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DEF 14A Filing
Mallinckrodt (MNKTQ) DEF 14ADefinitive proxy
Filed: 15 Apr 24, 7:00am
| Filed by the Registrant ☒ | | | Filed by a Party other than the Registrant ☐ | |
| (a) Paul M. Bisaro | | | (c) Abbas Hussain | | | (e) Wesley P. Wheeler | |
| (b) Katina Dorton | | | (d) Sigurdur O. Olafsson | | | | |
| | | | By Order of the Board of Directors, | |
| | | | ![]() | |
| April 15, 2024 | | | 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 48) | | | | | | FOR each nominee | |
| 2. | | | Advisory non-binding vote to approve the appointment of the independent auditors and binding vote to authorize the Audit Committee of the Board to set the independent auditors’ remuneration (page 50) | | | | | | FOR | |
| 3. | | | Advisory non-binding vote to approve the Company’s executive compensation (page 51) | | | | | | FOR | |
| PROXY STATEMENT SUMMARY | | | | |
| Name | | | Age | | | Director Since | | | Recent Experience | | | Current Committee Memberships | |
| Paul M. Bisaro* | | | 63 | | | 2024 | | | Former President and Chief Executive Officer of Impax Laboratories | | | Audit; Transaction Review | |
| Sigurdur O. Olafsson | | | 55 | | | 2022 | | | President and Chief Executive Officer of Mallinckrodt | | | Transaction Review | |
| Katina Dorton* | | | 66 | | | 2024 | | | Former Chief Financial Officer of NodThera | | | Audit (Chair); Human Resources and Compensation | |
| Abbas Hussain* | | | 59 | | | 2024 | | | Former Chief Executive Officer of Vifor | | | Human Resources and Compensation (Chair); Governance and Compliance | |
| Wesley P. Wheeler* | | | 67 | | | 2024 | | | Pharmaceutical Services Consultant to KKR | | | Governance and Compliance (Chair); Audit | |
| 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 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 | |
| GENERAL INFORMATION | | | | |
| CORPORATE GOVERNANCE | |
| CORPORATE GOVERNANCE | | | | |
| | | | CORPORATE GOVERNANCE | |
| CORPORATE GOVERNANCE | | | | |
| | | | CORPORATE GOVERNANCE | |
| CORPORATE GOVERNANCE | | | | |
| BOARD OF DIRECTORS AND BOARD COMMITTEES | |
| BOARD OF DIRECTORS AND BOARD COMMITTEES | | | | |
| Directors(1) | | | Audit Committee | | | Governance and Compliance Committee | | | Human Resources and Compensation Committee | | | Transaction Review Committee | |
| Paul M. Bisaro ![]() | | | ![]() | | | | | | | | | ![]() | |
| Katina Dorton | | | ![]() | | | | | | ![]() | | | | |
| Abbas Hussain | | | | | | ![]() | | | ![]() | | | | |
| Sigurdur O. Olafsson | | | | | | | | | | | | ![]() | |
| David Stetson | | | | | | ![]() | | | | | | ![]() | |
| Wesley P. Wheeler | | | ![]() | | | ![]() | | | | | | | |
| Jonathan Zinman | | | | | | | | | ![]() | | | ![]() | |
| Number of Meetings Held in Fiscal 2023 | | | 9 | | | 4 | | | 6 | | | N/A | |
| ![]() | | | ![]() | | | ![]() | |
| | 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. Bisaro, Ms. Dorton and Mr. Wheeler. Each of them is independent under SEC rules and NYSE corporate governance listing standards applicable to audit committee members. Ms. Dorton is the Chair of the Audit Committee. The Board has determined that Ms. Dorton is an audit committee financial expert. The Audit Committee operates under a charter approved by the Board, which is posted on our website at ir.mallinckrodt.com/corporate-governance/highlights. | | |
| | Governance and Compliance Committee | | | | The Governance and Compliance Committee is responsible for 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. Subject to such rights of the First Designator, the Second Designators and the Nominating and Selection Committee as set forth in the Memorandum and Articles of Association, the Governance and Compliance Committee assists the Board with nominations for directors and determinations of director independence. The Governance and Compliance Committee also reviews the succession planning process relating to the CEO. The current members of the Governance and Compliance Committee are Mr. Hussain, Mr. Stetson | | |
| | | | BOARD OF DIRECTORS AND BOARD COMMITTEES | |
| | Committee | | | | Responsibilities and Composition | | |
| | | | | | and Mr. Wheeler, each of whom is independent under NYSE corporate governance listing standards. Mr. Wheeler is the Chair of the Governance and Compliance Committee. The Governance and Compliance Committee operates under a charter approved by the Board, which is posted on our website at ir.mallinckrodt.com/corporate-governance/highlights. | | |
| | 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 reviews the succession planning process relating to senior executives (other than CEO). The current members of the HRCC are Ms. Dorton, Mr. Zinman and Mr. Hussain, each of whom is independent under NYSE corporate governance listing standards applicable to compensation committee members. Mr. Hussain is the Chair of the HRCC. The HRCC operates under a charter approved by the Board, which is posted on our website at ir.mallinckrodt.com/corporate-governance/highlights. | | |
| | Transaction Review Committee | | | | The Transaction Review Committee is responsible for reviewing, monitoring and assessing potential qualifying transactions under the Transaction Incentive Plan and making recommendations to the Board in respect of any such transactions. The current members of the Transaction Review Committee are Mr. Bisaro, Mr. Olafsson, Mr. Stetson and Mr. Zinman. Mr. Zinman is the Chair of the Transaction Review Committee. | | |
| COMPENSATION OF NON-EMPLOYEE DIRECTORS | |
| | | | COMPENSATION OF NON-EMPLOYEE DIRECTORS | |
| Name | | | Fees Earned or Paid in Cash ($)(4)(5) | | | Stock Awards ($)(4)(6) | | | Total ($)(4) | | |||||||||
| Current Directors(1) | | | | | | | | | | | | | | | | | | | |
| Paul M. Bisaro(2) | | | | | 447,000 | | | | | | 303,675 | | | | | | 750,675 | | |
| David Stetson | | | | | 18,956 | | | | | | — | | | | | | 18,956 | | |
| Jonathan Zinman | | | | | 18,956 | | | | | | — | | | | | | 18,956 | | |
| Former Directors(3) | | | | | | | | | | | | | | | | | | | |
| Daniel A. Celentano | | | | | 388,500 | | | | | | 204,172 | | | | | | 592,672 | | |
| Riad H. El-Dada | | | | | 388,500 | | | | | | 204,172 | | | | | | 592,672 | | |
| Neal P. Goldman | | | | | 388,500 | | | | | | 204,172 | | | | | | 592,672 | | |
| Karen L. Ling | | | | | 388,500 | | | | | | 204,172 | | | | | | 592,672 | | |
| Woodrow A. Myers, Jr., M.D. | | | | | 388,500 | | | | | | 204,172 | | | | | | 592,672 | | |
| Susan M. Silbermann | | | | | 388,500 | | | | | | 204,172 | | | | | | 592,672 | | |
| James R. Sulat | | | | | 388,500 | | | | | | 204,172 | | | | | | 592,672 | | |
| COMPENSATION OF NON-EMPLOYEE DIRECTORS | | | | |
| EXECUTIVE OFFICERS | |
| Name | | | Age | | | Title | | |||
| Sigurdur O. Olafsson | | | | | 55 | | | | President, CEO and Director | |
| Bryan M. Reasons | | | | | 56 | | | | Executive Vice President and Chief Financial Officer | |
| Henriette Nielsen | | | | | 58 | | | | Executive Vice President and Chief Transformation Officer | |
| Mark Tyndall | | | | | 48 | | | | Executive Vice President, Chief Legal Officer and Corporate Secretary | |
| Kassie Harrold | | | | | 45 | | | | Executive Vice President and Chief Compliance Officer | |
| Lisa French | | | | | 55 | | | | Executive Vice President and Chief Commercial Officer | |
| Paul O’Neill | | | | | 54 | | | | Executive Vice President, Quality & Operations, Specialty Brands | |
| Dr. Peter Richardson | | | | | 64 | | | | Executive Vice President and Chief Scientific Officer | |
| Stephen Welch | | | | | 46 | | | | Executive Vice President and Head of Specialty Generics | |
| Jason Goodson | | | | | 43 | | | | Executive Vice President and Chief Strategy and Restructuring Officer | |
| EXECUTIVE OFFICERS | | | | |
| | | | EXECUTIVE OFFICERS | |
| EXECUTIVE OFFICERS | | | | |
| COMPENSATION OF EXECUTIVE OFFICERS | |
| COMPENSATION OF EXECUTIVE OFFICERS | | | | |
| Name and Principal Position | | | Fiscal Year | | | Salary ($) | | | Bonus ($)(1) | | | Stock Awards ($)(2) | | | Option Awards ($) | | | Non-Equity Incentive Plan Compensation ($)(3) | | | All Other Compensation ($)(4) | | | Total ($) | | |||||||||||||||||||||
| Siggi Olafsson President and Chief Executive Officer | | | 2023 | | | | | 1,100,000 | | | | | | — | | | | | | 10,000,012 | | | | | | — | | | | | | 2,750,000 | | | | | | 239,744 | | | | | | 14,089,756 | | |
| 2022 | | | | | 571,154 | | | | | | — | | | | | | 4,580,263 | | | | | | — | | | | | | 1,225,982 | | | | | | 54,342 | | | | | | 6,431,741 | | | |||
| Bryan Reasons Executive Vice President & Chief Financial Officer | | | 2023 | | | | | 630,000 | | | | | | 945,000 | | | | | | 2,500,016 | | | | | | — | | | | | | 2,613,563 | | | | | | 152,185 | | | | | | 6,840,764 | | |
| 2022 | | | | | 611,308 | | | | | | 150,000 | | | | | | 2,290,137 | | | | | | — | | | | | | 651,105 | | | | | | 114,449 | | | | | | 3,816,999 | | | |||
| Peter Richardson Executive Vice President and Chief Scientific Officer | | | 2023 | | | | | 557,308 | | | | | | 862,500 | | | | | | 2,956,171 | | | | | | — | | | | | | 2,014,567 | | | | | | 88,196 | | | | | | 6,478,742 | | |
| Name | | | Contributions to Retirement Savings Plan ($) | | | Credits to Supplemental Savings Plan ($) | | | Other ($) | | | Total ($) | | ||||||||||||
| Siggi Olafsson | | | | | 21,150 | | | | | | 202,259 | | | | | | 16,335 | | | | | | 239,744 | | |
| Bryan Reasons | | | | | 21,150 | | | | | | 131,035 | | | | | | — | | | | | | 152,185 | | |
| Peter Richardson | | | | | 19,520 | | | | | | 68,675 | | | | | | — | | | | | | 88,196 | | |
| | | | COMPENSATION OF EXECUTIVE OFFICERS | |
| Sigurdur O. Olafsson | | | 135% | |
| COMPENSATION OF EXECUTIVE OFFICERS | | | | |
| Measure | | | Weighting | | | Threshold (50% Payout) | | | Target (100% Payout) | | | Maximum (200% Payout) | | | Fiscal 2023 Results | | | Weighted Average Funding | | ||||||||||||||||||
| Adjusted EBITDA(1) | | | | | 50% | | | | | $ | 224 | | | | | $ | 263 | | | | | $ | 302 | | | | | $ | 276 | | | | | | 58% | | |
| Adjusted Free Cash Flow(1) | | | | | 50% | | | | | $ | (7) | | | | | $ | 3 | | | | | $ | 13 | | | | | $ | 11 | | | | | | 71% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 130% | | |
| Measure | | | Weighting | | | Threshold (50% Payout) | | | Target (100% Payout) | | | Maximum (200% Payout) | | | Fiscal 2023 Results | | | Weighted Average Funding | | ||||||||||||||||||
| Adjusted EBITDA(1) | | | | | 50% | | | | | $ | 261 | | | | | $ | 307 | | | | | $ | 353 | | | | | $ | 325 | | | | | | 60% | | |
| Adjusted Free Cash Flow(1) | | | | | 50% | | | | | $ | 17 | | | | | $ | 27 | | | | | $ | 37 | | | | | $ | 118 | | | | | | 75% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 135% | | |
| | | | Target Performance Multiplier | | | | | | | | | Individual Modifier | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
| | | | Target Bonus Opportunity | | | x | | | Multiplier | | | = | | | Preliminary Payout | | | X | | | Individual Performance Modifier(1) | | | = | | | Final 2023 STIP Payout | | |||||||||||||||||||||||||||
| Mr. Olafsson | | | | $ | 742,500 | | | | | | x | | | | | | 130% | | | | | | x | | | | | $ | 965,250 | | | | | | X | | | | | | 148.1% | | | | | | = | | | | | $ | 1,430,000 | | |
| | | | Target Performance Multiplier | | | | | | | | | Individual Modifier | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
| | | | Target Bonus Opportunity | | | x | | | Multiplier | | | = | | | Preliminary Payout | | | X | | | Individual Performance Modifier(1) | | | = | | | Final 2023 STIP Payout | | |||||||||||||||||||||||||||
| Mr. Olafsson | | | | $ | 742,500 | | | | | | x | | | | | | 135% | | | | | | x | | | | | $ | 1,002,375 | | | | | | X | | | | | | 131.7% | | | | | | = | | | | | $ | 1,320,000 | | |
| | | | COMPENSATION OF EXECUTIVE OFFICERS | |
| Mr. Reasons | | | | $ | 1,972,500 | | |
| Dr. Richardson | | | | $ | 1,571,250 | | |
| Measure | | | Weighting | | | Threshold (50% Payout) | | | Target (100% Payout) | | | Maximum (150% Payout) | | | Fiscal 2023 Results | | | Weighted Average Funding | | ||||||||||||||||||
| Adjusted EBITDA(1) | | | | | 50% | | | | | $ | 224 | | | | | $ | 263 | | | | | $ | 302 | | | | | $ | 276 | | | | | | 58% | | |
| Adjusted Free Cash Flow(1) | | | | | 50% | | | | | $ | (7) | | | | | $ | 3 | | | | | $ | 13 | | | | | $ | 11 | | | | | | 71% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 130% | | |
| Measure | | | Weighting | | | Threshold (50% Payout) | | | Target (100% Payout) | | | Maximum (150% Payout) | | | Fiscal 2023 Results | | | Weighted Average Funding | | ||||||||||||||||||
| Adjusted EBITDA(1) | | | | | 50% | | | | | $ | 261 | | | | | $ | 307 | | | | | $ | 353 | | | | | $ | 325 | | | | | | 60% | | |
| Adjusted Free Cash Flow(1) | | | | | 50% | | | | | $ | 17 | | | | | $ | 27 | | | | | $ | 37 | | | | | $ | 118 | | | | | | 75% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 135% | | |
| COMPENSATION OF EXECUTIVE OFFICERS | | | | |
| | | | Target Performance Multiplier | | | | | | Payout | | ||||||||||||||||||
| | | | First Half Target KEIP Opportunity | | | x | | | Multiplier | | | = | | | First Half KEIP | | ||||||||||||
| Mr. Reasons | | | | $ | 986,250 | | | | | | x | | | | | | 130% | | | | | | | | $ | 1,282,125 | | |
| Dr. Richardson(1) | | | | $ | 733,826 | | | | | | x | | | | | | 130% | | | | | | | | $ | 953,973 | | |
| | | | Target Performance Multiplier | | | | | | Payout | | ||||||||||||||||||
| | | | Second Half Target KEIP Opportunity | | | x | | | Multiplier | | | = | | | Second Half KEIP | | ||||||||||||
| Mr. Reasons | | | | $ | 986,250 | | | | | | x | | | | | | 135% | | | | | | | | $ | 1,331,438 | | |
| Dr. Richardson | | | | $ | 785,625 | | | | | | x | | | | | | 135% | | | | | | | | $ | 1,060,594 | | |
| Name | | | Annual Grant (#) | | | Target Number of PSUs (#) | | | Number of RSUs (#) | | |||||||||
| Sigurdur O. Olafsson | | | | | 1,204,479 | | | | | | 531,531 | | | | | | 672,948 | | |
| Bryan Reasons | | | | | 301,121 | | | | | | 132,884 | | | | | | 168,237 | | |
| Peter Richardson | | | | | 228,853 | | | | | | 100,992 | | | | | | 127,861 | | |
| | | | COMPENSATION OF EXECUTIVE OFFICERS | |
| Name | | | Inducement Grant (#) | | | Target Number of PSUs (#) | | | Number of RSUs (#) | | |||||||||
| Peter Richardson | | | | | 150,182 | | | | | | 75,091 | | | | | | 75,091 | | |
| | Fiscal 2023 KERP Awards | | | ||||
| | Mr. Reasons | | | | $945,000 | | |
| | Dr. Richardson | | | | $862,500 | | |
| COMPENSATION OF EXECUTIVE OFFICERS | | | | |
| | | | COMPENSATION OF EXECUTIVE OFFICERS | |
| COMPENSATION OF EXECUTIVE OFFICERS | | | | |
| | | | COMPENSATION OF EXECUTIVE OFFICERS | |
| COMPENSATION OF EXECUTIVE OFFICERS | | | | |
| | | | COMPENSATION OF EXECUTIVE OFFICERS | |
| COMPENSATION OF EXECUTIVE OFFICERS | | | | |
| PAY VERSUS PERFORMANCE | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Average SCT Total for Other NEOs ($)(3) | | | Average CAP to Other NEOs ($)(3) | | | Value of Initial Fixed $100 Investment Based On: | | | | | | | | |||||||||
| Year | | | SCT Total for CEO #1 ($)(1) | | | SCT Total for CEO #2 ($)(2) | | | CAP to CEO #1 ($)(1) | | | CAP Paid to CEO #2 ($)(2) | | | Total Shareholder Return ($) | | | GAAP Net Loss (millions) | | ||||||||||||||||||||||||||||||
| 2023 | | | | | N/A | | | | | $ | 14,089,756 | | | | | | N/A | | | | | $ | 524,667 | | | | | $ | 6,659,753 | | | | | $ | 3,028,813 | | | | | | N/A | | | | | $ | (1,670) | | |
| 2022 | | | | $ | 6,626,033 | | | | | $ | 6,431,741 | | | | | $ | 6,626,033 | | | | | $ | 5,514,924 | | | | | $ | 2,854,557 | | | | | $ | 2,650,330 | | | | | $ | 42(4) | | | | | $ | (911) | | |
| 2021 | | | | $ | 8,975,983 | | | | | | N/A | | | | | $ | 8,978,348 | | | | | | N/A | | | | | $ | 3,329,371 | | | | | $ | 3,327,359 | | | | | | N/A | | | | | $ | (717) | | |
| PAY VERSUS PERFORMANCE | | | | |
| | | | CEO #1 Mr. Trudeau | | | CEO #2 Mr. Olafsson | | ||||||||||||||||||||||||||||||
| | | | 2021 | | | 2022 | | | 2023 | | | 2021 | | | 2022 | | | 2023 | | ||||||||||||||||||
| SCT Total | | | | $ | 8,975,983 | | | | | $ | 6,626,033 | | | | | | N/A | | | | | | N/A | | | | | $ | 6,431,741 | | | | | $ | 14,089,756 | | |
| Equity Deductions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Deduction for amounts reported in the “Stock Awards” column in the SCT for applicable fiscal year | | | | $ | 0 | | | | | $ | 0 | | | | | | N/A | | | | | | N/A | | | | | $ | (4,580,263) | | | | | $ | (10,000,012) | | |
| Deduction for amounts reported in the “Option Awards” column in the SCT for applicable fiscal year | | | | $ | 0 | | | | | $ | 0 | | | | | | N/A | | | | | | N/A | | | | | $ | 0 | | | | | $ | 0 | | |
| Equity Change in Fair Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year End Fair Value of Current Year Equity Awards | | | | $ | 0 | | | | | $ | 0 | | | | | | N/A | | | | | | N/A | | | | | $ | 3,663,446 | | | | | $ | 0 | | |
| Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | | | $ | 0 | | | | | $ | 0 | | | | | | N/A | | | | | | N/A | | | | | $ | 0 | | | | | $ | 0 | | |
| Year over Year Change in Fair Value of Equity Awards Granted in Prior Year that Vested in the Year | | | | $ | 2,365 | | | | | $ | 0 | | | | | | N/A | | | | | | N/A | | | | | $ | 0 | | | | | $ | (483,585) | | |
| Fair Value as of Vesting Date of Equity Awards Granted and Vested in the year | | | | $ | 0 | | | | | $ | 0 | | | | | | N/A | | | | | | N/A | | | | | $ | 0 | | | | | $ | 0 | | |
| Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | | | | $ | 0 | | | | | $ | 0 | | | | | | N/A | | | | | | N/A | | | | | $ | 0 | | | | | $ | (3,081,492) | | |
| Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value of Total Compensation | | | | $ | 0 | | | | | $ | 0 | | | | | | N/A | | | | | | N/A | | | | | $ | 0 | | | | | $ | 0 | | |
| CAP | | | | $ | 8,978,348 | | | | | $ | 6,626,033 | | | | | | N/A | | | | | | | | | | | $ | 5,514,924 | | | | | $ | 524,667 | | |
| | | | Average Other NEOs(1) | | |||||||||||||||
| | | | 2021 | | | 2022 | | | 2023 | | |||||||||
| SCT Total | | | | $ | 3,329,371 | | | | | $ | 2,854,557 | | | | | $ | 6,659,753 | | |
| Equity Deductions | | | | | | | | | | | | | | | | | | | |
| Deduction for amounts reported in the “Stock Awards” column in the SCT for applicable fiscal year | | | | $ | 0 | | | | | $ | (1,017,838) | | | | | $ | (2,728,094) | | |
| Deduction for amounts reported in the “Option Awards” column in the SCT for applicable fiscal year | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| Equity Change in Fair Value | | | | | | | | | | | | | | | | | | | |
| Year End Fair Value of Current Year Equity Awards | | | | $ | 0 | | | | | $ | 814,101 | | | | | $ | 0 | | |
| Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | | | $ | (3,253) | | | | | $ | (352) | | | | | $ | 0 | | |
| Year over Year Change in Fair Value of Equity Awards Granted in Prior Year that Vested in the Year | | | | $ | 1,241 | | | | | $ | (138) | | | | | $ | (132,472) | | |
| Fair Value as of Vesting Date of Equity Awards Granted and Vested in the year | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | | | | $ | 0 | | | | | $ | 0 | | | | | $ | (770,375) | | |
| Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value of Total Compensation | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| CAP | | | | $ | 3,327,359 | | | | | $ | 2,650,330 | | | | | $ | 3,028,813 | | |
| | | | 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 | | | | | — | | | | | | — | | |
| Katina Dorton | | | | | — | | | | | | — | | |
| Abbas Hussain | | | | | — | | | | | | — | | |
| Sigurdur O. Olafsson | | | | | — | | | | | | — | | |
| Bryan M. Reasons | | | | | — | | | | | | — | | |
| Dr. Peter Richardson | | | | | — | | | | | | — | | |
| David Stetson | | | | | — | | | | | | — | | |
| Wesley P. Wheeler | | | | | — | | | | | | — | | |
| Jonathan Zinman | | | | | — | | | | | | — | | |
| All directors and executive officers as a group (16 persons) | | | | | — | | | | | | — | | |
| SECURITY OWNERSHIP AND REPORTING | | | | |
| Name and Address of Beneficial Owner(1) | | | Number of Mallinckrodt Ordinary Shares Beneficially Owned | | | Percentage Ownership | | ||||||
| Goldentree Asset Management LP(2) 300 Park Avenue, 21st Floor New York, NY 10022 | | | | | 2,399,035 | | | | | | 12.18% | | |
| Hudson Bay Capital Management(3) 28 Havemeyer Place, 2nd Floor Greenwich, CT 06830 | | | | | 1,473,584 | | | | | | 7.48% | | |
| Deerfield Mgmt, L.P.(4) 345 Park Avenue South, 12th Floor New York, NY 10010 | | | | | 1,281,233 | | | | | | 6.50% | | |
| Marathon Asset Management GP, L.L.C.(5) c/o Marathon Asset Management, L.P. 1 Bryant Park, 38th Floor, New York, NY 10036. | | | | | 1,252,844 | | | | | | 6.36% | | |
| Hein Park Capital Management LP(6) 888 Seventh Avenue, 41st Floor New York, NY 10019 | | | | | 1,546,673 | | | | | | 7.85% | | |
| Silver Point Capital, L.P.(7) 2 Greenwich Plaza, Suite 1 Greenwich, CT 06830 | | | | | 1,085,659 | | | | | | 5.51% | | |
| | | | SECURITY OWNERSHIP AND REPORTING | |
| AUDIT AND AUDIT COMMITTEE MATTERS | |
| | | | Fiscal 2023 | | | Fiscal 2022 | | ||||||
| Audit Fees | | | | $ | 11,526,166 | | | | | $ | 7,177,994 | | |
| Audit-Related Fees | | | | $ | 275,409 | | | | | $ | 2,476,342 | | |
| Tax Fees | | | | | — | | | | | $ | 5,492 | | |
| All Other Fees | | | | | — | | | | | | — | | |
| Total | | | | $ | 11,801,575 | | | | | $ | 9,659,828 | | |
| | | | 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) | | | 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)(1) | | |||||||||
Equity compensation plans approved by security holders | | | | | — | | | | | | — | | | | | | — | | |
Equity compensation plans not approved by security holders | | | | | — | | | | | | — | | | | | | — | | |
TOTAL | | | | | — | | | | | | — | | | | | | — | | |
| | | | EQUITY COMPENSATION PLAN INFORMATION | |
| PROPOSALS REQUIRING YOUR VOTE | |
| | | | PROPOSALS REQUIRING YOUR VOTE | |
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| OTHER MATTERS | |
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| OTHER MATTERS | | | | |