UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 8.01 | Other Events |
On April 9, 2020, Lantheus Holdings, Inc. (the “Company”) announced that in connection with the COVID-19 pandemic’s impact on demand for the Company’s products, it was implementing certain proactive cost cutting measures, including implementing a four day work week and a corresponding reduction in pay to its personnel. In particular, the Company’s President and Chief Executive Officer, Mary Anne Heino, agreed to reduce her base salary by 75%, and each of the Company’s other named executive officers agreed to reduce his base salary by 35%. The Company also made across-the-board reductions of 20% to 35% (depending on level of position) of salaries for other salaried employees and a reduction of 20% of hours for hourly employees, in each case, to reflect the reduced workload that was expected during that period. In addition, the Board of Directors reduced director and committee member compensation by 35%, commencing in the third quarter of 2020, and changed the nature of that compensation from cash to time-based restricted stock units vesting as of the first anniversary of the grant date.
In the Company’s Quarterly Report on Form 10-Q for the second quarter of 2020, the Company reported that in the latter half of June 2020, it restored its work week back to five days and restored most salaries back to 100%. The salaries of executive team members were restored in early July, and director compensation remained at reduced levels.
On September 28, 2020, the Company restored director and committee member compensation to 100% starting in the fourth quarter of 2020. All such compensation for the fourth quarter will remain payable in the form of time-based restricted stock units, rather than cash, that will vest as of the first anniversary of the grant date.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LANTHEUS HOLDINGS, INC. | ||
| By: | /s/ Michael P. Duffy | |
| Name: | Michael P. Duffy | |
| Title: | Senior Vice President and General Counsel | |
Date: October 5, 2020
Document and Entity Information |
Sep. 28, 2020 |
|---|---|
| Cover [Abstract] | |
| Amendment Flag | false |
| Entity Central Index Key | 0001521036 |
| Document Type | 8-K |
| Document Period End Date | Sep. 28, 2020 |
| Entity Registrant Name | LANTHEUS HOLDINGS, INC. |
| Entity Incorporation State Country Code | DE |
| Entity File Number | 001-36569 |
| Entity Tax Identification Number | 35-2318913 |
| Entity Address, Address Line One | 331 Treble Cove Road |
| Entity Address, City or Town | North Billerica |
| Entity Address, State or Province | MA |
| Entity Address, Postal Zip Code | 01862 |
| City Area Code | (978) |
| Local Phone Number | 671-8001 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common stock, par value $0.01 per share |
| Trading Symbol | LNTH |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |