INVACARE CORPORATION (NYSE:IVC) 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.
As previously indicated in the Current Report on Form 8-K filed by Invacare Corporation (the “Company”) on November 2, 2017 (the “Prior Form 8-K”), Kathleen P. Leneghan was appointed as the Chief Financial Officer of the Company on an interim basis, effective November 26, 2017. The disclosure regarding Ms. Leneghan included in Item 5.02 of the Prior Form 8-K is incorporated herein by reference.
In connection with her appointment as Interim Chief Financial Officer, Ms. Leneghan and the Company entered into a letter agreement (the “Letter Agreement”) specifying certain new compensation arrangements. The Letter Agreement provides for a $9,000 per month increase in Ms. Leneghan’s salary during her service as Interim Chief Financial Officer or for a minimum of six months, and a one-time lump sum bonus equal to $9,000 per month for each month of service as Interim Chief Financial Officer to be paid when a non-interim Chief Financial Officer commences employment with the Company. The Letter Agreement also provides for a severance benefit of salary continuation (at her Vice President and Corporate Controller rate) for a period of six months, if the Company terminates her employment without cause.
The foregoing summary of the terms and conditions of the Letter Agreement is qualified in its entirety by reference to the full text of the Letter Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference into this Item 5.02.
Item 9.01.Financial Statements and Exhibits.
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(d) Exhibits. |
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Exhibit Number |
Description of Exhibit |
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10.1 |
Letter Agreement, dated as of November 9, 2017, by and between the Company and Kathleen P. Leneghan. |
INVACARE CORP ExhibitEX-10.1 2 letteragreement.htm EXHIBIT 10.1 Exhibit PERSONAL AND CONFIDENTIALNovember 9,…To view the full exhibit click here
About INVACARE CORPORATION (NYSE:IVC)
Invacare Corporation is a manufacturer and distributor for medical equipment used in non-acute care settings. The Company’s geographical segments are Europe; North America, which includes North America/Home Medical Equipment (North America/HME) and Institutional Products Group (IPG) segments, and Asia/Pacific. The Company manufactures and distributes three product categories: mobility and seating, lifestyle and respiratory therapy. It provides medical device solutions for congenital (cerebral palsy, muscular dystrophy and spina bifida), acquired (stroke, spinal cord injury, traumatic brain injury, post-acute recovery and pressure ulcers) and degenerative (amyotrophic lateral sclerosis, multiple sclerosis, chronic obstructive pulmonary disease (COPD), elderly and bariatric) ailments. The Company sells its products to home medical equipment providers with retail and e-commerce channels, residential living operators, distributors and government health services.
