LivaNova PLC (NASDAQ:LIVN) 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
2019 Base Salary and Short Term Incentive Awards
On February 20, 2019, the Compensation Committee (the “Committee”) of the Board of Directors of LivaNova Plc (the “Company”) approved adjustments to the base salaries and short-term incentive percentages under the 2019 STIP for our executive officers. The adjusted base salaries and short-term incentive percentages of our named executive officers, described in the table below, will be effective April 1, 2019.
In benchmarking data provided by the Committee’s independent consultant, Pearl Meyer Partners, LLC, Mr. McDonald’s target total cash ranked at the 69th>percentile based on U.S. benchmarking data. Pearl Meyer did not provide U.K. benchmarking data due to its limited availability. Mr. Huston’s target total cash ranked above the 75th>percentile in the U.S. data. Ms. Skeffingtons total target cash ranked at the 51st>percentile in the U.S. data. The Committee used data from the Radford Global Technology Survey to benchmark Mr. Mankos total target cash at approximately the 60th>percentile. The Committee did not benchmark Mr. Wises compensation or approve a revision to his base salary, because he ended his service as an executive officer on December 31, 2018 and is transitioning to a new role as Senior Advisor at a reduced compensation.
The LivaNova 2019 Short-Term Incentive Plan
On February 21, 2019, the Committee approved the Company’s 2019 annual short-term incentive plan (the “2019 STIP”). The 2019 STIP is described in Exhibit 10.1, which is attached hereto and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
LivaNova PLC ExhibitEX-10.1 2 ex101_livanova2019stip.htm LIVANOVS 2019 STIP Exhibit Exhibit 10.12019 LivaNova Short-Term Incentive PlanOn February 21,…
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About LivaNova PLC (NASDAQ:LIVN)
LivaNova PLC is a medical technology company. The Company operates through three segments: Cardiac Surgery, Cardiac Rhythm Management (CRM) and Neuromodulation. The Cardiac Surgery business unit is engaged in the development, production and sale of cardiovascular surgery products, including oxygenators, heart-lung machines, perfusion tubing systems and systems for autotransfusion and autologous blood washing. The CRM business unit develops, manufactures and markets products for the diagnosis, treatment and management of heart rhythm disorders and heart failure. CRM offers products, including leads and delivery systems, and information systems. The Neuromodulation business unit designs, develops and markets neuromodulation-based medical devices for the treatment of epilepsy and depression. Through the Neuromodulation business unit, the Company markets its implantable VNS Therapy systems that deliver vagus nerve stimulation therapy for the treatment of epilepsy and depression.
