Pacira Biosciences, Inc. current report, 15 April 2016

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Pacira Biosciences, Inc. - 8-K Filing Summary

Business Context and Reporting Period

This Form 8-K was filed on April 15, 2016, by Pacira Pharmaceuticals, Inc. (now Pacira Biosciences, Inc.). The report discloses a material change in executive leadership, specifically the appointment of a new Chief Financial Officer.

Key Financial Metrics

The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and appointment details.

Material Changes

  • Executive Appointment: The Board of Directors appointed Charles A. Reinhart, III as Chief Financial Officer, effective May 3, 2016.
  • Leadership Transition: Mr. Reinhart succeeds Jim Scibetta, who will transition from CFO to serve as President of the Company.
  • Compensation Package:
    • Annual base salary: $400,000.
    • Annual cash incentive bonus target: 40% of base salary.
    • Stock options: Initial grant of 70,000 options vesting over four years with a 10-year term.

Outlook, Risks, and Contingencies

The filing outlines specific severance contingencies tied to the Employment Agreement:

  • Termination without Cause/Good Reason: Entitles Mr. Reinhart to nine months of salary continuation, 12 months of health insurance, and accelerated vesting of options that would have vested during the nine-month period.
  • Change of Control: If termination occurs within 30 days prior to or 12 months following a change of control, benefits increase to 12 months of salary continuation, a bonus equal to 40% of base salary, 12 months of health insurance, and immediate vesting of all outstanding unvested options.

Investor Verification Checklist

  • Verify the effective start date of Charles A. Reinhart, III as CFO (May 3, 2016).
  • Confirm the total equity grant size (70,000 options) and vesting schedule.
  • Review the definition of "Change of Control" in the full Employment Agreement to assess potential future liabilities.
  • Monitor the transition of duties from Jim Scibetta to ensure operational continuity.