QUIDEL CORPORATION (NASDAQ:QDEL) 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 February 4, 2019, Thomas D. Brown, 70, informed the Board of Directors (the “Board”) of Quidel Corporation (the “Company”) that he will not seek reelection at the 2019 Annual Meeting of Shareholders that is scheduled to be held on May 14, 2019 (the “Annual Meeting”) and will retire from the Board effective as of the date of the Annual Meeting. Mr. Brown has served on the Board since 2004. The Board acknowledged and thanked Mr. Brown for his many years of dedicated service on the Board.
Effective February 4, 2019, the Compensation Committee of the Board of Directors of Quidel Corporation (the “Company”) approved the Company’s 2019 cash incentive plan applicable to the Company’s executive officers and other members of senior management for the Company’s fiscal year ending December31,2019 (the “2019 Cash Incentive Compensation Plan”). Payout under the 2019 Cash Incentive Compensation Plan is predicated upon achievement of (i)revenue targets, (ii)EBITDA targets, and (iii) integration synergy targets, with each of the foregoing as determined by the Board of Directors and/or its Compensation Committee, for the Company’s 2019 fiscal year. A description of the 2019 Cash Incentive Compensation Plan and related target bonuses are set forth on Exhibit10.1 hereto and are incorporated by reference herein.
On February 4, 2019, the Compensation Committee also approved the Company’s 2019 Annual Equity Incentive Plan (the “2019 Equity Incentive Plan”). The 2019 Equity Incentive Plan provides for grants of equity awards to eligible employees of the Company, including the Company’s executive officers, subject to the terms described below and as set forth on Exhibit 10.2 hereto.
Under the 2019 Equity Incentive Plan, each participating employee receives equity incentive awards in the form of (i)non-qualified stock options; (ii) time-based restricted stock units; and (iii) performance-based restricted stock units. The vesting period for the non-qualified stock options is over four years with the first 50% of such awards vesting at the end of the second-year anniversary of the grant date and the remainder vesting 25% annually on each of the following two anniversaries thereafter. The vesting period for the time-based restricted stock units is 50% of such awards vesting on the four-year anniversary of the grant date. The vesting for the performance-based restricted stock units is 50%, as may be applicable, on the three-year anniversary of the grant date, unless early vesting requirements are met and based on the performance targets set forth on Exhibit 10.2 hereto.
Item 9.01 Financial Statements and Exhibits.
QUIDEL CORP /DE/ Exhibit
EX-10.1 2 exhibit1012018cashicp.htm EXHIBIT 10.1 Exhibit Exhibit 10.12019 Cash Incentive Compensation PlanEligible Employees: All non-Section 16 officers (“Vice Presidents”) and senior executives (Section 16) officers (“Executive Officers”) of the Company are eligible for participation in the Company’s 2019 Cash Incentive Compensation Plan. Applicable Period: The 2019 Cash Incentive Plan applies to performance during the Company’s fiscal year ending December 31,…
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About QUIDEL CORPORATION (NASDAQ:QDEL)
Quidel Corporation is engaged in the development, manufacturing and marketing of diagnostic testing solutions. The Company’s diagnostic testing solutions primarily include applications in infectious diseases, women’s health and gastrointestinal diseases. It sells its products directly to end users and distributors, in each case, for professional use in physician offices, hospitals, clinical laboratories, reference laboratories, universities, retail clinics and wellness screening centers. It markets its products in the United States through a network of national and regional distributors and a direct sales force. Internationally, it sells and markets primarily through distributor arrangements. Its diagnostic solutions are used in the detection and diagnosis of many critical diseases and other medical conditions, including autoimmune diseases, bone health and thyroid diseases. It provides diagnostic testing solutions under various brand names, including Quidel, QuickVue+ and Thyretain.
