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Quotes & Info
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| GMED > SEC Filings for GMED > Form 8-K on 28-Jan-2013 | All Recent SEC Filings |
28-Jan-2013
Change in Directors or Principal Officers
2012 Executive Performance Bonus Plan Payments
On January 24, 2013, as part of its annual review process, the Compensation
Committee (the "Committee") of the Board of Directors (the "Board") of Globus
Medical, Inc. (the "Company") approved cash bonus payments for each of its named
executive officers under the Company's annual executive performance bonus plan
(the "2012 Bonus Plan") for services performed during the fiscal year ended
December 31, 2012. The Committee approved annual incentive bonus payments in the
amount of $624,731 for David C. Paul, the Company's Chairman and Chief Executive
Officer, $458,136 for David M. Demski, the Company's President and Chief
Operating Officer, $268,925 for Richard A. Baron, the Company's Senior Vice
President and Chief Financial Officer, and $320,375 for A. Brett Murphy, the
Company's Executive Vice President, U.S. Sales.
2013 Executive Performance Bonus Plan
Also on January 24, 2013, the Committee adopted the 2013 Executive Performance
Bonus Plan (the "2013 Bonus Plan"), in which the Company's named executive
officers are eligible to participate.
Under the 2013 Bonus Plan, as long as the Company's 2013 sales revenue is above
the threshold level established by the Committee, each of our named executive
officers will be eligible to receive a cash bonus. If the Company achieves the
target level of 2013 sales revenue, each named executive officer will be
eligible to receive his target bonus. If the Company exceeds the 2013 sales
revenue target, each named executive officer will be eligible to receive a
target bonus adjusted based on a scale that establishes bonus multipliers for
2013 sales revenues at various specified levels. After determining the Company's
2013 sales revenue, the actual amount of the cash bonus will be calculated by
multiplying the appropriate bonus multiplier by each named executive officer's
target bonus, which, except in the case of Mr. Baron, is the named executive
officer's actual cash bonus paid pursuant to the 2012 Bonus Plan. Mr. Baron's
target bonus is equal to the amount of his cash bonus awarded pursuant to the
2012 Bonus Plan, less a $100,000 discretionary increase granted by the Committee
for Mr. Baron under the 2012 Bonus Plan. Using this formula, a named executive
officer's actual cash bonus may be less than his target bonus, depending on the
actual amount of the Company's 2013 sales revenue. Following this mathematical
computation, the Committee has the discretion to apply an individual performance
modifier to increase or decrease any named executive officer's annual executive
performance bonus payment, based on the Committee's evaluation of individual
performance during the year.
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