OraSure Technologies, Inc. (NASDAQ:OSUR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 14, 2018, the Board of Directors (the “Board”) of OraSure Technologies, Inc. (the “Company”), based on the recommendation of its Compensation Committee (the “Committee”), approved an amendment to the Company’s Long-Term Incentive Policy (the “LTIP”) under which annual incentive equity awards are made to the Company’s senior management (including the Company’s named executive officers (“NEOs”)).The LTIP amendment increased the value range for annual equity awards to Mr. Jack Jerrett, the Company’s Senior Vice President and General Counsel, as follows:
|
Award as a % of Annual Base Salary |
|||
|
Title |
Lower End |
Target |
Maximum |
|
Prior Range |
70% |
90% |
115% |
|
New Range |
70% |
50% |
130% |
This new range was based on a competitive assessment of long-term incentive awards at peer group companies developed by the Committee in consultation with an independent compensation consultant and also reflects Mr. Jerrett’s performance and long tenure at the Company.
The Committee also recommended, and the Board authorized, an increase in the annual base salary of Mr. Brian Smith, who serves as Executive Vice President, Business Unit Leader, Molecular Solutions, and heads the Company’s Canadian subsidiary, DNA Genotek.Mr. Smith’s salary was increased to $334,000 effective January 1, 2018.This represents an approximate 25% increase in Mr. Smith’s salary and is based on competitive market data provided by the Committee’s independent compensation consultant, the strong performance of the Company’s molecular business and Mr. Smith’s leadership of that business.Mr. Smith is paid in Canadian dollars and the foregoing amount is based on the U.S./Canadian dollar exchange rate at the time of approval.
About OraSure Technologies, Inc. (NASDAQ:OSUR)
OraSure Technologies, Inc. (OraSure) is involved in the development, manufacture, marketing and sale of oral fluid diagnostic products and specimen collection devices using its technologies, as well as other diagnostic products, including immunoassays and other in vitro diagnostic tests that are used on other specimen types. The Company also manufactures and sells medical devices used for the removal of benign skin lesions by cryosurgery or freezing. Its diagnostic products include tests, such as OraQuick Rapid HIV Test, OraQuick In-Home HIV Test, OraQuick HIV Self-Test, OraQuick HCV Rapid Antibody Test, OraQuick Ebola Rapid Antigen Test, OraSure QuickFlu Rapid Flu A&B Test, OraSure Collection Device, Molecular Collection Systems, Cryosurgical Systems (Skin Lesion Removal Products), Immunoassay Tests and Reagents, Western blot HIV-1 Confirmatory Test and Q.E.D. Saliva Alcohol Test. Its products are sold in the United States and internationally to clinical laboratories and hospitals.