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
the Board of Director of LivaNova Plc (the Company), approved
payment of the bonus under our 2016 Short Term Incentive Plan,
also called our 2016 Bonus Plan, to our executive officers. The
2016 Bonus Plan included two objectives, each weighted at 50%:
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Achievement an adjusted net sales objective at
comparable budget currency exchange rates, with a target of $1,249.9 million; and |
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Achievement of an adjusted net profit objective, with a
target of $157.4 million. |
non-GAAP financial measures. Adjusted net sales at comparable
currency exchange rates is calculated as the consolidated Company
net sales in USD, adopting the fixed exchange rates used for the
budget to translate sales in currencies different from USD.
Adjusted net profit is calculated as follows: Net Profit /- non
GAAP adjustments (net of tax impact), as per year-end press
release. Non GAAP adjustments were:equity compensation;
amortization of intangible assets; purchase price allocation
inventory step up; restructuring, merger and integration
expenses; goodwill impairment; 3T Heater Cooler product
remediation charges and other minor one-off charges.
be scaled down or up by 2% for each 1%, or portion thereof, of
underachievement or overachievement, respectively, between an
underachievement of at least 80% and an overachievement of up to
125%. Applying this scaling factor to the performance objectives,
individual bonuses could range from a low of 0% (for achievement
less than 80% on the scorecard) to a high of 150% of a named
executive officers target bonus amount.
financial performance was 91.5%, but in light of our performance
in 2016, as reflected in our share price, the Committee reduced
the achievement factor to 80% and awarded the cash-based
incentive bonuses in respect of the year ended December 31, 2016
as set out below.
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Named Executive Officer
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Target Bonus Percentage
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Adjusted Achievement Factor
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Cash Incentive Payment*
|
|
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Andr-Michel Ballester
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50%
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80%
|
$
|
623,921
|
|
Vivid Sehgal
|
75%
|
80%
|
$
|
260,419
|
|
Damien McDonald
|
85%
|
80%
|
$
|
88,564
|
|
Brian Sheridan
|
62%
|
80%
|
$
|
161,402
|
|
David Wise
|
62%
|
80%
|
$
|
170,227
|
|
Michel Darnaud
|
62%
|
80%
|
$
|
246,804
|
|
Jacques Gutedel
|
65%
|
80%
|
$
|
258,546
|
|
*Exchange rate of $1.10710 per Euro,
$1.35635 per British Pound and $1.01567 per Swiss Franc, each of which reflects the applicable period average published rate from the OANDA Corporation currency database between January 1, 2016 and December 31, 2016 |
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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. LivaNova PLC (NASDAQ:LIVN) Recent Trading Information
LivaNova PLC (NASDAQ:LIVN) closed its last trading session up +0.13 at 52.34 with 92,206 shares trading hands.
