Summary
This 8-K filing from Medtronic plc, dated July 1, 2016, reports on executive compensation decisions made by the Compensation Committee of the Board of Directors. Specifically, it details one-time awards of restricted stock units (RSUs) granted to key executives, including Michael J. Coyle and Bryan C. Hanson, to incentivize continued service and align their interests with the company's performance. The awards, valued at $4.0 million each on the grant date and expected to be granted on August 1, 2016, are contingent upon Medtronic achieving certain earnings per share thresholds and the executives remaining employed by the company. These performance-based and retention-focused equity grants are a standard tool used by companies to retain top talent and motivate them towards achieving strategic financial goals.
Key Highlights
- 1Medtronic's Compensation Committee approved one-time restricted stock unit (RSU) awards for certain executives.
- 2Key recipients include Michael J. Coyle (EVP, President, Cardiac and Vascular Group) and Bryan C. Hanson (EVP, President, Minimally Invasive Therapies Group).
- 3Each executive will receive RSUs valued at $4.0 million on the grant date.
- 4The awards are expected to be granted on August 1, 2016.
- 5Vesting and payout are subject to Medtronic achieving certain earnings per share thresholds.
- 6Continued employment with Medtronic is a mandatory condition for receiving the awards.
- 7The awards are subject to standard forfeiture and clawback provisions for equity grants.