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BABY > SEC Filings for BABY > Form 8-K on 27-Dec-2013All Recent SEC Filings

Show all filings for NATUS MEDICAL INC



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.

At its December 27, 2013 meeting, the Compensation Committee of the Board of Directors of Natus Medical Incorporated (the "Company") approved the base salaries and bonus program for the Company's named executive officers (NEO) for the period beginning January 1, 2014 and ending December 31, 2014. In addition, the Compensation Committee elected to change the date of the 2014 equity awards from the middle of the year, as had been done in the past, to the beginning of the year.

The Compensation Committee approved the base annual salary amounts set forth in the table below:

         NEO                                                    Salary
         James B. Hawkins
         President & Chief Executive Officer                    $ 650,000

         Jonathan A. Kennedy
         Sr. Vice President Finance & Chief Financial Officer   $ 380,000

         Austin F. Noll, III
         Vice President and General Manager, Neurology          $ 295,000

         Kenneth M. Traverso
         Vice President and General Manager, Newborn Care       $ 295,000

         D. Christopher Chung, M.D.
         Vice President Medical Affairs, Quality and Regulatory $ 267,000

The Compensation Committee also approved a cash bonus plan for executive officers of the Company for 2014. Cash bonuses may range from 50% to a maximum of 200% of the target amount.

The target bonus as a percentage of 2014 base salary is 100% for Mr. Hawkins, 65% for Mr. Kennedy, 50% for each of Messrs. Noll and Traverso, and 40% for Dr. Chung.

The target bonus is based on achievement of the following goals and weighting:

                                         Consolidated  Specific   Business   Business
                 Minimum    Consolidated   Pre-Tax     Strategic    Unit       Unit
NEO             Threshold     Revenue      Earnings   Objectives  Revenue  Profitability

Mr. Hawkins     Achieve at      20%          80%          --         --         --
Mr. Kennedy    least 80% of
Mr. Noll          income        15%          15%          20%       25%         25%
Mr. Traverso   contained in
                 the 2014
Dr. Chung          Plan         20%          60%          20%        --         --

The payment of any bonus remains subject to the discretion of the Compensation Committee and in determining the attainment of operational financial metrics the Committee expects to refer to the Company's reported operating results as adjusted to eliminate the effects of any subsequent event not taken into account in establishing the 2014 Plan.

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