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

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

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Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers

Payment under the 2016 Bonus Plan
On April 19, 2017, the Compensation Committee (the Committee) of
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%:
Achievement an adjusted net sales objective at
comparable budget currency exchange rates, with a
target of $1,249.9 million; and
Achievement of an adjusted net profit objective, with a
target of $157.4 million.
Both of these performance measures for the 2016 Bonus Plan are
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.
Our percentage achievement of the performance objectives was to
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.
The achievement factor under the 2016 Bonus Plan based on our
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.
Named Executive Officer
Target Bonus Percentage
Adjusted Achievement Factor
Cash Incentive Payment*
Andr-Michel Ballester
50%
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


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.

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