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
Termination Agreement (the Agreement) with Jacques Gutedel,
LivaNovas President for the Europe, Canada and Australia Regions,
to which Mr. Gutedel will step down from his current position on
April 30, 2017 and become an advisor to LivaNovas Chief Executive
Officer until his employment ends on March 31, 2018 (the
Termination Date).
Mr. Gutedels employment with LivaNova and his separation from
LivaNova, and for Mr. Gutedel to receive the following benefits:
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i.
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a base salary, currently CHF 41,667 ($41,584)>per
month, plus a monthly supplemental pension contribution of approximately CHF 5,000 ($4,990), through the Termination Date or the date he accepts other employment, if sooner; |
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ii.
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a bonus payment for 2016 in the amount of CHF 254,557
($254,051); and |
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iii.
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a severance payment in the amount of CHF 1,500,400 (as
provided in Mr. Gutedels July 6, 2016 Amendment Agreement, previously disclosed in a Current Report on Form 8-K on that date), payable in three installments ending 30 days after the Termination Date. |
confidential business information and agreed to be bound by the
non-competition covenant in his employment agreement until the
Termination Date, after which the covenant will lapse.
foregoing description of the Agreement is a summary only and is
qualified in its entirety by the full text of the Agreement,
which is incorporated herein by reference. The foregoing
description of the Amendment Agreement is not complete and is
qualified in its entirety by reference to the relevant agreement
filed as Exhibit 10.49 to LivaNovas Quarterly Report on Form 10-Q
filed with the Securities and Exchange Commission on November 2,
2016, which is incorporated herein by reference.
Dollars based on the average selling price for Swiss Francs for
the 24-hour period ending April 3, 2017 at 22:00 UTC ($1.25394)
as published by OANDA Corporation.
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10.1
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Termination Agreement dated April 3, 2017 between
LivaNova Plc and Jacques Gutedel |
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 00.00 at 50.54 with 392,443 shares trading hands.
