The Spectranetics Corporation (NASDAQ:SPNC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

The Spectranetics Corporation (NASDAQ:SPNC) 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.
On January 11, 2017, The Spectranetics Corporation (the Company)
announced that Scott Hutton has accepted an appointment as
General Manager, Vascular Intervention, effective on January 23,
2017. In this role, Mr. Hutton will report directly to Scott
Drake, President and Chief Executive Officer. The Companys
appointment of Mr. Hutton was announced in a press release, dated
January 11, 2017, which is attached to this Form 8-K as Exhibit
99.1.
Mr. Hutton, age 45, most recently served as Vice President and
General Manager of the Neurosurgery Business Unit of Medtronic
plc, a global medical technology, services and solutions company,
from April 2012 to the present. In this role, he oversaw the
operations of the approximately $1 billion Neurosurgery Business
Unit. Prior to joining the Neurosurgery Business Unit, he served
in Medtronics Navigation Business Unit as Vice President and
Business Leader from July 2011 to April 2012 and as Senior
Director, Global Marketing from December 2008 to July 2011. Mr.
Hutton also held a number of marketing and business development
roles of increasing responsibility within Medtronics Spinal
Biologics Division from December 2000 until December 2008.
In connection with his appointment, Mr. Hutton will receive an
annual base salary of $350,000 and will be eligible to receive a
pro-rated cash bonus under the Companys annual short-term
performance-based cash incentive award program for 2017 with a
target incentive opportunity of 50% of his pro-rated 2017 base
salary. Mr. Hutton will receive a cash sign-on bonus of $140,000;
a stock option grant valued at approximately $100,000 that will
vest over four years; a restricted stock unit grant valued at
approximately $400,000 that will vest over four years; and a
performance stock unit grant valued at approximately $200,000
that will vest on December 31, 2019, based on established
performance metrics and terms that are consistent with awards
granted to the Companys other executive officers in 2017. He will
participate on the same basis as the Companys other executive
officers in the Companys annual short-term performance-based cash
incentive award program and long-term equity incentive program,
and it is expected that Mr. Hutton will enter into a severance
and change in control agreement with the Company after six months
of employment with the Company. These plans and agreements are
described in more detail under the heading Compensation
Discussion and Analysis in the Companys proxy statement on
Schedule 14A filed with the Securities and Exchange Commission on
April 22, 2016. Mr. Hutton also will be entitled to participate
in the Companys health and other benefit plans generally
available to the Companys executive officers. Mr. Hutton will be
an at-will employee of the Company and will have no specified
term as General Manager, Vascular Intervention. There are no
related person transactions between Mr. Hutton and the Company.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1
Press Release, dated January 11, 2017, issued by The
Spectranetics Corporation.


About The Spectranetics Corporation (NASDAQ:SPNC)

The Spectranetics Corporation is a United States-based company, which develops, manufactures, markets and distributes medical devices used in minimally invasive procedures within the cardiovascular system. The Company’s products are available in over 65 countries and are used to cross, prepare and treat arterial blockages in the legs and heart, and to remove pacemaker and defibrillator cardiac leads. The Company’s segments include U.S. Medical and International Medical. The U.S. Medical segment offers medical devices, including fiber-optic devices and non-fiber-optic products (disposables), an excimer laser system (equipment), and the service of the excimer laser system (service). The International Medical segment serves Europe, the Middle East, Asia Pacific, Latin America and Puerto Rico, and provides Stellarex DCB and AngioSculptX products, which are available for sale in Europe. The Company’s solutions include Lead Management, Peripheral Intervention and Coronary Intervention.

The Spectranetics Corporation (NASDAQ:SPNC) Recent Trading Information

The Spectranetics Corporation (NASDAQ:SPNC) closed its last trading session 00.00 at 25.15 with 182,063 shares trading hands.

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