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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Eurand N.V. (MM) | NASDAQ:EURX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.985 | 0 | 01:00:00 |
Company Counsel: | Special Committee Counsel: | |
Timothy Maxwell
Richard B. Aldridge Morgan, Lewis & Bockius LLP 1701 Market Street Philadelphia, Pennsylvania 19103-2921 (215) 963-5000 |
George J. Sampas
Sullivan & Cromwell LLP 125 Broad Street New York, New York 10004-2498 (212) 558-4000 |
o | Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer |
Directors & Executive | Total Compensation to be | |||||||||||
Officers | Shares Held | Offer Price | Paid for Tendered Shares | |||||||||
Gearoid Faherty
|
1,761,023 | $ | 12.00 | $ | 21,132,276 | |||||||
Rolf Classon
|
| | ||||||||||
Jonathan Cosgrave
|
| |
Directors & Executive | Total Compensation to be | |||||||||||
Officers | Shares Held | Offer Price | Paid for Tendered Shares | |||||||||
William Jenkins
|
| | ||||||||||
Angelo Malahias
|
| | ||||||||||
Simon Turton
|
| | ||||||||||
Jean-Louis Anspach
|
| | ||||||||||
Robert Becker
|
| | ||||||||||
Mario Crovetto
|
50,050 | $ | 600,600 | |||||||||
Manya Deehr
|
450 | $ | 5,400 | |||||||||
John Fraher
|
224,097 | $ | 2,689,164 | |||||||||
Ruth Thieroff-Ekerdt, MD
|
| | ||||||||||
Total
|
2,035,620 | $ | 24,427,440 |
Number of | Number of | |||||||||||||||||||||||||||
Number of | Shares | Shares | Total Value of | |||||||||||||||||||||||||
Directors & | Shares | Underlying | Underlying | Value of | Value of | All Options | ||||||||||||||||||||||
Executive | Underlying | Vested | Unvested | Grant | Unvested | Vested | Eligible for Cash | |||||||||||||||||||||
Officers | Options | Options | Options | Price | Options** | Options | Compensation | |||||||||||||||||||||
Gearoid Faherty
|
90,000.00 | 43,125 | 46,875 | $ | 9.15 | $ | 133,593.75 | $ | 122,906.25 | $ | 256,500.00 | |||||||||||||||||
Gearoid Faherty
|
110,000.00 | 0 | 110,000.00 | $ | 8.78 | $ | 354,200.00 | $ | 0 | $ | 354,200.00 | |||||||||||||||||
Gearoid Faherty
|
240,000.00 | 240,000.00 | 0 | $ | 8.92 | * | $ | 0 | $ | 739,200.00 | $ | 739,200.00 | ||||||||||||||||
Gearoid Faherty
|
120,000.00 | 120,000.00 | 0 | $ | 6.69 | * | $ | 0 | $ | 637,200.00 | $ | 637,200.00 | ||||||||||||||||
Gearoid Faherty
|
120,000.00 | 120,000.00 | 0 | $ | 6.69 | * | $ | 0 | $ | 637,200.00 | $ | 637,200.00 | ||||||||||||||||
Rolf Classon
|
11,000.00 | 0 | 11,000.00 | $ | 7.90 | $ | 45,100.00 | $ | 0 | $ | 45,100.00 | |||||||||||||||||
Jonathan Cosgrave
|
11,000.00 | 0 | 11,000.00 | $ | 7.90 | $ | 45,100.00 | $ | 0 | $ | 45,100.00 | |||||||||||||||||
William Jenkins
|
11,000.00 | 0 | 11,000.00 | $ | 7.90 | $ | 45,100.00 | $ | 0 | $ | 45,100.00 | |||||||||||||||||
Angelo Malahias
|
11,000.00 | 0 | 11,000.00 | $ | 7.90 | $ | 45,100.00 | $ | 0 | $ | 45,100.00 | |||||||||||||||||
Simon Turton
|
11,000.00 | 0 | 11,000.00 | $ | 7.90 | $ | 45,100.00 | $ | 0 | $ | 45,100.00 | |||||||||||||||||
Jean-Louis Anspach
|
100,000.00 | 0 | 100,000.00 | $ | 8.49 | $ | 351,000.00 | $ | 0 | $ | 351,000.00 | |||||||||||||||||
Robert Becker
|
100,000.00 | 41,668 | 58,332 | $ | 11.05 | $ | 55,415.40 | $ | 39,584.60 | $ | 95,000.00 | |||||||||||||||||
Robert Becker
|
43,750.00 | 0 | 43,750.00 | $ | 8.78 | $ | 140,875.00 | $ | 0 | $ | 140,875.00 | |||||||||||||||||
Mario Crovetto
|
37,500.00 | 17,968 | 19,532 | $ | 9.15 | $ | 55,666.20 | $ | 51,208.80 | $ | 106,875.00 | |||||||||||||||||
Mario Crovetto
|
43,750.00 | 0 | 43,750.00 | $ | 8.78 | $ | 140,875.00 | $ | 0 | $ | 140,875.00 | |||||||||||||||||
Mario Crovetto
|
96,000.00 | 96,000.00 | 0 | $ | 8.92 | * | $ | 0 | $ | 295,680.00 | $ | 295,680.00 | ||||||||||||||||
Mario Crovetto
|
48,000.00 | 48,000.00 | 0 | $ | 6.69 | * | $ | 0 | $ | 254,880.00 | $ | 254,880.00 | ||||||||||||||||
Mario Crovetto
|
50,000.00 | 50,000.00 | 0 | $ | 6.69 | * | $ | 0 | $ | 265,500.00 | $ | 265,500.00 | ||||||||||||||||
Manya Deehr
|
9,375.00 | 0 | 9,375.00 | $ | 9.15 | $ | 26,718.75 | $ | 0 | $ | 26,718.75 | |||||||||||||||||
Manya Deehr
|
28,125.00 | 17,968 | 10,157 | $ | 9.15 | $ | 28,947.45 | $ | 51,208.80 | $ | 80,156.25 | |||||||||||||||||
Manya Deehr
|
30,256.00 | 0 | 30,256.00 | $ | 8.78 | $ | 97,424.32 | $ | 0 | $ | 97,424.32 | |||||||||||||||||
Manya Deehr
|
14,744.00 | 0 | 14,744.00 | $ | 8.78 | $ | 47,475.68 | $ | 0 | $ | 47,475.68 | |||||||||||||||||
John Fraher
|
9,375.00 | 0 | 9,375.00 | $ | 9.15 | $ | 26,718.75 | $ | 0 | $ | 26,718.75 | |||||||||||||||||
John Fraher
|
28,125.00 | 17,968 | 10,157 | $ | 9.15 | $ | 28,947.45 | $ | 51,208.80 | $ | 80,156.25 | |||||||||||||||||
John Fraher
|
29,370.00 | 0 | 29,370.00 | $ | 8.78 | $ | 94,571.40 | $ | 0 | $ | 94,571.40 | |||||||||||||||||
John Fraher
|
14,380.00 | 0 | 14,380.00 | $ | 8.78 | $ | 46,303.60 | $ | 0 | $ | 46,303.60 | |||||||||||||||||
John Fraher
|
69,276.00 | 69,276.00 | 0 | $ | 8.92 | * | $ | 0 | $ | 213,370.08 | $ | 213,370.08 | ||||||||||||||||
John Fraher
|
26,724.00 | 26,724.00 | 0 | $ | 8.92 | * | $ | 0 | $ | 82,309.92 | $ | 82,309.92 | ||||||||||||||||
John Fraher
|
12,000.00 | 12,000.00 | 0 | $ | 6.69 | * | $ | 0 | $ | 63,720.00 | $ | 63,720.00 | ||||||||||||||||
John Fraher
|
36,000.00 | 36,000.00 | 0 | $ | 6.69 | * | $ | 0 | $ | 191,160.00 | $ | 191,160.00 | ||||||||||||||||
John Fraher
|
30,084.00 | 30,084.00 | 0 | $ | 6.69 | * | $ | 0 | $ | 159,746.04 | $ | 159,746.04 | ||||||||||||||||
John Fraher
|
19,916.00 | 19,916.00 | 0 | $ | 6.69 | * | $ | 0 | $ | 105,753.96 | $ | 105,753.96 |
2
Number of | Number of | |||||||||||||||||||||||||||
Number of | Shares | Shares | Total Value of | |||||||||||||||||||||||||
Directors & | Shares | Underlying | Underlying | Value of | Value of | All Options | ||||||||||||||||||||||
Executive | Underlying | Vested | Unvested | Grant | Unvested | Vested | Eligible for Cash | |||||||||||||||||||||
Officers | Options | Options | Options | Price | Options** | Options | Compensation | |||||||||||||||||||||
Ruth
Thieroff-Ekerdt, MD
|
61,252.00 | 29,349 | 31,903 | $ | 6.53 | $ | 174,509.41 | $ | 160,539.03 | $ | 335,048.44 | |||||||||||||||||
Ruth
Thieroff-Ekerdt, MD
|
38,748.00 | 20,649 | 18,099 | $ | 6.53 | $ | 99,001.53 | $ | 112,950.03 | $ | 211,951.56 | |||||||||||||||||
Ruth
Thieroff-Ekerdt, MD
|
30,989.00 | 0 | 30,989.00 | $ | 8.78 | $ | 99,784.58 | $ | 0 | $ | 99,784.58 | |||||||||||||||||
Ruth
Thieroff-Ekerdt, MD
|
12,761.00 | 0 | 12,761.00 | $ | 8.78 | $ | 41,090.42 | $ | 0 | $ | 41,090.42 | |||||||||||||||||
Totals
|
1,755,500.00 | 1,056,695 | 698,805 | $ | 2,268,618.69 | $ | 4,235,326.31 | $ | 6,503,945.00 |
* | For purposes of this table the option exercise prices were converted to dollars based on a euro to dollar conversion value of 1.33860 U.S. dollars per euro on January 2, 2011. | |
** | Represents the value of all unvested Options that are eligible to be accelerated for vesting purposes in connection with the Contemplated Transactions. |
Executive Officer | CIC Agreements | Retention Agreements | ||||||
John Fraher
|
$ | 620,193.00 | * | $ | 620,781.00 | * | ||
John Louis-Anspach
|
$ | 650,069.00 | $ | 637,000.00 | ||||
Manya Deehr
|
$ | 690,744.00 | $ | 692,622.00 | ||||
Ruth Theiroff-Ekerdt MD
|
$ | 621,398.00 | $ | 619,752.00 | ||||
Robert Becker
|
| 327,319.97 | | 451,084.16 | ||||
Mario Crovetto
|
| 0.00 | | 470,712.91 |
* | As described under Item 3, Appointment of Directors and Officers, Proposed Compensation Arrangements, Mr. Frahers payments under his CIC Agreement and his Retention Agreement are subject to increase to $1,018,415 and $1,050,000, respectively, and Mr. Fraher may also be entitled to receive the Additional Bonus of up to $125,000 (as defined below). |
3
after completion of the Asset Sale or, (ii) if the Closing does not occur, an initial term of four years, beginning on January 19, 2011 and ending on the date of the Annual General Meeting of Shareholders to be held in 2015. Mr. Frahers appointment to the Board will be submitted to the shareholders of the Company for approval at the Extraordinary General Meeting of Shareholders ( EGM ) of the Company which will be held on Wednesday, January 19, 2011. The Board has resolved that upon his appointment to the Board Mr. Fraher will become an executive director and the Chief Executive Officer of the Company, and subject to shareholder approval at the EGM, the Board, at the recommendation of the Compensation Committee, proposes to pay to Mr. Fraher the compensation amounts set forth below for his role as Chief Executive Officer of the Company. |
| For the 2011 fiscal year, Mr. Frahers gross annual base salary shall be $500,000 ( 2011 CEO Base Salary ). | ||
| For the 2011 fiscal year, Mr. Fraher shall be eligible to earn a target annual bonus equal to 50% of his Base Salary ( 2011 CEO Annual Bonus ). | ||
| Upon Closing Mr. Fraher will receive an additional one-time bonus equal to $125,000 (the Additional Bonus ). The Additional Bonus will be paid in lieu of any awards that might otherwise be made under the Companys long term incentive program. | ||
| Mr. Fraher shall be eligible to receive all outstanding amounts to be paid under his Retention Agreement and his CIC Agreement, subject to and in accordance with the terms of the applicable agreement, but with the maximum possible amount he may be paid under the Retention Agreement and his CIC Agreement being the amount that would be calculated based on the 2011 CEO Base Salary and 2011 CEO Annual Bonus.* In other respects, the terms and conditions of Mr. Frahers CIC Agreement shall remain substantially the same as those that were in effect for Mr. Frahers former position of Chief Commercial Officer of the Company.* |
* | The actual amounts which may be paid to Mr. Fraher under the applicable agreement shall be determined by the Companys Compensation Committee. |
If Mr. Frahers compensation, as described above, is approved at the EGM, subject to Compensation Committee approval of the specific terms, he may be entitled to have the payout entitlements under his Retention Agreement and CIC Agreement be based upon his 2011 Base Salary and 2011 CEO Annual Bonus, and he will be eligible to receive the Additional Bonus. In the event of such Shareholder and Compensation Committee approval, the information provided for Mr. Fraher under the table provided on page 7 of the Schedule 14D-9, as amended by this Amendment, in the subsection titled Change in Control and Retention Arrangements Concerning Executive Officers and Continuing Employees shall be replaced as follows: |
Executive Officer | CIC Agreements | Retention Agreements | Additional Bonus | |||||||||
John Fraher
|
$ | 1,018,415.00 | $ | 1,050,000.00 | $ | 125,000.00 |
The Board has, at the recommendation of the Nominating and Corporate Governance Committee, proposed that Ms. Cecilia Gonzalo be appointed to the Board to serve as a director for (i) a term which will end immediately after completion of the Asset Sale or, (ii) if the Closing does not occur, an initial term of four years, beginning on January 19, 2011 and ending on the date of the Annual General Meeting of Shareholders to be held in 2015. Ms. Gonzalos appointment to the Board will be submitted to the shareholders of the Company for approval at the EGM. The Board has resolved that upon her appointment to the Board Ms. Gonzalo will become a non-executive director, and the Board, at the recommendation of the Compensation Committee, proposes to pay to Ms. Gonzalo compensation that is consistent with current compensation practices for non-employee directors, including a gross annual fee of 30,000, pro-rated for 2011, plus 1,000 for each meeting of the Board or a Board committee that she attends. If Closing does not occur, Ms. Gonzalo will be granted options to purchase 10,000 shares of Company stock under the Eurand N.V. Equity |
4
Compensation Plan with terms and conditions of grant consistent with current practices for non-employee directors. |
Angelo C. Malahias has served as the Chairman of the Board since January 1, 2011. Subject to Shareholder approval at the EGM, the Board, at the recommendation of the Compensation Committee, proposes to pay to Mr. Malahais for his role as a Chairman of the Board, in addition to the cash compensation for non-employee directors described in the preceding paragraph, (i) a gross annual fee of 20,000, pro-rated for 2011, (ii) an additional retainer fee of 60,000 which will be paid in two installments: 30,000 to be paid as of January 1, 2011 and 30,000 to be paid on the Closing, and (iii) 3,000 for each day of services he performs for the Company during the period beginning January 1, 2011 and ending on the Closing. |
In accordance with the terms of its engagement, Jefferies has consented to the disclosure of its opinion in this Schedule 14D-9. |
EBITDA means earnings before interest, taxes, depreciation and amortization. EBITDA is presented because management believes that it is a widely accepted and useful financial indicator of the Companys performance. Management believes EBITDA assists in analyzing and benchmarking the performance and value of our business. Although our management uses EBITDA as a financial measure to assess the performance of our business compared to that of others in our industry, the use of EBITDA is limited because it does not include certain costs that are material in amount, such as interest, taxes, depreciation and amortization, which are necessary to operate our business. EBITDA is not a recognized term under generally accepted accounting principles and, when analyzing our operating performance, investors should use EBITDA in addition to, not as an alternative for, operating income, net income and cash flows from operating activities. |
You may read and copy any such reports, statements or other information at SEC Headquarters at 100 F Street, NE, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information. |
It is understood that our opinion is for the use and benefit of the Special Committee of the Board of Directors of the Company in its consideration of the Proposed Transaction. |
5
Except as otherwise expressly provided in our engagement letter with the Special Committee of the Board of Directors of the Company and the Company, our opinion is for the use and benefit of the Special Committee of the Board of Directors of the Company in its consideration of the Proposed Transaction, and may not be used or referred to by the Company, or quoted or disclosed to any other person in any matter, without our prior written consent. |
6
EURAND N.V.
|
||||
/s/ Angelo C. Malahias | ||||
Name: | Angelo C. Malahias | |||
Title: | Chairman of the Board of Directors | |||
1 Year Eurand N.V. (MM) Chart |
1 Month Eurand N.V. (MM) Chart |
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