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

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

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Item 5.02.

Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
2017 Salaries
On January 18, 2017, the Compensation Committee of ZELTIQ
approved increased base salaries for the following Executive
Officers:
Officer
Title
Salary
Mark Foley
President and Chief Executive Officer
$
650,000
Taylor Harris
Senior Vice President and Chief Financial Officer
$
375,000
Sergio Garcia
Senior Vice President, General Counsel and Secretary
$
335,000
2017 Bonus Plan
On January 18, 2017, the Compensation Committee of ZELTIQ
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.
Under the Plan, the target bonus as a percentage of base salary
for each of the following Executive Officers was as follows:
Officer
Title
Percentage of Base Salary
Mark Foley
President and Chief Executive Officer
%
Taylor Harris
Senior Vice President and Chief Financial Officer
%
Sergio Garcia
Senior Vice President, General Counsel and Secretary
%
In the case of Mr. Foley, 50% of his bonus will be determined
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.
The Plan is subject to review and modification by the
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.
2017 Equity Grants
On January 18, 2017, the Compensation Committee of ZELTIQ granted
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:
Officer
Title
Number of Shares Subject to Stock Options
Number of Shares Subject to RSUs
Mark Foley
President and Chief Executive Officer
72,254
37,861
Taylor Harris
Senior Vice President and Chief Financial Officer
22,232
11,649
Sergio Garcia
Senior Vice President, General Counsel and Secretary
16,674
8,737
The stock options have an exercise price equal to the closing
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.

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