Company: PCRX
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001104659-25-041219
Chunk: 59

Company: Pacira BioSciences, Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 59
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 (3) Mr. Stack did not receive any equity grants in 2024 due to his retirement and Mr. Reinhart’s RSU grant was planned at 25% of the intended targeted value due to his agreed departure date of September 30, 2024. (4) Included in the RSU grants to each of Ms. Williams and Mr. Gaugler is a retention RSU grant of 33,700 RSUs to each individual made in February 2024 that have a two-year cliff-vest occurring on February 1, 2026. For more information, see “Retention Equity Grants to Kristen Williams and Daryl Gaugler” below. Compensation in Connection with Leadership Transitions Frank D. Lee, Chief Executive Officer On December 20, 2023, the board appointed Frank D. Lee as Chief Executive Officer of the Company and as a member of the board, in each case, effective January 2, 2024. Pursuant to his employment agreement, Mr. Lee’s initial annual base salary was $900,000 per year. Mr. Lee also participated in the Company’s annual cash incentive bonus program for executive officers, with his initial annual incentive target set at 85% of his annual base salary. In addition, Mr. Lee participated in the Company’s cash LTIP for executive officers. To induce Mr. Lee to accept our offer of employment, he also received an initial grant of 692,512 stock options and an RSU grant for 99,520 shares of the Company’s common stock. He is entitled to participate in the Company’s other benefit programs generally available to employees of the Company. Additionally, Mr. Lee received a $900,000 one-time lump sum relocation bonus to cover reasonable costs and expenses associated with Mr. Lee’s relocation from Massachusetts to California. To determine an appropriate compensation package for Mr. Lee, the board and the People & Compensation Committee considered competitive market data from both the Company’s approved peer group and data validated from recently hired CEOs for similarly-sized commercial biopharmaceutical companies. To align Mr. Lee’s target total compensation with stockholder interests, his total target direct compensation was positioned at the 50 th percentile, his pay mix was heavily weighted towards long-term incentives, and 75% of the fair value of his new hire equity grant was delivered in time-vesting stock options, for which Mr. Lee will only realize compensation to the extent that the fair value of our common stock is greater than the exercise price of such stock options