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ABMD > SEC Filings for ABMD > Form 8-K on 20-May-2013All Recent SEC Filings

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Form 8-K for ABIOMED INC


20-May-2013

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) On May 14, 2013, our compensation committee made its annual compensation determinations for our named executive officers. The committee determined the bonuses for fiscal 2013 performance, the salaries and target bonuses for fiscal 2014, granted stock options and made performance share awards in the form of restricted stock units to executive officers. The compensation decisions made with respect to our executive officers who are serving as our principal executive officer, principal financial officer, or who were named executive officers in our most recent proxy statement were as follows:

                                                                                                                           Target Shares
                                                                                                           Shares           Underlying
                                                                    Target              Shares           Underlying         Restricted
                                                                  Fiscal 2014         Underlying         Restricted         Stock Units
                                      Fiscal        Fiscal           Bonus           Stock Options       Stock Units         (time and
                                       2013          2014         (Percentage           (4 year          (time based        performance
Executive Officer                      Bonus        Salary        of salary)           vesting)           vesting)        based vesting)

Michael R. Minogue,
Chairman, CEO and President          $ 730,080     $ 522,210               120 %             85,000            28,000              82,500

Robert L. Bowen,
Chief Financial Officer              $ 155,384     $ 316,982                60 %             20,000             7,000              13,500

David Weber,
Chief Operating Officer              $ 200,104     $ 343,511                70 %             23,000             9,000              21,000

William J. Bolt,
Senior VP, Engineering and Quality
Assurance                            $ 152,710     $ 285,985                60 %             20,000             7,000              15,000

Michael G. Howley,
VP and General Manager, Global
Sales and Marketing                  $ 200,454     $ 300,682                65 %             25,000             8,000              18,000

The performance share awards of time based restricted stock units vest in three equal installments annually on the anniversary of the date of grant over three years. The performance share awards of performance and time based restricted stock units have a double trigger vesting pursuant to which 2014 revenue performance will determine whether 0%, or a ratable amount from 33% to 100% of the underlying restricted stock units are eligible for vesting, at which point half of the units eligible for vesting will vest on the second anniversary of the date of grant and the other half of the units eligible for vesting will vest on the third anniversary of the date of grant. All restricted stock units, whether vesting is based on time or performance, will fully vest upon a change in control. The stock options granted vest 25% per year on each of the first four anniversaries of the date of grant.

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