OMNICELL,INC. (NASDAQ:OMCL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
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OMNICELL,INC. (NASDAQ:OMCL) 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

On March1, 2018, Omnicell,Inc. (the “Company”) announced that J. Christopher Drew will depart from his role as President, North American Automation and Analytics, effective April2, 2018, in connection with an internal strategic reorganization. The Company would like to thank Mr.Drew for his many contributions during his Omnicell career and for being instrumental in Omnicell’s growth from a small startup to today’s market position.

Upon Mr.Drew’s departure from the Company and to the Company’s Amended and Restated Severance Plan (the “Plan”), Mr.Drew will be entitled to receive: (i)a cash severance benefit equal to twenty (20) months’ current base salary, or six hundred fifty thousand dollars ($650,000), (ii)payment of premiums for Mr.Drew’s group health plan coverage to federal COBRA law for eighteen (18) months, (iii)a cash payment equal to an additional two (2)months of premiums for Mr.Drew’s group health plan coverage to federal COBRA law and (iv)outplacement services, provided that Mr.Drew meets certain requirements under the Plan, including executing a general waiver and release. In addition, subject to approval by the Compensation Committee of the Company’s Board of Directors, the Company intends to extend the period within which Mr.Drew may exercise his vested stock options from his departure from the Company on April2, 2018 until February4, 2019 (the “Extended Exercise Period”). to the Company’s 2009 Equity Incentive Plan, as amended, the vesting of Mr.Drew’s stock options (and other equity awards) will cease on April2, 2018, the date of his departure from the Company, and no additional vesting will occur during the Extended Exercise Period.

The Company has commenced a search for a new Chief Commercialization Officer and anticipates that the search will take approximately two months to complete. Reporting directly to Randall A. Lipps, the Company’s President and Chief Executive Officer, this new role is designed to drive the necessary collaboration across functions with focus on the platforms, services and technologies Omnicell brings to its customers, and will assume responsibility for the Company’s North American Automation and Analytics sales, field and operations.


About OMNICELL,INC. (NASDAQ:OMCL)

Omnicell, Inc. (Omnicell) is a provider of automation and business information solutions designed to enable healthcare systems to streamline the medication administration process and manage medical supplies for increased operational efficiency and enhanced patient safety. The Company operates through two operating segments: Automation and Analytics, and Medication Adherence. The Automation and Analytics segment organizes the design, manufacturing, selling and servicing of medication and supply dispensing systems, pharmacy inventory management systems, and related software. The Medication Adherence segment primarily includes the manufacturing and selling of consumable medication blister cards, packaging equipment and ancillary products and services. Its product line includes OmniRx, SinglePointe, AnywhereRN, Omnicell and Pandora Data Analytics, Savvy Mobile Medication System, Central Pharmacy and Satellite Pharmacy Manager, Anesthesia Workstation and Advanced Interoperability products.