Natus Medical Incorporated (NASDAQ:BABY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On September 17, 2018, the Board of Directors (the “Board”) of the Company appointed Drew Davies as Executive Vice-President and Chief Financial Officer effective October 1, 2018. Mr Davies will succeed Sharon Villaverde who served as interim CFO since July 11, 2018.
Mr. Davies, age 52, most recently served as Executive Vice-President and Chief Financial Officer of Extreme Networks since June 2016. Prior to that, he served as Vice-President and Corporate Controller at Marvell Semiconductor Inc. from December 2015 until May 2016. Prior to that, Mr. Davies was the Senior Vice President, Corporate Controller at Spansion, Inc., a provider of flash memory products which merged with Cypress Semiconductor Corporation, in March 2015, from August2012 to December2015.Prior to Spansion, Mr.Davies was Corporate Controller at Intersil Corporation from April2009 to August2012, and served as operations controller at Intersil from March2008 to April2009.He also served as Chief Financial Officer of Nanoconduction, Inc. from March2007 to March2008, and as Director Finance and Administration for STATSChipPac from September1999 to March2007.Mr.Davies held various finance roles at Micron Custom Manufacturing Services from November1992 to September1999.Mr.Davies holds a Master of Business Administration degree from Santa Clara University and a Bachelor of Science, Business Accounting degree from the University of Idaho.
Mr. Davies entered into an employment agreement that is effective upon his joining the Company providing for initial compensation of an annual base salary of $450,000 and participation in the Company's cash bonus plan for 2018 with a target bonus of 65% of base salary.
In addition, and subject to Board approval, Mr. Davies will receive $850,000 worth of restricted stock awards with a vesting of 25% on each of the first four anniversary dates of the date of grant and performance based stock units with a target value of $850,000.
Mr. Davies will also enter into an employment and severance agreement with severance terms corresponding to those of the agreement with the Company's previous Executive Vice-President and Chief Financial Officer, Mr. Kennedy.
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Item 5.02. |
Regulation FD Disclosure |
On September 17, 2018, the Company issued a press release announcing the appointment of Drew Davies as Executive Vice-President and Chief Financial Officer. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this report furnished to Item 5.02, including Exhibit 99.1 attached hereto, will not be deemed “filed” for the 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, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
(d) Exhibits.
NATUS MEDICAL INC ExhibitEX-99.1 2 a2018-09x17pressrelease.htm EXHIBIT 99.1 Exhibit Natus Appoints Drew Davies Executive Vice-President and CFOPLEASANTON,…To view the full exhibit click here
About Natus Medical Incorporated (NASDAQ:BABY)
Natus Medical Incorporated is a provider of newborn care and neurology healthcare products and services used for the screening, diagnosis, detection, treatment, monitoring and tracking of common medical ailments in newborn care, hearing impairment, neurological dysfunction, epilepsy, sleep disorders, neuromuscular diseases and balance and mobility disorders. The Company’s segment is neurology and newborn care product families. Its product offerings include computerized neurodiagnostic systems for audiology, neurology, polysomnography, and neonatology, as well as newborn care products, such as hearing screening systems, phototherapy devices for the treatment of newborn jaundice, head-cooling products for the treatment of brain injury in newborns, incubators to control the newborn’s environment, and software systems for managing and tracking disorders and diseases for public health laboratories. It is organized into two strategic business units: Neurology and Newborn Care.
