BRUKER CORPORATION (NASDAQ:BRKR) 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 June6, 2018, Bruker Corporation (the “Company”) announced the appointment of Mr.Gerald N. Herman to serve as the Company’s Chief Financial Officer, effective immediately. Mr.Herman joined the Company in 2016 as Vice President and Corporate Controller and was appointed Interim Chief Financial Officer effective March16, 2018, as reported in the Company’s Current Report on Form8-K filed with the Securities and Exchange Commission (“SEC”) on March14, 2018.
In connection with his appointment as Chief Financial Officer, Mr.Herman’s annual base salary will be increased from $250,000, plus a $6,000 additional monthly payment during the term of his service as Interim Chief Financial Officer, to $420,000. He will continue to participate in the Company’s cash and equity incentive plans, and will be eligible to receive a 2018 cash incentive plan award under the Company’s 2018 Short-Term Incentive Compensation Program (the “2018 Short-Term ICP”) as further described in the Company’s Current Report on Form8-K filed with the SEC on March5, 2018, based on an annual target level of (i)$103,500 pro-rated for the period from January1, 2018 to June5, 2018 and (ii)$231,000 pro-rated for the period from June6, 2018 to December31, 2018. Performance goals allocated to corporate financial objectives for fiscal 2018 currency-adjusted organic revenue growth, non-GAAP operating profit improvement, non-GAAP earnings per share growth and reduction in the Company’s working capital ratio provide 70% of Mr.Herman’s total cash incentive award potential under the 2018 Short-Term ICP at target levels. Individual performance factors relating to certain strategic and operational management objectives provide the remaining 30% of Mr.Herman’s total cash incentive award potential at target levels.
Also in connection with this appointment, Mr.Herman is entitled to receive, effective on or about August10, 2018, a grant of equity awards with an aggregate fair market value of $420,000, consisting of stock options and restricted stock units in amounts to be determined by the Compensation Committee at the time of grant. The awards will be subject to time-based vesting and other customary terms applicable to the annual equity incentive awards granted to the Company’s executive officers.
Additionally, as previously reported, Mr.Herman is eligible to receive a special bonus in the amount of $100,000, payable in April2019, subject to continuation of employment and achievement of certain goals.
There are no other arrangements or understandings between Mr.Herman and any other persons to which he was selected as the Company’s Chief Financial Officer and there are no transactions involving the Company and Mr.Herman that the Company would be required to report to Item 404(a)of Regulation S-K.
A copy of the Company’s press release announcing Mr.Herman’s appointment is attached as Exhibit99.1 to this Current Report on Form8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
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99.1 |
Press release dated June6, 2018. |