ARALEZ PHARMACEUTICALS INC. (NASDAQ:ARLZ) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Earlier this year, the Compensation Committee (the Committee) of
the Board of Directors of Aralez Pharmaceuticals Inc. (the
Company) approved fair value amounts for the 2017 equity grants
to certain officers of the Company (the Executives) on the basis
of the Executives employment agreements with the Company.
However, on May11, 2017, in light of the recent share performance
of the Company, the Committee and the Executives agreed that the
values of the annual equity grants for the Executives in 2017
will be reduced relative to the amounts previously approved by
the Committee. The decision to grant the Executives annual equity
grants for 2017 with a lower grant date fair value demonstrates
the commitment of the Executives and the Committee to align the
interests of the Executives with the interests of the
shareholders of the Company. On May11, 2017, the Committee
approved the grant of stock options (Options) and restricted
stock units (RSUs) under the Aralez Pharmaceuticals Inc. Amended
and Restated 2016 Long-Term Incentive Plan to the Executives,
with the grant date fair values as set forth below.
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Options |
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ValueofRSUs |
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Previously |
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Previously |
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Approved |
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Approved |
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Basedon |
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Employment |
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Options |
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Executive |
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Agreement |
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Granted |
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Granted |
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Adrian Adams, Chief Executive Officer |
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Andrew I. Koven, President and Chief Business Officer |
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Scott J. Charles, Chief Financial Officer |
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James P. Tursi, MD, Chief Medical Officer |
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Mark A. Glickman, Chief Commercial Officer |
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The grant date fair values set forth above were determined by
reducing the number of Options and RSUs to be granted by 30%
relative to such number of Options and RSUs each such Executive
would have been entitled to based on the annual equity grant
value of Options and RSUs previously approved by the Committee on
the basis of each Executives employment agreement.
About ARALEZ PHARMACEUTICALS INC. (NASDAQ:ARLZ)
Aralez Pharmaceuticals Inc. is a Canada-based specialty pharmaceutical company. The Company focuses on acquiring, developing and commercializing products in cardiovascular, pain and other areas. The Company’s products include Fibricor, Cambia, Fiorinal, Fiorinal C, Soriatane, Bezalip SR, NeoVisc, Uracyst, Durela, Proferrin, Resultz and Collatamp G. Its development products include YOSPRALA and Bilastine. Fibricor (fenofibric acid) is indicated as a complementary therapy along with diet for the treatment of hypertriglyceridemia, and as a complementary therapy along with diet to reduce elevated low-density lipoprotein cholesterol (LDL-C), total cholesterol (Total-C), triglycerides (TG) and apolipoprotein B (Apo B). Fibricor is also used to increase high-density lipoprotein (HDL) cholesterol (HDL-C) in patients with hypercholesterolemia or mixed dyslipidemia. Cambia (diclofenac potassium for oral solution) is a non-steroidal anti-inflammatory drug (NSAID). ARALEZ PHARMACEUTICALS INC. (NASDAQ:ARLZ) Recent Trading Information
ARALEZ PHARMACEUTICALS INC. (NASDAQ:ARLZ) closed its last trading session 00.00 at 1.56 with 1,054,927 shares trading hands.