Item 1.01 Entry Into A Material Definitive Agreement.
On September 11, 2020, Quidel Corporation (the "Company") entered into Amendment
No. 1 to Amended and Restated Credit Agreement ("Amendment No. 1"), which amends
that certain Amended and Restated Credit Agreement, dated as of August 31, 2018
(the "Credit Agreement"), among the Company, the several banks and other
financial institutions or entities from time to time parties thereto, and Bank
of America, N.A., as administrative agent. Amendment No. 1 (i) increases the
dollar amount of permitted stock repurchases that the Company can make during
the term of the Credit Agreement to no more than $400 million after September
11, 2020 and (ii) makes various other amendments to harmonize the Credit
Agreement with the administrative agent's current policies.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information set forth above in Item 1.01 is incorporated by reference
herein.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 11, 2020, the Board appointed Robert J. Bujarski, the Company's
Senior Vice President, North America Commercial Operations and General Counsel
of the Company, to serve as Chief Operating Officer of the Company, effective on
September 14, 2020. In connection with Mr. Bujarski's promotion, his annual base
salary was increased to $515,000 and he was granted 2,935 stock options and
1,254 time-based restricted stock units (RSUs) on September 14, 2020. One half
of the stock options will vest on the second anniversary of the date of grant
and one quarter will vest on the third and fourth anniversary of the date of
grant, and one-quarter of the RSUs will vest each year on the anniversary of the
date of grant, each subject to continued employment. Mr. Bujarski, 52,
previously served as Senior Vice President, North America Commercial Operations
and General Counsel of the Company since July 2019. He also recently served as
our Senior Vice President, Business Development from August 2009 through July
2019 and as Corporate Secretary until February 2019. Additional biographical
information about Mr. Bujarski's experience is included in the Company's proxy
statement for its 2020 annual meeting of stockholders.
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