Pacira BioSciences (PCRX) Announces CFO Departure

On February 26, 2024, Pacira BioSciences (NASDAQ: PCRX) and Charles A. Reinhart, III, the Company’s Chief Financial Officer, agreed that he will depart the Company, effective September 30, 2024 (the “Transition Date”). The Company has commenced a search for a successor to Mr. Reinhart.

In connection with his departure and the services Mr. Reinhart will provide during the transition period, the Company and Mr. Reinhart agreed, subject to execution and non-revocation of a customary release of claims against the Company, that Mr. Reinhart will be entitled to: (i) continued payment of his base salary either as an executive officer or non-executive officer for nine months following the Transition Date; (ii) eligibility for a pro-rated cash bonus payment under the Company’s short-term incentive program for 2024, subject to certain conditions; (iii) eligibility for a cash bonus payment under the Company’s long-term incentive program for the 2021 performance period following the completion of the three-year vesting period, which runs through December 31, 2024, subject to certain conditions; (iv) eligibility for the Company’s 2024 annual equity grant, planned at 25% of the intended executive grant value, with a one-year cliff-vesting schedule, subject to certain conditions; (v) immediate vesting of the portion of Mr. Reinhart’s outstanding unvested stock options and time-based restricted stock units that would have become vested during the nine-month period following the Transition Date; (vi) the ability to exercise vested stock options for the lesser of (a) the stated term of the stock options and (b) three months following his cessation of service to the Company under the Consulting Agreement (as defined below); (vii) continued health benefits for 12 months following the Transition Date; and (viii) certain other benefits, including change of control benefits, expense reimbursement and payment of accrued vacation, pursuant to the terms of his existing employment agreement, which has not been amended in connection with his departure.

The Company and Mr. Reinhart also agreed to enter into a Consulting Agreement to be effective October 1, 2024 (the “Consulting Agreement”), pursuant to which Mr. Reinhart will provide transition services to the Company from October 1, 2024 until June 30, 2025.

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