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ISRG > SEC Filings for ISRG > Form 8-K on 30-Jul-2014All Recent SEC Filings

Show all filings for INTUITIVE SURGICAL INC

Form 8-K for INTUITIVE SURGICAL INC


30-Jul-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.

(e) Compensatory Arrangements of Certain Officers On July 24, 2014, following the recommendation of the Compensation Committee of the Board of Directors (the "Board") of Intuitive Surgical, Inc. ("Intuitive" or the "Company"), the Board approved an adjustment to the base salary for Gary Guthart, President and Chief Executive Officer. The Compensation Committee also approved adjustments to the base salaries for the Company's other named executive officers. The adjustments to the base salaries, which are set forth in the table below, are effective August 1, 2014:

                                                                  Increase in
                                                                  Annual Base        New Base
   Executive                        Position                         Salary           Salary
Guthart, Gary      President and Chief Executive Officer        $       65,000     $   625,000
                   Executive Vice President, WW Sales and
McNamara, Jerome   Marketing                                    $       12,000     $   412,000
                   Senior Vice President and Chief Financial
Mohr, Marshall     Officer                                      $       33,600     $   425,000
                   Executive Vice President and Chief
Rosa, David        Scientific Officer                           $       50,000     $   400,000
                   Vice President and Principal Accounting
Samath, Jamie      Officer                                      $       15,000     $   310,000

In addition, on July 24, 2014, the Board of Directors of Intuitive Surgical, Inc. ("Intuitive") appointed David Rosa as the Executive Vice President and Chief Scientific Officer, effective immediately. In connection with the promotion, the Compensation Committee of the Board of Directors granted David Rosa options to purchase 4,500 shares of common stock and 1,500 restricted stock units ("RSUs") pursuant to the Company's 2010 Incentive Award Plan, with a grant date of August 7, 2014. The shares subject to the option vest according to the following schedule: 1/8th of the total number of shares subject to the options shall vest at the end of six months, and 1/48th of the total number of shares subject to the options shall vest monthly thereafter, subject to the executive remaining in service with the Company through each vesting date. The RSUs shall vest in one quarter increments annually over a four- year period. The exercise price per share for the stock options will be the closing price of the Company's stock on The Nasdaq Stock Market on the grant date.

Mr. Rosa, age 46, joined Intuitive in March 1996 and has held leadership positions in engineering, clinical development, marketing and product development. In 2013, Mr. Rosa assumed the position of Senior Vice President, Scientific Affairs. Prior to joining Intuitive, Mr. Rosa contributed to the development of trans-esophageal transducers for Acuson Corporation. Mr. Rosa graduated magna cum laude with a B.S.M.E. from California Polytechnic University at San Luis Obispo. He also holds a M.S.M.E. from Stanford University.


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