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
Financial Officer of LivaNova Plc (“LivaNova”), effective on
May 31, 2017, to pursue other opportunities. LivaNova has
commenced a search for Mr. Sehgal’s successor. Mr. Sehgal will
make himself available after May 31, 2017, if needed, to support
the transition of his responsibilities to his successor.
Board of Directors approved the following compensation in
connection with Mr. Sehgal’s separation in exchange for a
release of claims and his cooperation with the transition of his
responsibilities: (i) four months of base salary, or 106,667
($133,754); (ii) four months of supplemental pension
contribution, or 28,000 ($35,110); (iii) four months of car
allowance, or 4,400 ($5,517); (iv) five months of his 2017 target
bonus, or 100,000 ($125,394); (v) seven months of supplemental
health insurance coverage (through December 31, 2017) for him and
his family, or approximately 42,000 ($52,666); (vi) legal fees
for his solicitor not to exceed 10,000 ($12,539); and (vii)
accelerated vesting of 5,208 service-based restricted stock units
that otherwise would have vested in March 2018. In addition, Mr.
Sehgal will be entitled to payment of his bonus for 2016 in the
amount of 192,000 ($240,756).
the management change described in Item 5.02(b) of this Current
Report on Form 8-K. A copy of the press release is attached
hereto as Exhibit 99.1.
not be deemed to be filed for purposes of Section 18 of the
Exchange Act, nor shall it be deemed incorporated by reference
into any filing under the Securities Act of 1933, as
U.S. Dollars based on the average selling price for British
Pounds for the 24-hour period ending March 28, 2017 at 22:00 UTC
($1.25394) as published by OANDA Corporation.
Press Release of LivaNova Plc dated March 31, 2017.
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. LivaNova PLC (NASDAQ:LIVN) Recent Trading Information
LivaNova PLC (NASDAQ:LIVN) closed its last trading session down -2.23 at 48.73 with 269,941 shares trading hands.