ALLERGAN PLC (NYSE:AGN) Files An 8-K Other EventsItem 8.01
SUPPLEMENT TO PROXY STATEMENT FOR THE
2017 ANNUAL GENERAL MEETING OF SHAREHOLDERS
TO BE HELD ON THURSDAY, MAY 4, 2017
On November 20, 2015, the Compensation Committee approved, and we subsequently entered into, agreements that entitled each named executive officer, contingent on the consummation of the Pfizer transaction, to be reimbursed for certain excise taxes incurred as a result of certain payments and benefits received in connection with the Pfizer transaction. These change in control excise tax gross-up arrangements were put in place solely for the Pfizer transaction due to the very specific circumstances of that deal, and because the deal was terminated, the arrangements were by their terms rescinded and are no longer in place.
In dialogue that our Board and management team had with shareholders after termination of the Pfizer transaction and in connection with and following our 2016 Annual General Meeting of Shareholders, we received feedback that the decision to provide excise tax gross-ups was the primary factor where a shareholder voted against our named executive officer compensation in 2016. The Board wants to leave no doubt that it has heard feedback from shareholders against change in control excise tax gross-ups and, in order to provide additional assurance to shareholders, has committed that it will not implement change in control excise tax gross-ups in the future.
ALLERGAN PLC (NYSE:AGN) Recent Trading Information
ALLERGAN PLC (NYSE:AGN) closed its last trading session down -1.70 at 236.13 with 2,261,037 shares trading hands.