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 Officers

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 Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

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(e) On February14, 2019, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of Bruker Corporation (the “Company”) approved 2019 salaries and cash incentive plans for the Company’s executive officers, including the currently serving “named executive officers” as defined in Item 402 of Regulation S-K under the Securities Act of 1933, as amended. Under the Company’s 2019 Short-Term Incentive Compensation Program (the “2019 Short-Term ICP”), the Company’s executive officers and management personnel may be awarded cash incentive bonuses based on Company and individual performance in 2019.

The 2019 Short-Term ICP award target levels and base salaries approved for the Company’s current executive officers are as indicated below:

ExecutiveOfficer

Title

2019Base Salary

2019Short- Term Incentive Award

Target

2019 Short-Term Incentive AwardTarget as%ofBase

Salary

Frank H. Laukien, Ph.D.

President and Chief Executive Officer

$

758,544

$

1,061,961

140.0

%

Gerald N. Herman

Vice President and Chief Financial Officer

$

451,500

$

270,900

60.0

%

Falko Busse, Ph.D.

President, Bruker BioSpin Group

$

353,495

(1)

$

183,817

(1)

52.0

%

Mark R. Munch, Ph.D.

Executive Vice President and President, Bruker Nano Group and Bruker Nano,Inc.

$

578,689

$

376,148

65.0

%

Burkhard Prause, Ph.D.

President and Chief Executive Officer, Bruker Energy& Supercon Technologies,Inc. (“BEST”)

$

304,434

(2)

$

182,660

(2)

60.0

%

Juergen Srega

President, Bruker CALID Group

$

395,701

(3)

$

237,422

(3)

60.0

%

(1) Represents U.S. Dollar value of Dr.Busse’s 2019 base salary of CHF 355,948 and incentive award target of CHF 185,093, respectively, based on a conversion rate of CHF 1:$0.9931 as of February14, 2019.

(2) Represents U.S. Dollar value of Dr.Prause’s 2019 base salary of €269,292 and incentive award target of €161,575, respectively, based on a conversion rate of €1:$1.1305 as of February14, 2019.

(3) Represents U.S. Dollar value of Mr.Srega’s 2019 base salary of €350,024 and incentive award target of €210,015, respectively, based on a conversion rate of €1:$1.1305 as of February14, 2019.

The 2019 Short-Term ICP provides that financial performance goals will provide 70% of total cash incentive award potential for each of the executive officers, with the remaining 30% allocated to individual performance goals established by the Compensation Committee.

The financial goals portion of the cash incentive awards to Dr.Laukien and Mr.Herman will be determined based on achievement of specified 2019 performance goals allocated to the following corporate financial objectives: 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.

The financial goals portion of the cash incentive awards to each of the Company’s Group Presidents, Drs.Busse and Munch and Mr.Srega, will be determined based on achievement of specified 2019 financial performance goals for their respective Group, as well as corporate financial performance relative to the Company’s non-GAAP earnings per share growth objective. Performance goals for each Group, which represent approximately 85% of the respective Group President’s target bonus opportunity based on financial goals (i.e., 60% of each Group President’s total target bonus opportunity), are allocated to the following Group-level objectives: currency-adjusted revenue growth, non-GAAP gross profit improvement, non-GAAP operating profit improvement and working capital ratio improvement. Approximately 15% of the respective Group President’s target bonus opportunity allocated to financial goals (i.e., 10% of each Group President’s total target bonus opportunity) will be determined based on the Company’s non-GAAP earnings per share growth.

The financial goals portion of the cash incentive award to Dr. Prause will be determined based on achievement of specified 2019 financial performance goals for the BEST operating segment, as well as corporate financial performance relative to the Company’s non-GAAP earnings per share growth objective. Performance goals for the BEST segment, which represent approximately 85% of Dr. Prause’s target bonus opportunity based on financial goals (i.e., 60% of his total target bonus opportunity), are allocated to the following BEST segment objectives: currency-adjusted revenue growth, non-GAAP gross profit improvement, non-GAAP operating profit improvement and working capital ratio improvement. Approximately 15% of Dr. Prause’s target bonus opportunity allocated to financial goals (i.e., 10% of his total target bonus opportunity) will be determined based on the Company’s non-GAAP earnings per share growth.

Portions of the incentive awards linked to the achievement of financial performance goals will be calculated based on percentage achievement of each financial target goal, with no threshold or maximum. However, the incentive award payout for performance attributable to financial performance goals is subject to a maximum aggregate payout of 200% of the respective executive officer’s total target bonus opportunity linked to such goals.

The individual goals portion of the cash incentive payments to be awarded under the 2019 Short-Term ICP will be determined based on measures of the respective executive officer’s contributions to the achievement of certain strategic and operational management objectives, as approved by the Compensation Committee. Under the 2019 Short-Term ICP, payments for individual goals will be made in a range of 0% to 125% of their respective targets, subject to satisfaction of certain minimum performance expectations.

A copy of the 2019 Short-Term Incentive Compensation Program approved by the Compensation Committee is attached hereto as Exhibit10.1.

Section9 — Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

(d)

Exhibits

Number

10.1

2019 Short-Term Incentive Compensation Program

BRUKER CORP Exhibit
EX-10.1 2 a19-5141_1ex10d1.htm EX-10.1 Exhibit 10.1     Bruker Corporation 2019 Short-Term Incentive Compensation Program   Program Objectives   The 2019 Bruker Corporation (“Bruker” or the “Company”) Short-Term Incentive Compensation Program (the “ICP” or “Program”) is designed to reward management employees and key personnel for performance that contributes significantly to the Company’s growth and financial success.   The Program is designed to reward several layers of success at the Bruker Corporate,…
To view the full exhibit click here

About BRUKER CORPORATION (NASDAQ:BRKR)

Bruker Corporation is a designer and manufacturer of scientific instruments, and analytical and diagnostic solutions. The Company’s operating segments include the Bruker BioSpin Group; the Bruker Chemicals, Applied Markets, Life Science, In-Vitro Diagnostics, Detection (CALID) Group; the Bruker Nano Group, and the Bruker Energy & Supercon Technologies (BEST) Segment. The Bruker BioSpin Group segment designs, manufactures and distributes enabling life science tools. The Bruker CALID segment designs, manufactures and distributes life science mass spectrometry instruments that can be integrated and used along with other sample preparation or chromatography instruments, as well as chemical, biological, radiological, nuclear and explosive (CBRNE) detection products. The Bruker Nano segment designs, manufactures and distributes spectroscopy and microscopy instruments. The BEST segment develops and manufactures superconducting and non-superconducting materials and devices.

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