iRhythm Technologies, Inc. (NASDAQ:IRTC) 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.
Compensation for Named Executive Officers
On February 27, 2019, the Board of Directors (the Board) of iRhythm Technologies, Inc. (the Company), upon recommendation of its Compensation Committee (the Committee) and in consultation with the Companys independent compensation consultant, Compensia, Inc. (Compensia), approved various compensation arrangements for the Companys named executive officers (the NEOs).
The Committee approved new base salary and bonus opportunity targets for fiscal year 2019 for the NEOs. The table below sets forth the annual base salary and annual target bonus for the NEOs that is effective as of February 24, 2019. The bonus amounts will be determined based upon achievement of a mix of Company and individual performance objectives to the Companys Executive Incentive Compensation Plan, which was filed with the Securities and Exchange Commission as Exhibit 10.5 to the Companys Registration Statement on Form S-1 on October 7, 2016.
In addition, NEOs were granted performance-based RSUs (PRSUs). The PRSUs will become eligible to vest upon the achievement of designated revenue metrics that will be measured over specified performance periods covering approximately two years.Upon any PRSUs becoming eligible to vest based on the performance criteria (Eligible PRSUs), the Eligible PRSUs will be scheduled to vest as to 50% of the Eligible PRSUs following the end of the applicable performance period. A maximum of 200% of the target number of Shares subject to the PRSUs may vest based on maximum achievement of the applicable performance criteria.
About iRhythm Technologies, Inc. (NASDAQ:IRTC)
iRhythm Technologies, Inc. is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report. Its myZIO provides a way for patients to enter their symptoms as they occur and on-the-go while wearing the ZIO Patch. Its ZIO Event Card is indicated for use on patients who experience transient symptoms, such as syncope, palpitations, and shortness of breath or dizziness. Its ZIO XT Patch is a non-invasive, water-resistant heart monitor, which prompts high patient compliance and a higher diagnostic yield. Its algorithms analyze the amounts of captured heart beat data and a concise report is provided to the patient’s physician. Its ZIO Report produces a higher diagnostic yield and to change patient management.