Item 5.02 Departure of Directors or Certain Officers; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On June 23, 2021, PRA Health Sciences, Inc., a Delaware corporation ("PRA")
amended the employment agreements of Colin Shannon (President, Chief Executive
Officer and Chairman of the Board of Directors), Michael J. Bonello (Executive
Vice President and Chief Financial Officer), and Christopher L. Gaenzle (Chief
Administrative Officer and General Counsel) (collectively the "Named Executive
Officers") in connection with the Agreement and Plan of Merger, by and among
PRA, ICON public limited company ("ICON"), ICON US Holdings Inc., and Indigo
Merger Sub, Inc., dated as of February 24, 2021 (the "Merger Agreement" and the
closing date of the transactions contemplated by the Merger Agreement, the
"Closing").
The employment agreements were amended to provide that: (i) the Closing
constitutes a "change in control" for purposes of the Named Executive Officers'
employment agreements with PRA and any PRA equity compensation awards held by
the Named Executive Officer at the time of Closing, (ii) if ICON does not make
an offer of continuing employment to the Named Executive Officers on or prior to
the earlier of July 1, 2021 and the day that is ten (10) days prior to the
Closing on the same terms and conditions as such Name Executive Officer's
employment with PRA (including but not limited to annual salary, cash bonus
opportunities, long-term incentive opportunities, role/title at ICON and work
location), then the Name Executive Officer shall have grounds to terminate his
employment with PRA for "good reason" under his employment agreement and
experience a "qualifying termination" for purposes of his outstanding PRA equity
awards at Closing, and (iii) the "bonus" component of any cash severance payable
to the Named Executive Officer pursuant to his employment agreement in respect
of a termination of employment during the one-year period following the Closing
shall be based on such Named Executive Officer's 2021 target bonus. If the
Closing does not occur for any reason or the Merger Agreement is terminated by
its terms, then the amendments are terminated, and null and void. These
amendments are permitted by the terms of the Merger Agreement and are described
on pages 167-168 "Interests of PRA's Directors and Executive Officers in the
Merger-PRA Executive Employment Agreements" of the PRA/ICON F-4 filed on
April 27, 2021.
The foregoing summary of the employment agreement amendments does not purport to
be complete and is qualified in its entirety by reference to the Form of
Employment Agreement Amendment, a copy of which is filed as Exhibit 10.1 to this
Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1 Form of Employment Agreement Amendment.
104 The cover page of this Current Report on Form 8-K formatted as Inline XBRL.
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