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ACT > SEC Filings for ACT > Form 8-K on 8-Nov-2013All Recent SEC Filings

Show all filings for ACTAVIS PLC

Form 8-K for ACTAVIS PLC


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.

On November 5, 2013, the Compensation Committee of the Board of Directors (the "Compensation Committee") of Actavis plc (the "Company") approved the grant of retention bonuses payable in cash to the Company's Named Executive Officers, and certain members of its management team (collectively, the "Officers"). The Compensation Committee determined that it is in the best interests of the Company to grant retention bonus awards (the "Awards"), in amounts ranging from $200,000 to $5,000,000, in order to ensure the Officers' continued retention and service to the Company. The total retention bonus amounts payable to each of the Company's Named Executive Officers are set forth in the table below next to such Officer's name:

     Paul Bisaro      President & CEO                              $ 5,000,000
     Siggi Olafsson   President, Actavis Pharma                    $ 4,000,000
     Robert Stewart   President, Global Operations                 $ 3,000,000
     David Buchen     Chief Legal Officer - Global and Secretary   $ 1,000,000
     Todd Joyce       Chief Financial Officer - Global             $ 1,000,000

The Awards provide that the Officer must be employed as a regular full-time employee by the Company or one of its subsidiaries on the applicable date of Award vesting, except as otherwise described below. Awards of $1,000,000 or less will vest 100% on January 1, 2015 and will be payable, less appropriate withholding of taxes, no later than March 1, 2015. Awards in excess of $1,000,000 will vest 50% on January 1, 2015 and 50% on January 1, 2016, and will in each case be payable, less appropriate withholding of taxes, within 60 days of the date such vesting occurs. In the event an Officer's employment is terminated by the Company without cause or by the Officer for good reason, in each case as defined in the relevant Award agreements, or is terminated for death or disability, any unpaid portion of any outstanding Award granted to the Officer will become payable within 30 days following the date of such termination.

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