Company: PCRX
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001104659-25-041219
Chunk: 93

Company: Pacira BioSciences, Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 93
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 a share repurchase program which authorizes us to repurchase up to $150.0 million of our outstanding common stock, and, concurrently with the pricing of our 2029 Notes, we repurchased 837,240 shares of our common stock for $25.0 million, representing approximately 1.8% of our total shares outstanding at that time. We believe that this share repurchase (and any future repurchases we may effectuate) negatively skews our burn rates and equity overhang, despite the repurchase being in the best interest of the Company and its stockholders. In April 2025, the board approved a new share repurchase program, replacing the previously authorized program, which authorizes us to repurchase up to $300.0 million of our outstanding common stock at management's discretion on the open market or through privately negotiated transactions. As of the record date of April 17, 2025, all $300.0 million remains authorized under the share repurchase program, which expires on December 31, 2026. In addition to this share repurchase program, we began withholding common stock to cover tax liabilities on vested restricted stock units for our named executive officers. In 2024, we used $0.5 million to prevent additional share dilution from a sell-to-cover withholding method and have continued this practice in 2025. In addition to any future repurchases under our share repurchase program, we are considering expanding this practice to a broader group of employees in 2025 in order to prevent additional dilution.

| ​ |     | ​ | ​ | Equity is Essential to Talent Acquisition and Retention | ​ |

We believe that our future success depends, in large part, upon our ability to maintain a competitive position in attracting, retaining, and motivating key personnel. Management recruitment and retention is a key to our future success and will require the use of equity awards, for example, as demonstrated by the reshaping of our executive team beginning with the appointment of Frank D. Lee as our new CEO in January 2024 and a new Chief Financial Officer, Chief Commercial Officer, Chief Business Officer, along with other executives and our employee base since then. Equity incentives are an important component of our compensation philosophy, intended to provide equity ownership opportunities and performance-based incentives to better align the recipient’s interests with those of our stockholders. We expect to need to continue to add employees to further capitalize on the success of our products, expand their indications, and develop and launch new products. Due to the