Mallinckrodt (MNKKQ) has released an update to notify the public and investors about its officers.
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On February 2, 2024, Mallinckrodt plc appointed Paul Bisaro, Katina Dorton, Abbas Hussein, and Wesley Wheeler as independent directors to its Board, with Bisaro serving as Chair. They were selected by the Nominating and Selection Committee and will receive compensation according to a new program, including annual retainers and participation in stock and transaction incentive plans. Additionally, Sigurdur Olafsson has agreed to continue as President and CEO, following a new Employment Agreement with an indefinite term, including provisions for cash compensation, equity grants, and transaction incentives, along with a sign-on bonus and severance arrangements. The company also amended employment agreements with other executive officers, including terms for severance and restrictions post-employment. Concurrently, Mallinckrodt adopted a Stock Incentive Plan, reserving shares for employee and director equity awards, and a Transaction Incentive Plan, offering bonuses for asset sales or a change of control.
For further insights into MNKKQ corporate activity, check out TipRanks’ Insiders Trading Activity page.
For a comprehensive understanding of the announcement, you can read the full document here.
