SEC Filings

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

2017 Grants of Plan-Based Awards

 

The following table summarizes all plan-based award grants to each of the NEOs during Fiscal Year 2017. Threshold amounts assume attainment of plan performance thresholds. You should refer to the Compensation Discussion and Analysis sections entitled “Fiscal Year 2017 Annual Incentive Plan Design” on page 41 and “Fiscal Year 2017 Long-Term Incentive Plan Components” beginning on page 43 to understand how plan-based awards are determined. A narrative description of the material factors necessary to understand the information in the table is provided below.

 

            Estimated Future Payouts under
Non-Equity Incentive Plan Awards ($)
  Estimated
Future
Payouts Under
Equity
  All Other
Option Awards:
Number of
Securities
  Exercise
or Base
Price of
  Grant
Date Fair
Value of
Stock and
Name  Award
Type
  Grant
Date
  Approval
Date
  Threshold
($)
  Target
($)
  Maximum
($)
  Incentive Plan
Awards Target
(# of shares)
  Underlying
Options
(#)
  Option
Awards
($/Sh)
  Option
Awards
($)
Omar Ishrak  MIP        465,371  2,792,225  5,584,450            
   LTPP        1,125,000  4,500,000  9,000,000            
   OPT  08/01/2016  06/29/2016              204,407  88.06  3,037,488
   PBRSU  08/01/2016  06/29/2016           51,102        4,500,042
Karen L. Parkhill  MIP        137,500  825,000  1,650,000            
   LTPP        250,000  1,000,000  2,000,000            
   RSU  06/20/2016  06/01/2016           52,090        4,400,042
   OPT  08/01/2016  06/29/2016              46,560  88.06  691,882
   PBRSU  08/01/2016  06/29/2016           11,356        1,000,010
Michael J. Coyle  MIP        146,667  880,000  1,760,000            
   LTPP        341,667  1,366,668  2,733,336            
   RSU  08/01/2016  06/29/2016           45,424        4,000,037
   OPT  08/01/2016  06/29/2016              63,215  88.06  939,375
   PBRSU  08/01/2016  06/29/2016           15,520        1,366,691
Bryan C. Hanson  MIP        140,000  840,000  1,680,000            
   LTPP        304,167  1,216,668  2,433,336            
   RSU  08/01/2016  06/29/2016           45,424        4,000,037
   OPT  08/01/2016  06/29/2016              56,402  88.06  838,134
   PBRSU  08/01/2016  06/29/2016           13,817        1,216,725
Rob ten Hoedt  MIP        127,078  762,469  1,524,937            
   LTPP        191,667  766,668  1,533,336            
   RSU  08/01/2016  06/29/2016           11,356        1,000,009
   OPT  08/01/2016  06/29/2016              35,961  88.06  534,380
   PBRSU  08/01/2016  06/29/2016           8,707        766,739
Gary L. Ellis  MIP        183,000  1,098,000  2,196,000            
   LTPP        364,584  1,458,334  2,916,668            
   OPT  08/01/2016  06/29/2016              67,379  88.06  1,001,252
   PBRSU  08/01/2016  06/29/2016           16,561        1,458,362

 

MIP = Annual performance-based plan award granted under the Medtronic Incentive Plan

 

LTPP = Long-term performance plan award granted under the Medtronic plc Amended and Restated 2013 Stock Award and Incentive Plan

 

OPT = Nonqualified stock options granted under the Medtronic plc Amended and Restated 2013 Stock Award and Incentive Plan

 

PBRSU = Performance-based restricted stock unit granted under the Medtronic plc Amended and Restated 2013 Stock Award and Incentive Plan

 

RSU = Restricted stock unit granted under the Medtronic plc Amended and Restated 2013 Stock Award and Incentive Plan  

 

Estimated Future Payouts Under Non-Equity Incentive Plan Awards

 

Amounts in these columns represent 2017 MIP at threshold, target and maximum performance and future cash payments under the FY2017-FY2019 LTPP. The LTPP provides for annual grants that are earned over a three-year period. Earned payouts under the LTPP can range from 25% to 200% of the target grant based on the Company’s performance relative to the following metrics: three-year cumulative compounded annual revenue growth rate and ROIC (12-month non-GAAP earnings after the removal of after-tax impact of amortization and excluding non-recurring items, plus interest expense net of tax all divided by Total Equity plus Interest-Bearing Liabilities less Cash and Cash Equivalents for each year averaged over the three-year period). Earned payouts under the MIP for each individual performance measure (annual revenue growth, diluted EPS, and cash flow indicator) can range from 50% to 200% of the target grant based on Company performance and

 

MEDTRONIC PLC   2017 Proxy Statement    53

 
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