ZELTIQ Aesthetics, Inc. (NASDAQ:ZLTQ) 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.
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
approved increased base salaries for the following Executive
Officers:
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Officer
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Title
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Salary
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||||
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Mark Foley
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President and Chief Executive Officer
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$
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650,000
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|||
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Taylor Harris
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Senior Vice President and Chief Financial Officer
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$
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375,000
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|||
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Sergio Garcia
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Senior Vice President, General Counsel and Secretary
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$
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335,000
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|||
established the ZELTIQ 2017 Corporate Bonus Plan (the Plan) to
and consistent with the ZELTIQ Aesthetics, Inc. 2016 Executive
Performance Award Plan. to the Plan, each employee has been
assigned a target bonus equal to a percentage of that employees
annual base salary.
for each of the following Executive Officers was as follows:
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Officer
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Title
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Percentage of Base Salary
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|||
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Mark Foley
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President and Chief Executive Officer
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%
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|||
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Taylor Harris
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Senior Vice President and Chief Financial Officer
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%
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|||
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Sergio Garcia
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Senior Vice President, General Counsel and Secretary
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%
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|||
based upon ZELTIQs achievement of the Corporate Objective, which
is achieved if (1) the companys actual 2017 revenue equals the
revenue set forth in the companys budget, and (2) the companys
actual 2017 EBITDA (earnings before interest, taxes, depreciation
and amortization) (excluding stock-based compensation) equals the
EBITDA (excluding stock-based compensation) set forth in the
companys budget. In the case of the other Executive Officers, 70%
of their respective bonuses will be determined based upon ZELTIQs
achievement of the Corporate Objective, and the remainder based
upon their respective performances as against their respective
individual goals, which will be determined by the Compensation
Committee of ZELTIQ at a later date, which shall be prior to the
90th>day of 2017.
Compensation Committee of ZELTIQ at its discretion, and the
Compensation Committee is authorized to decrease the amount
initially determined to be a bonus for each participant under the
Plan at its sole discretion.
stock options and restricted stock units (RSUs) to certain of the
Executive Officers. These equity awards were granted under
ZELTIQs 2011 Equity Incentive Plan and, to the extent applicable,
ZELTIQs 2016 Executive Performance Award Plan. The numbers of
shares subject to these equity awards were as follows:
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Officer
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Title
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Number of Shares Subject to Stock Options
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Number of Shares Subject to RSUs
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|||||
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Mark Foley
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President and Chief Executive Officer
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72,254
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37,861
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|||||
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Taylor Harris
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Senior Vice President and Chief Financial Officer
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22,232
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11,649
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|||||
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Sergio Garcia
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Senior Vice President, General Counsel and Secretary
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16,674
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8,737
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|||||
sale price of a share of ZELTIQ common stock on the date of
grant, and vest over four years. The RSUs vest in equal annual
installments over four years.
About ZELTIQ Aesthetics, Inc. (NASDAQ:ZLTQ)
ZELTIQ Aesthetics, Inc. is a medical technology company. The Company focuses on developing and commercializing products utilizing its controlled-cooling technology platform. Its product, the CoolSculpting System, is designed to reduce stubborn fat bulges. It sell the CoolSculpting system primarily to dermatologists, plastic surgeons, aesthetic specialists, and obstetrics and gynecology physicians. It also offers consumables, which are CoolSculpting procedure packs that are needed to perform procedures using its CoolSculpting system. CoolSculpting is a non-invasive fat reduction procedure. CoolSculpting utilizes its controlled cooling technology to selectively reduce stubborn fat bulges. The CoolSculpting system includes CoolSculpting control unit and CoolSculpting applicators. Its consumable procedure pack includes consumable CoolGels, CoolLiners and Geltraps. In addition, each consumable procedure pack includes a disposable computer cartridge that it markets as the CoolCard. ZELTIQ Aesthetics, Inc. (NASDAQ:ZLTQ) Recent Trading Information
ZELTIQ Aesthetics, Inc. (NASDAQ:ZLTQ) closed its last trading session up +0.93 at 43.48 with 399,278 shares trading hands.
