SEC Filings

DEFR14A
MEDTRONIC PLC filed this Form DEFR14A on 10/11/2017
Entire Document
 

Annual Incentive Plan Payments:

 

Participant

FY2017

Actual Performance

FY2017

MIP Target

FY2017

MIP Award

Omar Ishrak   94.41%     175%   $ 2,636,139.39
Karen L. Parkhill   94.41%     110%   $ 778,882.50
Michael J. Coyle   94.41%     100%   $ 830,808.00
Bryan C. Hanson   94.41%     100%   $ 793,044.00
Rob ten Hoedt   94.41%     100%   $ 719,846.70
Gary L. Ellis(1)   94.41%     120%   $ 734,757.53

(1) Represents a pro-rated value due to retirement.

 

Fiscal Year 2015 — 2017 Restricted Stock Unit Payout Results

 

At the Compensation Committee’s June 2017 meeting, the Committee certified the attainment of the 3% cumulative CAGR diluted earnings per share performance threshold results for the restricted stock unit performance period that began in Fiscal Year 2015 and was completed at the end of Fiscal Year 2017.

 

The following table shows the results for fiscal year 2015-2017 Restricted Stock Unit Performance Threshold:

 

Fiscal Year EPS(1)
FY2014 (Baseline) $ 4.05  
FY2015 $ 4.31 (3) 
FY2016 $ 4.33 (4) 
FY2017 $ 4.60  
3-year CCAGR(2) $ 4.36 %

(1) EPS data for FY2014-FY2017 is adjusted for one-time items and acquisitions as well as including the impact of the Convertible Debt Accounting Rule Change and switch to non-GAAP diluted EPS reporting.
(2) Calculated as a CCAGR.
(3) FY2015 Non-GAAP Diluted EPS excluded the impact of the Covidien acquisition in Q4 of FY2015 per Medtronic’s standard practice for treatment of large acquisitions on in-flight incentive plans.
(4) FY2016 Non-GAAP Diluted EPS was adjusted due to the determination of the Compensation Committee and Medtronic management that the special charge recorded in connection with the impairment of a debt investment should not be included in the Non-GAAP earnings adjustment used for the purposes of FY2016 Annual Incentive Plan (MIP) and Restricted Stock Unit performance threshold calculations.

 

Fiscal Year 2015 — 2017 Long-Term Performance Plan Payout Results

 

At the Compensation Committee’s June 2017 meeting, the Committee certified the results for the LTPP performance period that began in Fiscal Year 2015 and was completed at the end of Fiscal Year 2017. Payments of awards for this LTPP performance period were made during the first fiscal quarter of 2018 and can be found in the “Non-Equity Incentive Plan Compensation” column of the Summary Compensation Table on page 50.

 

Fiscal Year 2015 — 2017 Long-Term Performance Plan Results

 

The following table shows the results for Fiscal Year 2015 – 2017 LTPP and the resulting total payout percentage:

 

Year

Revenue

Growth(1)(3)

  ROIC(2)(4)
FY2015   22.8 %   10.5 %
FY2016   49.0 %   7.8 %
FY2017   3.2 %   8.5 %
Total/Average   26.95 %   8.96 %
2015-2017 LTPP Target   5.0 %   14.0 %
Payout Level   200.0 %   0.0 %
Objective Weight   50 %   50 %
Weighted Payout Percent   100.0 %   0.0 %
Total Payout Percent   100.00%  

(1) Results are reported using net sales at planned foreign currency exchange rates.
(2) Results are reported using net earnings plus amortization (net of tax).
(3) Calculated as a cumulative compound annual growth rate.
(4) Calculated as a three-year average.

 

MEDTRONIC PLC   2017 Proxy Statement    45

 
X