 2021 First Half Results | | Weighted Average Funding | | Measure | | Weighting | | Threshold (50% Payout) | | Target (100% Payout) | | Maximum (150% Payout) | | First Half Results | | Weighted Average Funding | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA (in millions) | | | | 40% | | | | $ | 355 | | | | $ | 418 | | | | $ | 481 | | | | $ | 404 | | | | | 36% | | | Adjusted EBITDA(1) | | | | 60% | | | | $ | 297 | | | | $ | 350 | | | | $ | 402 | | | | $ | 358 | | | | | 65% | | | ||||||||||||
| Adjusted Operating Cash Flow (in millions) | | | | 40% | | | | $ | 342 | | | | $ | 402 | | | | $ | 463 | | | | $ | 477 | | | | | 60% | | | Adjusted Operating Cash Flow(1) | | | | 40% | | | | $ | 242 | | | | $ | 284 | | | | $ | 327 | | | | $ | 324 | | | | | 59% | | | ||||||||||||
| Adjusted Net Sales (in millions) | | | | 10% | | | | $ | 1,067 | | | | $ | 1,186 | | | | $ | 1,305 | | | | $ | 1,102 | | | | | 6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 124% | | | ||||||||||||
| Pipeline Metric | | | | 10% | | | | | | | | | | | | | | | | | | | | | | | | | 10% | | | ||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 112% | | |
| Measure | | Weighting | | Threshold (50% Payout) | | Target (100% Payout) | | Maximum (150% Payout) | | Fiscal 2021 Second Half Results | | Weighted Average Funding | | Measure | | Weighting | | Threshold (50% Payout) | | Target (100% Payout) | | Maximum (150% Payout) | | Second Half Results(1) | | Weighted Average Funding | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA (in millions) | | | | 40% | | | | $ | 358 | | | | $ | 422 | | | | $ | 485 | | | | $ | 396 | | | | | 32% | | | Adjusted EBITDA(1) | | | | 60% | | | | $ | 358 | | | | $ | 421 | | | | $ | 484 | | | | $ | 381 | | | | | 41% | | | ||||||||||||
| Adjusted Operating Cash Flow (in millions) | | | | 40% | | | | $ | 263 | | | | $ | 310 | | | | $ | 356 | | | | $ | 352 | | | | | 58% | | | Adjusted Operating Cash Flow(1) | | | | 40% | | | | $ | 281 | | | | $ | 331 | | | | $ | 381 | | | | $ | 365 | | | | | 54% | | | ||||||||||||
| Adjusted Net Sales (in millions) | | | | 10% | | | | $ | 1,081 | | | | $ | 1,201 | | | | $ | 1,321 | | | | $ | 1,103 | | | | | 6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 95% | | | ||||||||||||
| Pipeline Metric | | | | 10% | | | | | | | | | | | | | | | | | | | | | | | | | 5% | | | ||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 101% | | |
| COMPENSATION OF EXECUTIVE OFFICERS | | | | |
| | | | Target Performance Multiplier | | | | | | | | | Payout | | ||||||||||||||||||
| | | | First Half Target KEIP Opportunity | | | x | | | Multiplier | | | | | | | | | First Half KEIP Payout | | ||||||||||||
| Mark C. Trudeau | | | | $ | 3,356,000 | | | | | | x | | | | | | 112% | | | | | | = | | | | | $ | 3,758,720 | | |
| Hugh M. O’Neill | | | | $ | 1,167,500 | | | | | | | | | | | | 112% | | | | | | | | | | | $ | 1,307,600 | | |
| Steven J. Romano, M.D. | | | | $ | 1,167,500 | | | | | | | | | | | | 112% | | | | | | | | | | | $ | 1,307,600 | | |
| | | | Target Performance Multiplier | | | | | | | | | Payout | | ||||||||||||||||||
| | | | Second Half Target KEIP Opportunity | | | x | | | Multiplier | | | | | | | | | Second Half KEIP Payout | | ||||||||||||
| Mark C. Trudeau | | | | $ | 3,356,000 | | | | | | x | | | | | | 101% | | | | | | = | | | | | $ | 3,389,560 | | |
| Hugh M. O’Neill | | | | $ | 1,167,500 | | | | | | | | | | | | 101% | | | | | | | | | | | $ | 1,179,175 | | |
| Steven J. Romano, M.D. | | | | $ | 1,167,500 | | | | | | | | | | | | 101% | | | | | | | | | | | $ | 1,179,175 | | |
| | | | Target Performance Multiplier | | | | | | Payout | | ||||||||||||||||||
| | | | First Half Target KEIP Opportunity | | | x | | | Multiplier | | | = | | | First Half KEIP | | ||||||||||||
| Mark Tyndall | | | | $ | 299,710 | | | | | | x | | | | | | 124% | | | | | | | | $ | 371,640 | | |
| Stephen Welch | | | | $ | 267,750 | | | | | | | | | | | | 124% | | | | | | | | $ | 332,010 | | |
| | | | Target Performance Multiplier | | | | | | Payout | | ||||||||||||||||||
| | | | Second Half Target KEIP Opportunity | | | x | | | Multiplier | | | = | | | Second Half KEIP | | ||||||||||||
| Mark Tyndall | | | | $ | 391,000 | | | | | | x | | | | | | 95% | | | | | | | | $ | 371,450 | | |
| Stephen Welch | | | | $ | 267,750 | | | | | | | | | | | | 95% | | | | | | | | $ | 254,363 | | |
| Name | | | Initial Grant (#) | | | Target Number of Performance Units (#) | | | Number of Restricted Units (#) | | |||||||||
| Sigurdur Olafsson | | | | | 450,545 | | | | | | 225,273 | | | | | | 225,272 | | |
| Bryan Reasons | | | | | 225,273 | | | | | | 112,637 | | | | | | 112,636 | | |
| Mark Tyndall | | | | | 150,182 | | | | | | 75,091 | | | | | | 75,091 | | |
| Stephen Welch | | | | | 75,091 | | | | | | 37,546 | | | | | | 37,545 | | |
| Henriette Nielsen | | | | | 150,182 | | | | | | 75,091 | | | | | | 75,091 | | |
| Mark Trudeau | | | | | — | | | | | | — | | | | | | — | | |
| Steven Romano, M.D. | | | | | — | | | | | | — | | | | | | — | | |
| Hugh O’Neill | | | | | — | | | | | | — | | | | | | — | | |
| | | | COMPENSATION OF EXECUTIVE OFFICERS | |
| COMPENSATION OF EXECUTIVE OFFICERS | | | | |
| | 2020 Executive Retention Bonuses | | | ||||
| | Mark C. Trudeau | | | | $1,575,000 | | |
| | | | | $ | | | |
| | Steven J. Romano, M.D. | | | | $930,000 | | |
| | Hugh M. O’Neill | | | | $930,000 | | |
| | | | COMPENSATION OF EXECUTIVE OFFICERS | |
| COMPENSATION OF EXECUTIVE OFFICERS | | | | |
| | | | COMPENSATION OF EXECUTIVE OFFICERS | |
| EXECUTIVE COMPENSATION TABLES | |
| Name and Principal Position | | | Fiscal Year | | | Salary ($) | | | Bonus ($)(1) | | | Stock Awards ($)(2) | | | Option Awards ($) | | | Non-Equity Incentive Plan Compensation ($)(3) | | | All Other Compensation ($)(4) | | | Total ($) | | |||||||||||||||||||||
| Sigurdur Olafsson(5) President and Chief Executive Officer | | | 2022 | | | | | 571,154 | | | | | | — | | | | | | 4,580,263 | | | | | | — | | | | | | 1,225,982 | | | | | | 54,342 | | | | | | 6,431,741 | | |
| Bryan Reasons Executive Vice President and Chief Financial Officer | | | 2022 | | | | | 611,308 | | | | | | 150,000 | | | | | | 2,290,137 | | | | | | — | | | | | | 651,105 | | | | | | 114,449 | | | | | | 3,816,999 | | |
| 2021 | | | | | 623,077 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,059,710 | | | | | | 128,898 | | | | | | 2,811,685 | | | |||
| 2020 | | | | | 586,539 | | | | | | 900,000 | | | | | | — | | | | | | — | | | | | | 2,437,750 | | | | | | 176,080 | | | | | | 4,100,369 | | | |||
| Mark Tyndall(6) Executive Vice President, Chief Legal Officer and Corporate Secretary | | | 2022 | | | | | 488,871 | | | | | | 300,000 | | | | | | 1,526,757 | | | | | | — | | | | | | 743,090 | | | | | | 87,452 | | | | | | 3,146,170 | | |
| Stephen Welch(7) Executive Vice President and Head of Specialty Generics | | | 2022 | | | | | 450,577 | | | | | | 300,000 | | | | | | 763,379 | | | | | | — | | | | | | 648,873 | | | | | | 76,884 | | | | | | 2,239,713 | | |
| Henriette Nielsen(8) Executive Vice President and Chief Transformation Officer | | | 2022 | | | | | 233,692 | | | | | | — | | | | | | 1,526,757 | | | | | | — | | | | | | 276,240 | | | | | | 29,304 | | | | | | 2,065,993 | | |
| Mark C. Trudeau(9) Former President and Chief Executive Officer | | | 2022 | | | | | 484,615 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,141,418 | | | | | | 6,626,033 | | |
| 2021 | | | | | 1,090,385 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,148,280 | | | | | | 737,318 | | | | | | 8,975,983 | | | |||
| 2020 | | | | | 1,050,000 | | | | | | 1,575,000 | | | | | | — | | | | | | — | | | | | | 11,407,814 | | | | | | 854,724 | | | | | | 14,887,538 | | | |||
| Steven Romano, M.D.(10) Former Executive Vice President and Chief Scientific Officer | | | 2022 | | | | | 569,923 | | | | | | 155,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,495,520 | | | | | | 3,220,443 | | |
| 2021 | | | | | 643,846 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,486,775 | | | | | | 238,439 | | | | | | 3,369,060 | | | |||
| 2020 | | | | | 620,000 | | | | | | 930,000 | | | | | | — | | | | | | — | | | | | | 2,943,675 | | | | | | 283,990 | | | | | | 4,777,665 | | | |||
| Hugh M. O’Neill(10) Former Executive Vice President and Chief Commercial Officer | | | 2022 | | | | | 441,154 | | | | | | 155,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,041,869 | | | | | | 2,638,023 | | |
| 2021 | | | | | 643,846 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,486,775 | | | | | | 159,060 | | | | | | 3,289,681 | | | |||
| 2020 | | | | | 607,885 | | | | | | 930,000 | | | | | | — | | | | | | — | | | | | | 2,943,675 | | | | | | 249,666 | | | | | | 4,731,226 | | |
| | | | EXECUTIVE COMPENSATION TABLES | |
| Name | | | Contributions to Retirement Savings Plan ($) | | | Credits to Supplemental Savings Plan ($) | | | Tax Reimbursement Payments ($)(1) | | | Director Fees ($)(2) | | | Payments in Regard to Termination ($) | | | Other ($)(3) | | ||||||||||||||||||
| Sigurdur Olafsson | | | | | 10,353 | | | | | | 15,969 | | | | | | — | | | | | | — | | | | | | — | | | | | | 28,020 | | |
| Bryan Reasons | | | | | 19,400 | | | | | | 76,979 | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,070 | | |
| Mark Tyndall | | | | | 19,400 | | | | | | 50,836 | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,072 | | |
| Stephen Welch | | | | | 19,400 | | | | | | 40,216 | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,826 | | |
| Henriette Nielsen | | | | | 11,356 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,948 | | |
| Mark C. Trudeau | | | | | 19,400 | | | | | | 214,151 | | | | | | 248,417 | | | | | | — | | | | | | 5,648,523 | | | | | | 10,928 | | |
| Steven Romano | | | | | 18,300 | | | | | | 86,789 | | | | | | — | | | | | | 339,965 | | | | | | 2,024,870 | | | | | | 25,596 | | |
| Hugh M. O’Neill | | | | | 19,400 | | | | | | 81,977 | | | | | | | | | | | | — | | | | | | 1,930,551 | | | | | | — | | |
| EXECUTIVE COMPENSATION TABLES | | | | |
| Name | | | Grant Date | | | Date of Committee Action | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All other Stock Awards: Number of Shares of Stock or Units (#) | | | All other Option Awards: Number of Securities Underlying Options (#) | | | Exercise or Base Price of Option Awards ($/Sh) | | | Grant Date Fair Value of Stock and Option Awards ($)(3) | | ||||||||||||||||||||||||||||||||||||
| Threshold ($) | | | Target ($) | | | Maximum ($) | | | Threshold (#) | | | Target (#) | | | Maximum (#) | | |||||||||||||||||||||||||||||||||||||||||||||
| Sigurdur Olafsson | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| AIP(4) | | | 2/23/2022 | | | | | | | | 385,529 | | | | | | 771,058 | | | | | | 2,313,173 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| PSUs | | | 12/14/2022 | | | 12/12/2022 | | | | | | | | | | | | | | | | | | | | | | | 112,637 | | | | | | 225,273 | | | | | | 450,546 | | | | | | | | | | | | | | | | | | 2,442,431 | | |
| RSUs | | | 12/14/2022 | | | 12/12/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 225,272(5) | | | | | | | | | | | | 2,137,831 | | |
| Bryan Reasons | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| AIP | | | 2/23/2022 | | | | | | | | 236,250 | | | | | | 472,500 | | | | | | 1,417,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| PSUs | | | 12/14/2022 | | | 12/12/2022 | | | | | | | | | | | | | | | | | | | | | | | 56,319 | | | | | | 112,637 | | | | | | 225,274 | | | | | | | | | | | | | | | | | | 1,221,221 | | |
| RSUs | | | 12/14/2022 | | | 12/12/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 112,636(6) | | | | | | | | | | | | 1,068,916 | | |
| Mark Tyndall | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| KEIP | | | 2/23/2022 | | | | | | | | 345,355 | | | | | | 690,710 | | | | | | 2,072,130 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| PSUs | | | 12/14/2022 | | | 12/12/2022 | | | | | | | | | | | | | | | | | | | | | | | 37,546 | | | | | | 75,091 | | | | | | 150,182 | | | | | | | | | | | | | | | | | | 814,144 | | |
| RSUs | | | 12/14/2022 | | | 12/12/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 75,091(6) | | | | | | | | | | | | 712,614 | | |
| Stephen Welch | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| KEIP | | | 2/23/2022 | | | | | | | | 267,750 | | | | | | 535,500 | | | | | | 1,606,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| PSUs | | | 12/14/2022 | | | 12/12/2022 | | | | | | | | | | | | | | | | | | | | | | | 18,773 | | | | | | 37,546 | | | | | | 75,091 | | | | | | | | | | | | | | | | | | 407,077 | | |
| RSUs | | | 12/14/2022 | | | 12/12/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 37,545(6) | | | | | | | | | | | | 356,302 | | |
| Henriette Nielsen | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| AIP(4) | | | 2/23/2022 | | | | | | | | 86,868 | | | | | | 173,736 | | | | | | 521,209 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| PSUs | | | 12/14/2022 | | | 12/12/2022 | | | | | | | | | | | | | | | | | | | | | | | 37,546 | | | | | | 75,091 | | | | | | 150,182 | | | | | | | | | | | | | | | | | | 814,144 | | |
| RSUs | | | 12/14/2022 | | | 12/12/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 75,091(6) | | | | | | | | | | | | 712,614 | | |
| Mark C. Trudeau | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| AIP(7) | | | | | | | | | | | 656,250 | | | | | | 1,312,500 | | | | | | 3,937,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Steven Romano, M.D. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| AIP(7) | | | 2/23/2022 | | | | | | | | 201,500 | | | | | | 403,000 | | | | | | 1,209,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Hugh M. O’Neill | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| AIP(7) | | | 2/23/2022 | | | | | | | | 201,500 | | | | | | 403,000 | | | | | | 1,209,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | EXECUTIVE COMPENSATION TABLES | |
| EXECUTIVE COMPENSATION TABLES | | | | |
| | | | EXECUTIVE COMPENSATION TABLES | |
| Name | | | Number of Shares or Units of Stock That Have Not Vested (#) | | | Market Value of Shares or Units of Stock That Have Not Vested ($) | | | 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 ($) | | ||||||||||||
| Sigurdur Olafsson | | | | | 225,272(1) | | | | | | 1,745,858 | | | | | | 112,637(3) | | | | | | 872,937 | | |
| Bryan Reasons | | | | | 112,636(2) | | | | | | 872,929 | | | | | | 56,319(3) | | | | | | 436,472 | | |
| Mark Tyndall | | | | | 75,091(2) | | | | | | 581,955 | | | | | | 37,546(3) | | | | | | 290,982 | | |
| Stephen Welch | | | | | 37,545(2) | | | | | | 290,974 | | | | | | 18,773(3) | | | | | | 145,491 | | |
| Henriette Nielsen | | | | | 75,091(2) | | | | | | 581,955 | | | | | | 37,546(3) | | | | | | 290,982 | | |
| Name | | | Executive Contributions in Last Fiscal Year ($) | | | Registrant Contributions in Last Fiscal Year ($)(1) | | | Aggregate Earnings (Loss) in Last Fiscal Year ($)(2) | | | Aggregate Withdrawals / Distributions ($) | | | Aggregate Balance at Last Fiscal Year End ($)(3) | | |||||||||||||||
| Sigurdur Olafsson | | | | | — | | | | | | 15,969 | | | | | | — | | | | | | — | | | | | | 15,969 | | |
| Bryan Reasons | | | | | — | | | | | | 76,979 | | | | | | (82,168) | | | | | | — | | | | | | 463,559 | | |
| Mark Tyndall | | | | | — | | | | | | 50,836 | | | | | | (36,259) | | | | | | — | | | | | | 197,517 | | |
| Stephen Welch | | | | | — | | | | | | 40,216 | | | | | | (28,004) | | | | | | — | | | | | | 163,736 | | |
| Henriette Nielsen | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Mark Trudeau | | | | | — | | | | | | 214,151 | | | | | | (541,962) | | | | | | — | | | | | | 2,940,144 | | |
| Steven Romano, M.D. | | | | | — | | | | | | 86,789 | | | | | | (95,132) | | | | | | — | | | | | | 642,690 | | |
| Hugh O’Neill | | | | | — | | | | | | 81,977 | | | | | | (343,670) | | | | | | — | | | | | | 1,201,073 | | |
| EXECUTIVE COMPENSATION TABLES | | | | |
| | | | EXECUTIVE COMPENSATION TABLES | |
| EXECUTIVE COMPENSATION TABLES | | | | |
| | | Option Awards | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||
Name | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | Option Exercise Price ($) | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested (#) | | | Market Value of Shares or Units of Stock That Have Not Vested ($) | | | 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 ($) | | ||||||||||||||||||||||||
Mark C. Trudeau | | | | | 17,904 | | | | | | —(1) | | | | | | 37.85 | | | | | | 1/31/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 38,875 | | | | | | —(2) | | | | | | 41.73 | | | | | | 12/2/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 234,437 | | | | | | —(3) | | | | | | 44.00 | | | | | | 6/30/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 63,542 | | | | | | —(4) | | | | | | 51.35 | | | | | | 1/1/2024 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 108,014 | | | | | | —(5) | | | | | | 96.96 | | | | | | 1/2/2025 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 175,528 | | | | | | —(6) | | | | | | 72.61 | | | | | | 1/4/2026 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 249,785 | | | | | | —(7) | | | | | | 51.73 | | | | | | 1/3/2027 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 709,502 | | | | | | 236,501(8) | | | | | | 13.80 | | | | | | 4/2/2028 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 257,001 | | | | | | 257,001(9) | | | | | | 22.26 | | | | | | 4/1/2029 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
Hugh M. O’Neill | | | | | 15,062 | | | | | | —(4) | | | | | | 51.35 | | | | | | 1/1/2024 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 9,414 | | | | | | —(10) | | | | | | 51.35 | | | | | | 1/1/2024 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 16,551 | | | | | | —(5) | | | | | | 96.96 | | | | | | 1/2/2025 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 30,605 | | | | | | —(6) | | | | | | 72.61 | | | | | | 1/4/2026 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 40,726 | | | | | | —(7) | | | | | | 51.73 | | | | | | 1/3/2027 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 13,575 | | | | | | —(11) | | | | | | 51.73 | | | | | | 1/3/2027 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 54,301 | | | | | | —(12) | | | | | | 51.73 | | | | | | 1/3/2027 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 96,492 | | | | | | 32,165(8) | | | | | | 13.80 | | | | | | 4/2/2028 | | | | | | 6,160(14) | | | | | | 770 | | | | | | — | | | | | | — | | | ||
| | | 51,400 | | | | | | 51,401(9) | | | | | | 22.26 | | | | | | 4/1/2029 | | | | | | 11,231(13) | | | | | | 1,404 | | | | | | — | | | | | | — | | | ||
Steven J. Romano, M.D. | | | | | 11,275 | | | | | | —(15) | | | | | | 120.27 | | | | | | 7/1/2025 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 22,288 | | | | | | —(6) | | | | | | 72.61 | | | | | | 1/4/2026 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 44,798 | | | | | | —(7) | | | | | | 51.73 | | | | | | 1/3/2027 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 14,933 | | | | | | —(11) | | | | | | 51.73 | | | | | | 1/3/2027 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 59,731 | | | | | | —(12) | | | | | | 51.73 | | | | | | 1/3/2027 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 141,900 | | | | | | 47,301(8) | | | | | | 13.80 | | | | | | 4/2/2028 | | | | | | 9,058(14) | | | | | | 1,132 | | | | | | — | | | | | | — | | | ||
| | | 51,400 | | | | | | 51,401(9) | | | | | | 22.26 | | | | | | 4/1/2029 | | | | | | 11,231(13) | | | | | | 1,404 | | | | | | — | | | | | | — | | |
| | | | EXECUTIVE COMPENSATION TABLES | |
Name and Termination Scenario | | | Cash Severance ($) | | | Stock Awards(1)(2) ($) | | | Benefits and Outplacement ($) | | | Retirement ($) | | | Cutback ($) | | | Total ($) | | ||||||||||||||||||
Sigurdur Olafsson | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Involuntary Termination (other than for cause) | | | | | 5,170,000 | | | | | | 3,491,716 | | | | | | 49,341 | | | | | | 15,969 | | | | | | | | | | | | 8,727,026 | | |
Involuntary Termination (for cause) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Voluntary Termination(3) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Death or Disability | | | | | — | | | | | | 3,491,716 | | | | | | — | | | | | | 15,969 | | | | | | — | | | | | | 3,507,685 | | |
Change in Control Termination | | | | | 6,462,500 | | | | | | 3,491,716 | | | | | | 49,341 | | | | | | 15,969 | | | | | | — | | | | | | 10,019,526 | | |
Bryan Reasons | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Involuntary Termination (other than for cause) | | | | | 1,653,750 | | | | | | 1,046,747 | | | | | | 60,968 | | | | | | | | | | | | | | | | | | 2,761,465 | | |
Involuntary Termination (for cause) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Voluntary Termination(3) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Death or Disability | | | | | — | | | | | | 1,745,858 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,745,858 | | |
Change in Control Termination | | | | | 1,653,750 | | | | | | 1,745,858 | | | | | | 60,968 | | | | | | — | | | | | | — | | | | | | 3,460,576 | | |
Mark Tyndall | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Involuntary Termination (other than for cause) | | | | | 1,006,250 | | | | | | 697,834 | | | | | | 25,020 | | | | | | — | | | | | | — | | | | | | 1,729,104 | | |
Involuntary Termination (for cause) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Voluntary Termination(3) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Death or Disability | | | | | — | | | | | | 1,163,911 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,163,911 | | |
Change in Control Termination | | | | | 1,006,250 | | | | | | 1,163,911 | | | | | | 25,020 | | | | | | — | | | | | | — | | | | | | 2,195,181 | | |
Stephen Welch | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Involuntary Termination (other than for cause) | | | | | 720,000 | | | | | | 348,912 | | | | | | 49,216 | | | | | | — | | | | | | — | | | | | | 1,118,128 | | |
Involuntary Termination (for cause) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Voluntary Termination(3) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Death or Disability | | | | | — | | | | | | 581,948 | | | | | | — | | | | | | — | | | | | | — | | | | | | 581,948 | | |
Change in Control Termination | | | | | 720,000 | | | | | | 581,948 | | | | | | 49,216 | | | | | | — | | | | | | — | | | | | | 1,351,164 | | |
Henriette Nielsen | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Involuntary Termination (other than for cause) | | | | | 1,085,000 | | | | | | 697,834 | | | | | | 49,173 | | | | | | — | | | | | | — | | | | | | 1,832,007 | | |
Involuntary Termination (for cause) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Voluntary Termination(3) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Death or Disability | | | | | — | | | | | | 1,163,911 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,163,911 | | |
Change in Control Termination | | | | | 1,085,000 | | | | | | 1,163,911 | | | | | | 49,173 | | | | | | — | | | | | | — | | | | | | 2,298,084 | | |
| EXECUTIVE COMPENSATION TABLES | | | | |
| | | | EXECUTIVE COMPENSATION TABLES | |
| PAY VERSUS PERFORMANCE | |
| Year | | | SCT Total for CEO #1 ($)(1) | | | SCT Total for CEO #2 ($)(2) | | | CAP to CEO #1 ($)(1) | | | CAP Paid to CEO #2 ($)(2) | | | Average SCT Total for Other NEOs ($)(3) | | | Average CAP to Other NEOs ($)(3) | | | Value of Initial Fixed $100 Investment Based On:(4) | | | GAAP Net Loss (millions) | | | Adjusted operating cash flow (millions)(5) | | |||||||||||||||||||||||||||||||||
| Total Shareholder Return ($) | | | Peer Group Total Shareholder Return ($) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | | | | $ | 6,626,033 | | | | | $ | 6,431,741 | | | | | $ | 6,626,033 | | | | | $ | 5,514,924 | | | | | $ | 2,854,557 | | | | | $ | 2,650,330 | | | | | $ | 42 | | | | | $ | 111 | | | | | $ | (911) | | | | | $ | 692 | | |
| 2021 | | | | $ | 8,975,983 | | | | | | N/A | | | | | $ | 8,978,348 | | | | | | N/A | | | | | $ | 3,329,371 | | | | | $ | 3,327,359 | | | | | | N/A | | | | | | N/A | | | | | $ | (717) | | | | | $ | 829 | | |
| 2020 | | | | $ | 14,887,538 | | | | | | N/A | | | | | $ | 13,838,104 | | | | | | N/A | | | | | $ | 4,497,889 | | | | | $ | 4,245,890 | | | | | | N/A | | | | | | N/A | | | | | $ | (945) | | | | | $ | 866 | | |
| | | | PAY VERSUS PERFORMANCE | |
| | | | CEO #1 Mr. Trudeau | | | CEO #2 Mr. Olafsson | | ||||||||||||||||||||||||||||||
| 2020 | | | 2021 | | | 2022 | | | 2020 | | | 2021 | | | 2022 | | |||||||||||||||||||||
| SCT Total | | | | $ | 14,887,538 | | | | | $ | 8,975,983 | | | | | $ | 6,626,033 | | | | | | N/A | | | | | | N/A | | | | | $ | 6,431,741 | | |
| Equity Deductions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Deduction for amounts reported in the “Stock Awards” column in the SCT for applicable fiscal year | | | | | — | | | | | | — | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | $ | (4,580,263) | | |
| Deduction for amounts reported in the “Option Awards” column in the SCT for applicable fiscal year | | | | | — | | | | | | — | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | — | | |
| Equity Change in Fair Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year End Fair Value of Current Year Equity Awards | | | | | — | | | | | | — | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | $ | 3,663,446 | | |
| Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | | | $ | (672,936) | | | | | | — | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | — | | |
| Year over Year Change in Fair Value of Equity Awards Granted in Prior Year that Vested in the Year | | | | $ | (184,900) | | | | | $ | 2,365 | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | — | | |
| Fair Value as of Vesting Date of Equity Awards Granted and Vested in the year | | | | | — | | | | | | — | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | — | | |
| Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | | | | $ | (191,599) | | | | | | — | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | — | | |
| Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value of Total Compensation | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | — | | |
| CAP | | | | $ | 13,838,104 | | | | | $ | 8,978,348 | | | | | $ | 6,626,033 | | | | | | N/A | | | | | | N/A | | | | | $ | 5,514,924 | | |
| PAY VERSUS PERFORMANCE | | | | |
| | | | Average Other NEOs | | |||||||||||||||
| 2020 | | | 2021 | | | 2022 | | ||||||||||||
| SCT Total | | | | $ | 4,497,889 | | | | | $ | 3,329,371 | | | | | $ | 2,854,557 | | |
| Equity Deductions | | | | | | | | | | | | | | | | | | | |
| Deduction for amounts reported in the “Stock Awards” column in the SCT for applicable fiscal year | | | | | — | | | | | | — | | | | | $ | (1,017,838) | | |
| Deduction for amounts reported in the “Option Awards” column in the SCT for applicable fiscal year | | | | | — | | | | | | — | | | | | | — | | |
| Equity Change in Fair Value | | | | | | | | | | | | | | | | | | | |
| Year End Fair Value of Current Year Equity Awards | | | | | — | | | | | | — | | | | | $ | 814,101 | | |
| Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | | | $ | (186,366) | | | | | $ | (3,253) | | | | | $ | (352) | | |
| Year over Year Change in Fair Value of Equity Awards Granted in Prior Year that Vested in the Year | | | | $ | (42,011) | | | | | $ | 1,241 | | | | | $ | (138) | | |
| Fair Value as of Vesting Date of Equity Awards Granted and 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 | | | | $ | (23,621) | | | | | | — | | | | | | — | | |
| Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value of Total Compensation | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
| CAP | | | | $ | 4,245,890 | | | | | $ | 3,327,359 | | | | | $ | 2,650,330 | | |
| | Measure | | |
| | Adjusted operating cash flow | | |
| | Adjusted EBITDA | | |
| | Net sales | | |
| | | | PAY VERSUS PERFORMANCE | |
| PAY VERSUS PERFORMANCE | | | | |
| SECURITY OWNERSHIP AND REPORTING | |
| Name of Beneficial Owner | | | Number of Mallinckrodt Ordinary Shares Beneficially Owned | | | Percentage Ownership | | ||||||
| Paul M. Bisaro | | | | | 5,000 | | | | | | * | | |
| Daniel A. Celentano | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | |
| | | | | — | | | | | | — | | | |
| | | | | — | | | | | | — | | | |
| | | | | — | | | | | | — | | | |
| | | | | — | | | | | | — | | | |
| James R. Sulat | | | | | 30,000 | | | | | | * | | |
| Sigurdur O. Olafsson | | | | | 3,000 | | | | | | * | | |
| Henriette Nielsen | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | |
| Mark | | | | | — | | | | | | — | | |
| | | | | 1,000 | | | | | | * | | | |
| Mark C. Trudeau(1) | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | |
| | | | | — | | | | | | — | | | |
| All directors and executive officers as a group (20 persons) | | | | | 40,113 | | | | | | * | | |
|
| SECURITY OWNERSHIP AND REPORTING | | | | |
| Name of Beneficial Owner | | Number of Mallinckrodt Ordinary Shares Beneficially Owned | | Percentage Ownership | | Name and Address of Beneficial Owner | | Number of Mallinckrodt Ordinary Shares Beneficially Owned | | Percentage Ownership | | ||||||||||||||||
| Bracebridge Capital, LLC et al.(1) 888 Boylston Street, 15th Floor Boston, Massachusetts 02199 | | | | 2,033,257 | | | | | 15.44% | | | Bracebridge Capital, LLC(1) 888 Boylston Street, 15th Floor Boston, Massachusetts 02199 | | | | 2,033,257 | | | | | 15.44% | | | ||||
| JPMorgan Chase & Co.(2) 383 Madison Avenue New York, New York 10179 | | | | 1,075,532 | | | | | 8.17% | | | ||||||||||||||||
| Hudson Bay Capital Management(3) 28 Havemeyer Place, 2nd Floor Greenwich, Connecticut 06830 | | | | 1,053,568 | | | | | 8.00% | | | ||||||||||||||||
| Millstreet Capital Management(4) 545 Boylston Street, 8th Floor Boston, Massachusetts 02116 | | | | 1,038,565 | | | | | 7.89% | | | ||||||||||||||||
| Federated Hermes, Inc.(5) 1001 Liberty Avenue Pittsburgh, Pennsylvania 15222-3779 | | | | 998,958 | | | | | 7.58% | | | ||||||||||||||||
| Sculptor Capital LP(6) 9 West 57th Street New York, New York 10019 | | | | 694,649 | | | | | 5.27% | | |
| | | | SECURITY OWNERSHIP AND REPORTING | |
| AUDIT AND AUDIT COMMITTEE MATTERS | |
| | | Fiscal 2021 | | Fiscal 2020 | | | | Fiscal 2022 | | Fiscal 2021 | | ||||||||||||||||
| Audit Fees | | | $ | 5,438,000 | | | | $ | 6,573,000 | | | Audit Fees | | | $ | 7,177,994 | | | | $ | 5,438,000 | | | ||||
| Audit-Related Fees | | | | 20,000 | | | | | — | | | Audit-Related Fees | | | | 2,476,342 | | | | | 20,000 | | | ||||
| Tax Fees | | | | 67,500 | | | | | — | | | Tax Fees | | | | 5,492 | | | | | 67,500 | | | ||||
| All Other Fees | | | | | 285,000 | | | | | — | | | All Other Fees | | | | | — | | | | | 285,000 | | | ||
| Total | | | $ | 5,810,500 | | | | $ | 6,573,000 | | | Total | | | $ | 9,659,828 | | | | $ | 5,810,500 | | |
| | | | AUDIT AND AUDIT COMMITTEE MATTERS | |
| EQUITY COMPENSATION PLAN INFORMATION | |
| | | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a)(1)(2) | | | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (b)(3) | | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) (c)(4) | | |||||||||
Equity compensation plans approved by security holders | | | | | 5,346,512 | | | | | $ | 34.89 | | | | | | 19,788,615 | | |
Equity compensation plans not approved by security holders | | | — | | | — | | | — | | |||||||||
TOTAL | | | | | 5,346,512 | | | | | $ | 34.89 | | | | | | 19,788,615 | | |
| | | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a)(1) | | | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (b) | | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) (c)(2) | | |||||||||
Equity compensation plans approved by security holders | | | | | 1,565,306 | | | | | | — | | | | | | 262,762 | | |
Equity compensation plans not approved by security holders | | | — | | | | | — | | | | — | | ||||||
TOTAL | | | | | 1,565,306 | | | | | | — | | | | | | 262,762 | | |
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| OTHER MATTERS | |
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