LivaNova Plc: Resignation of Chief Financial Officer
31 March 2017
LivaNova Plc – Resignation of Chief Financial Officer
On 29 March 2017, Vivid Sehgal, a person discharging managerial responsibility, resigned his position as Chief Financial Officer of LivaNova Plc (“LivaNova”), effective on 31 May 2017, to pursue other opportunities. LivaNova has commenced a search for Mr. Sehgal’s successor. Mr. Sehgal will make himself available after 31 May 2017, if needed, to support the transition of his responsibilities to his successor.
On 30 March 2017, the Compensation Committee of LivaNova’s Board of Directors approved the following compensation in connection with Mr. Sehgal’s separation in exchange for a release of claims and his cooperation with the transition of his responsibilities: (i) four months of base salary, or £106,667 ($133,754) ; (ii) four months of supplemental pension contribution, or £28,000 ($35,110); (iii) four months of car allowance, or £4,400 ($5,517); (iv) five months of his 2017 target bonus, or £100,000 ($125,394); (v) seven months of supplemental health insurance coverage (through December 31, 2017) for him and his family, or approximately £42,000 ($52,666); (vi) legal fees for his solicitor not to exceed £10,000 ($12,539); and (vii) accelerated vesting of 5,208 service-based restricted stock units that otherwise would have vested in March 2018. In addition, Mr. Sehgal will be entitled to payment of his bonus for 2016 in the amount of £192,000 ($240,756).
LivaNova PLC is a global medical technology company built on nearly five decades of experience and a relentless commitment to improve the lives of patients around the world. LivaNova’s advanced technologies and breakthrough treatments provide meaningful solutions for the benefit of patients, healthcare professionals and healthcare systems. Headquartered in London and with a presence in more than 100 countries worldwide, the company employs more than 4,500 employees.
LivaNova operates as three business franchises: Cardiac Surgery, Neuromodulation and Cardiac Rhythm Management, with operating headquarters in Mirandola (Italy), Houston (U.S.A.) and Clamart (France), respectively.
For more information, please visit www.livanova.com or contact:
Phone: +44 (0) 203 325 0662
Vice President, Investor Relations & Corporate Communications
Phone: +1 (281) 228-7262