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THOR > SEC Filings for THOR > Form 8-K on 18-Mar-2014All Recent SEC Filings

Show all filings for THORATEC CORP

Form 8-K for THORATEC CORP


18-Mar-2014

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.

(b)

On March 13, 2014, Daniel M. Mulvena informed the Board of Directors (the "Board") of Thoratec Corporation (the "Company"), that he has decided to retire from the Board after seventeen years of service and accordingly he will not stand for re-election to the Board. Mr. Mulvena will continue to serve on the Board and as a member of the Compensation Committee of the Board until the Company's 2014 Annual Meeting of Shareholders.

(e)

On March 13, 2014, the Company's Compensation Committee approved the Thoratec Corporation Executive Incentive Plan FY2014 (the "Plan"), pursuant to which certain members of management, including the current executive officers, may receive bonuses for 2014. Gerhard F. Burbach, the Company's President and Chief Executive Officer, David A. Lehman, the Company's Senior Vice President and General Counsel, and Taylor C. Harris, the Company's Vice President and Chief Financial Officer are participants in the Plan. The bonuses under the Plan are based on a specified target bonus percentage of a participant's 2014 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 are based on Thoratec's 2014 revenue and pre-bonus non-GAAP income before tax and medical device excise tax. In addition to the target bonus, a participant may earn an additional bonus amount if the Company exceeds its target revenue and/or target income goals. Assuming each of the Company-oriented financial goals is achieved in 2014, the target revenue and income goals are not exceeded, and each of the executive officers achieves all of their personal performance objectives, the target bonuses that would be paid to the executive officers are set forth in the table below.

Name                                           Title                   2014 Target Bonus
Gerhard F. Burbach                President, Chief Executive
                                  Officer and Director                $           590,000
David A. Lehman                   Senior Vice President and
                                  General Counsel                     $           210,476
Taylor C. Harris                  Vice President and Chief
                                  Financial Officer                   $           204,204


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