SEC Filings

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

a quality compliance modifier performance threshold as described on page 42 of this proxy statement. The threshold payout levels described above reflect threshold performance achievement for one performance metric in the respective LTPP and MIP. The maximum dollar value that may be paid to any participant in qualified performance-based awards denominated in cash in any fiscal year is $20 million for the Chief Executive Officer and $10 million for each other participant. Both the MIP and LTPP have separate diluted EPS goals.

 

Estimated Future Payouts Under Equity Incentive Plan Awards

 

Amounts in this column represent grants of performance-based restricted stock units (PBRSUs). PBRSUs vest 100% on the third anniversary of the date of grant provided Medtronic achieves a minimum three-year cumulative diluted EPS threshold growth rate. However, the PBRSU grant to Ms. Parkhill on June 20, 2016, in connection with her hiring will vest ratably over three years (1/3 on each of the first, second and third anniversaries of the grant date), provided Medtronic achieves a minimum EPS threshold for each fiscal year during the vesting period. Unvested PBRSUs receive dividend equivalent units (DEUs), which are credited and added to the share balance. DEUs are only paid to the extent the underlying PBRSUs are earned. This column also includes restricted stock units (RSUs) granted to Messrs. Coyle, Hanson and ten Hoedt on August 1, 2016 for retention purposes. RSU grants will vest in three years.

 

All Other Option Awards/Exercise or Base Price of Option Awards

 

The exercise or base price of the stock option grant represents the closing market price of Medtronic ordinary shares on the date of grant. Option awards vest 25% on each anniversary of the date of grant over a four-year period.

 

Grant Date Fair Value of Stock and Option Awards

 

This column represents the grant date fair value of each equity award granted in Fiscal Year 2017 computed in accordance with FASB ASC Topic 718, Compensation — Stock Compensation. For a discussion of the assumptions used in calculating the amount recognized for stock options granted on August 1, 2016 see page 51 of this proxy statement. Additional information regarding the assumptions used to calculate these amounts are incorporated by reference to Note 14 to the Company’s Form 10-K for Fiscal Year 2017.

 

2017 Outstanding Equity Awards at Fiscal Year End

 

The table below reflects all outstanding equity awards made to each of the NEOs that were outstanding at the end of Fiscal Year 2017. The market or payout value of unearned shares, units or other rights that have not vested equals $83.09, which was the closing price of Medtronic’s ordinary shares on the New York Stock Exchange on April 28, 2017, and for performance-based restricted stock units and for performance share plan awards presumes that the target performance goals are met.

 

   Option Awards  Stock Awards
      Number of Securities
Underlying Unexercised
Options (#)
           Shares or Units of
Stock That Have
Not Vested
  Equity Incentive Plan
Awards: Unearned
Shares, Units or Other
Rights That Have
Not Vested
Name  Option
Grant Date
  Exercisable  Unexercisable  Option
Exercise Price
($)
  Option
Expiration
Date
  Grant
Date
  Number
(#)
(1)  Market
Value
($)
  Number
(#)
(1)  Market or
Payout Value
Omar Ishrak  07/30/2012  215,338  0  38.81  07/30/2022  07/28/2014        58,858     4,890,511
   07/29/2013  166,323  55,442  55.32  07/29/2023  08/03/2015        57,607  4,786,566
   07/28/2014  111,536  111,537  62.76  07/28/2024  08/01/2016        51,936  4,315,362
   08/03/2015  55,555  166,668  78.00  08/03/2025               
   08/01/2016  0  204,407  88.06  08/01/2026               
Karen L. Parkhill  08/01/2016  0  45,424  88.06  08/01/2026  06/20/2016  53,200  4,420,388      
   08/01/2016  0  1,136  88.06  08/01/2026  08/01/2016        11,542  959,025
Michael J. Coyle  02/01/2010  23,175  0  43.15  02/01/2020  07/28/2014        15,001  1,246,433
   08/02/2010  70,984  0  37.53  08/02/2020  08/03/2015        16,175  1,343,981
   08/01/2011  84,060  0  34.88  08/01/2021  08/01/2016        15,774  1,310,662
   07/30/2012  75,548  0  38.81  07/30/2022  08/01/2016  46,166  3,835,933      
   10/29/2012  2,404  0  41.60  10/29/2022               
   07/29/2013  41,580  13,861  55.32  07/29/2023               
   07/29/2013  1,356  452  55.32  07/29/2023               
   07/28/2014  28,426  28,426  62.76  07/28/2024               
   07/28/2014  797  797  62.76  07/28/2024               
   08/03/2015  15,598  46,796  78.00  08/03/2025               
   08/03/2015  320  963  78.00  08/03/2025               
   08/01/2016  0  62,079  88.06  08/01/2026               
   08/01/2016  0  1,136  88.06  08/01/2026               

 

MEDTRONIC PLC   2017 Proxy Statement    54

 
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