ZELTIQ Aesthetics, Inc. (NASDAQ:ZLTQ) Files An 8-K Results of Operations and Financial Condition
Item 2.02.
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Results of Operations and Financial Condition.
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release announcing its preliminary financial results for the
fourth quarter and full year 2016. A copy of the press release is
attached as Exhibit 99.1.
being furnished and shall not be deemed filed for the purposes of
Section 18 of the Securities Exchange Act of 1934 or otherwise
subject to the liabilities of that section. The information in
this Item 2.02 and the related Exhibit 99.1 shall not be
incorporated by reference into any registration statement or
other document filed with the Securities and Exchange Commission.
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Item 5.02.
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
President, North America of ZELTIQ, and ZELTIQ, mutually agreed
that Mr. Sullivan would cease to be an officer and employee of
ZELTIQ effective January 16, 2017. Mr. Sullivan has served in
various commercial management roles at ZELTIQ since October 2012
and has made numerous contributions to the success of ZELTIQ. He
will continue to serve as a consultant to ZELTIQ where he will
assist the Chief Executive Officer on special projects.
severance and consulting agreement. to the terms of Mr. Sullivans
severance and consulting agreement, Mr. Sullivan will remain an
employee of ZELTIQ until January 16, 2017, and will then serve as
a consultant from January 17, 2017, until July 17, 2018, unless
terminated earlier. Further, the severance and consulting
agreement provides that Mr. Sullivan will:
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remain eligible to receive a bonus to the ZELTIQ 2016
Corporate Bonus Plan for his service in 2016, with a target bonus of 75% of his actual 2016 base cash compensation; and |
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receive a consulting fee equal to $37,000 per month,
beginning January 17, 2017, until the expiration or termination of the period during which he provides consulting services to ZELTIQ; provided however that if Mr. Sullivan breaches the terms of his severance and consulting agreement by competing with ZELTIQ or soliciting ZELTIQs customers or employees, Mr. Sullivan will cease to receive such consulting fees, will repay all consulting fees already received and will forfeit any equity awards that vested after January 17, 2017. |
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Exhibit
Number
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Description
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99.1
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Press Release issued on January 9, 2017, announcing
preliminary financial results of ZELTIQ Aesthetics, Inc. for the fourth quarter and full year 2016. |
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About ZELTIQ Aesthetics, Inc. (NASDAQ:ZLTQ)
ZELTIQ Aesthetics, Inc. is a medical technology company. The Company focuses on developing and commercializing products utilizing its controlled-cooling technology platform. Its product, the CoolSculpting System, is designed to reduce stubborn fat bulges. It sell the CoolSculpting system primarily to dermatologists, plastic surgeons, aesthetic specialists, and obstetrics and gynecology physicians. It also offers consumables, which are CoolSculpting procedure packs that are needed to perform procedures using its CoolSculpting system. CoolSculpting is a non-invasive fat reduction procedure. CoolSculpting utilizes its controlled cooling technology to selectively reduce stubborn fat bulges. The CoolSculpting system includes CoolSculpting control unit and CoolSculpting applicators. Its consumable procedure pack includes consumable CoolGels, CoolLiners and Geltraps. In addition, each consumable procedure pack includes a disposable computer cartridge that it markets as the CoolCard. ZELTIQ Aesthetics, Inc. (NASDAQ:ZLTQ) Recent Trading Information
ZELTIQ Aesthetics, Inc. (NASDAQ:ZLTQ) closed its last trading session down -0.46 at 42.71 with 657,410 shares trading hands.
