01—Abstract
Summary
Summary of the 8-K/A filed August 16, 2024. Cited figures are marked; the original filing is the authoritative source.
Medtronic plc (MDT) has filed an 8-K/A amendment to its previous filing, providing updated details on the compensatory arrangement for its interim Chief Financial Officer, Gary Corona.
This amendment clarifies the financial incentives put in place following his appointment, which was previously announced. Investors should note the specific cash stipend and equity grant designed to compensate Mr. Corona during his interim role. The key takeaways for investors revolve around the financial terms of Mr. Corona's interim CFO position.
These include a substantial bi-weekly cash stipend and a significant RSU grant, which are designed to incentivize and compensate him for taking on this critical role. While his base salary, target bonus, and existing long-term incentive grant remain unchanged, the new arrangements provide a clear picture of the additional compensation tied to his interim CFO responsibilities.
02—Key points
Key Highlights
- Gary Corona's compensatory arrangement as interim CFO has been detailed.
- Mr. Corona will receive a bi-weekly cash stipend of $12,500, effective August 3, 2024.
- An equity grant of 8,966 time-based restricted stock units (RSUs) has been awarded to Mr. Corona.
- The RSUs will vest over two years, with 50% vesting annually on the first and second anniversaries of the grant date.
- Mr. Corona's annual base salary of $500,000 remains unchanged.
- His target bonus remains at 70% of his annual base salary.
- A long-term incentive grant of $1 million, granted on July 29, 2024, is also maintained.
03—Questions
Frequently Asked Questions
What is the primary purpose of this 8-K/A filing?
This 8-K/A filing amends a previous report to provide specific details about the compensation package approved for Medtronic's interim Chief Financial Officer, Gary Corona.
What are the key new components of Gary Corona's compensation?
Mr. Corona will receive a bi-weekly cash stipend of $12,500 and an equity grant of 8,966 restricted stock units (RSUs) that vest over two years.
Are Mr. Corona's existing salary and bonus arrangements affected?
No, his annual base salary of $500,000, target bonus of 70% of base salary, and a previously granted $1 million long-term incentive grant remain unchanged.
When do the awarded RSUs vest?
The RSUs will vest over two years, with 50% of the total shares vesting on each of the first and second anniversaries of the grant date.
04—Continue