ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On November 9, 2021, Revance Therapeutics, Inc. (the "Company") issued a press
release announcing its financial results for the quarter ended September 30,
2021. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information in this Item 2.02 and in the press release furnished as Exhibit
99.1 to this current report shall not be deemed to be "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise subject to the liabilities of that Section or Sections 11
and 12(a)(2) of the Securities Act of 1933, as amended (the "Securities Act").
The information contained in this Item 2.02 and in the press release furnished
as Exhibit 99.1 to this current report shall not be incorporated by reference
into any filing with the U.S. Securities and Exchange Commission made by the
Company, whether made before or after the date hereof, regardless of any general
incorporation language in such filing.
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On November 9, 2021, the Board of Directors (the "Board") of the Company
approved the promotion of Dustin Sjuts, the Company's Chief Commercial Officer,
Aesthetics & Therapeutics, to President, effective as of November 9, 2021 (the
"Effective Date"). In this role, Mr. Sjuts will report to Mark J. Foley, the
Chief Executive Officer and principal executive officer of the Company. As
President, Mr. Sjuts will oversee all Company operations excluding regulatory,
technical operations and general and administrative functions.
Mr. Sjuts, age 42, served as the Company's Chief Commercial Officer, Aesthetics
& Therapeutics from December 2019 to November 2021. Mr. Sjuts previously served
as the Company's Head of Commercial, Aesthetics and Therapeutics, from November
2018 to November 2019, and as Vice President, Strategy and Sales from March 2018
to November 2018. Prior to joining the Company, Mr. Sjuts held leadership
positions at Nestle Skin Health, including Business Unit Head, China, from
January 2017 to April 2018 and Senior Director of Marketing from February 2015
to December 2016. Previously, Mr. Sjuts held positions of increasing
responsibility across a range of markets and disciplines with Alphaeon
Corporation and Allergan plc, where he was responsible for creating and
executing product adoption and sales growth strategies. Mr. Sjuts holds a
B.A.Sc. from Illinois State University.
There is no arrangement or understanding between Mr. Sjuts and any other person
pursuant to which he was selected as the President of the Company, and there are
no family relationships between Mr. Sjuts and any of the Company's directors or
executive officers. There are no transactions to which the Company is a party
and in which Mr. Sjuts has a direct or indirect material interest that would be
required to be disclosed under Item 404(a) of Regulation S-K.
In connection with his appointment, effective as of the Effective Date, Mr.
Sjuts will receive an annual base salary of $500,000 and an annual target bonus
of 60% of his base salary, prorated for the remainder of the year following the
Effective Date. The Board also approved the grant of a restricted common stock
award of the Company (the "RSA") with a target total equity value of $500,000.
The number of shares of common stock underlying the RSA will be determined by
dividing the grant value by the closing stock price of the Company's common
stock on the date of grant. The RSA will vest over a period of three years, with
1/3rd vesting on the date that is one year from the 15th day of the next
calendar month following the Effective Date (the "RSA Initial Vesting Date") and
1/3 vesting on each of the first and second anniversaries of the RSA Initial
Vesting Date, subject to Mr. Sjuts' continued service through the applicable
vesting date. The RSA will be governed by the terms of the Company's 2014 Equity
Incentive Plan and the applicable agreements thereunder. As an officer of the
Company, Mr. Sjuts will continue to be eligible for severance under the
Company's Amended and Restated Executive Severance Benefit Plan.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Number Description
99.1 Press Release dated November 9, 2021
104 Interactive Data File (embedded within the Inline XBRL document)
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses