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ZLTQ > SEC Filings for ZLTQ > Form 8-K on 20-Mar-2013All Recent SEC Filings

Show all filings for ZELTIQ AESTHETICS INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for ZELTIQ AESTHETICS INC


20-Mar-2013

Change in Directors or Principal Officers


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

2013 Bonus Plan

On March 14, 2013, the Board of Directors of ZELTIQ Aesthetics, Inc. established the ZELTIQ 2013 Corporate Bonus Plan (the "Plan"). Pursuant to the Plan, each employee has been assigned a target bonus equal to a percentage of that employee's annual base salary (pro rated if the employee did not serve as an employee for the full calendar year 2013).

Under the Plan, the following are the percentages of base salary for each of ZELTIQ's Chief Executive Officer, Chief Financial Officer and other named executive officer:

Mark Foley                       President and Chief Executive Officer            75 %
Patrick Williams                 Senior Vice President and                        45 %
                                 Chief Financial Officer
Kristine N. Tatsutani, Ph.D.     Chief Technology Officer and Vice                45 %
                                 President of Enhanced Clinical Outcomes

In the case of Mr. Foley, 100% of his bonus is initially determined based upon ZELTIQ's achievement of the "Corporate Objective," which is achieved if 2013 company revenue and 2013 company cash burn both are equal to, or are more favorable than, established minimums of 2013 company revenue and 2013 company cash burn as determined by the Board of Directors. In the case of Mr. Williams and Dr. Tatsutani, 70% of their respective bonuses are initially determined based upon ZELTIQ's achievement of the "Corporate Objective," and the remainder are initially based upon their respective performances as against their respective individual goals, which are yet to be established.

No bonus will be earned until the payment date, which is anticipated to be on or about February 15, 2014. Until that date, the Plan is subject to review and modification by the Compensation Committee of ZELTIQ at its discretion, and the Compensation Committee is authorized to increase or decrease the amount initially determined to be a bonus for each participant under the Plan at its discretion.


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