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.
Board of Directors of Quidel Corporation (the Company) approved
the Companys 2017 cash incentive plan applicable to the Companys
executive officers and other members of senior management for the
Companys fiscal year ending December 31, 2017 (the 2017 Cash
Incentive Compensation Plan). Payout under the 2017 Cash
Incentive Compensation Plan is predicated upon achievement of (i)
revenue targets, (ii) EBITDA targets, and (iii) commercial
channel efficiencies, with each of the foregoing as determined by
the Board of Directors and/or its Compensation Committee, for the
Companys 2017 fiscal year. A description of the 2017 Cash
Incentive Compensation Plan and related target bonuses are set
forth on Exhibit 10.1 hereto and are incorporated by reference
herein.
the Companys 2017 Annual Equity Incentive Plan (the 2017 Equity
Incentive Plan). The 2017 Equity Incentive Plan provides for
grants of equity awards to eligible employees of the Company,
including the Companys executive officers, subject to the terms
described below and as set forth on Exhibit 10.2 hereto.
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, based on the performance targets set forth on Exhibit
10.2 hereto.
increases in the annual base salary for the Companys executive
officers, with all such annual base salary increases effective as
of the Companys pay period beginning on February 20, 2017
(collectively and as set forth on Exhibit 10.3 hereto, the 2017
Annual Base Salaries). The 2017 Annual Base Salaries are set
forth on Exhibit 10.3 hereto and are incorporated by reference
herein.
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(d) Exhibits.
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The following exhibit is furnished with this current
report on Form 8-K: |
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Exhibit Number
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Description of Exhibit
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10.1
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2017 Cash Incentive Compensation Plan.
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10.2
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2017 Annual Equity Incentive Plan Grants to the
Companys Executive Officers. |
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10.3
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2017 Annual Base Salaries for the Companys Executive
Officers. |
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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. QUIDEL CORPORATION (NASDAQ:QDEL) Recent Trading Information
QUIDEL CORPORATION (NASDAQ:QDEL) closed its last trading session up +0.20 at 21.09 with 70,294 shares trading hands.
