Pacira BioSciences, Inc. (NASDAQ: PCRX), a leading pharmaceutical company, announced the upcoming departure of its Chief Financial Officer, Charles A. Reinhart, III. Monday's announcement detailed that Reinhart will leave his position effective September 30, 2024. The company has already begun the process of searching for his successor.
In preparation for his departure, Pacira has outlined a series of benefits that Reinhart will receive, contingent on the execution of a standard release of claims against the company. These benefits include the continuation of his base salary for nine months post-transition, whether he serves as an executive or non-executive officer.
Additionally, Reinhart will be eligible for a prorated bonus under the company's short-term incentive program for 2024, subject to specific conditions.
Reinhart will also be eligible for a bonus under the long-term incentive program for the performance period of 2021, after the three-year vesting period concludes on December 31, 2024. He is set to receive the company's 2024 annual equity grant at 25% of the intended value for executives, with a one-year cliff-vesting schedule, again subject to certain conditions.
Moreover, Reinhart's unvested stock options and time-based restricted stock units that were due to vest within the nine months following his transition date will vest immediately. He will have the option to exercise his vested stock options for the lesser period between the original term of the stock options and three months after his service ends under a consulting agreement.
As part of the transition, Reinhart will continue to receive health benefits for 12 months after his departure and other benefits that align with the terms of his existing employment agreement. These benefits include change of control benefits, reimbursement for expenses, and payment for accrued vacation time.
Following his official departure, Reinhart will enter into a consulting agreement with Pacira, effective October 1, 2024. Under this agreement, he will provide transition services to the company until June 30, 2025.
This information is based on a press release statement and reflects the company's planning for a smooth transition in its financial leadership.
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