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| THOR > SEC Filings for THOR > Form 8-K on 2-Mar-2009 | All Recent SEC Filings |
2-Mar-2009
Change in Directors or Principal Officers
(e)
On February 24, 2009, the Compensation and Option Committee of Thoratec
Corporation (the "Company"), approved the Thoratec Corporation Corporate
Executive Incentive Plan FY2009 (the "2009 Corporate Plan") and the
International Technidyne Corporation Executive Incentive Plan FY2009 (the "2009
ITC Plan," and collectively the "Plans"), pursuant to which certain members of
management, including the current executive officers, may receive bonuses for
2009. Gerhard F. Burbach, the Company's President and Chief Executive Officer,
David V. Smith, the Company's Executive Vice President and Chief Financial
Officer, and David A. Lehman, the Company's Senior Vice President and General
Counsel, are participants in the 2009 Corporate Plan and Lawrence Cohen, the
President of International Technidyne Corporation, the Company's wholly-owned
subsidiary, is a participant in the 2009 ITC Plan. The bonuses under each Plan
are based on a specified target bonus percentage of a participant's 2009 base
salary and are payable based on the achievement of two Company-oriented
financial goals and the achievement of personal performance objectives
individually specified for each participant. The Company-oriented financial
goals vary depending on the specific Plan and are based on Thoratec's 2009
revenue and pre-bonus non-GAAP income before tax for the 2009 Corporate Plan and
ITC 2009 revenue and non-GAAP pre-bonus income from operations for the 2009 ITC
Plan. The management business objectives are personalized for each participant.
In addition to the target bonus, a participant may earn an additional bonus
amount if the Company or ITC exceeds their target non-GAAP income before tax
/non-GAAP income from operations goal, as applicable. Assuming each of the
Company-oriented financial goals is achieved in 2009, the target earnings/income
goals are not exceeded, and each of the executive officers achieves all of their
personal performance objectives, the maximum dollar amounts of target bonuses
that would be paid to the executive officers are set forth in the table below.
Name Title 2009 Target Bonus
Gerhard F. Burbach President, Chief Executive Officer and Director $475,150
David V. Smith Executive Vice President and Chief Financial Officer $289,966
Lawrence Cohen President of International Technidyne Corporation $220,500
David A. Lehman Senior Vice President and General Counsel $168,056
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