Covidien plc 8-K 2007
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): December 6, 2007
(Exact Name of Registrant as Specified in Charter)
131 Front Street
Hamilton, HM 12 Bermuda
(Address of Principal Executive Offices, including Zip Code)
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
(e) Compensatory Arrangements of Certain Officers
Approval of Annual Incentive Cash Bonus Payments for Fiscal 2007
On December 6, 2007, the Compensation and Human Resources Committee (the Committee) of the Board of Directors of Covidien Ltd. (the Company) approved the payment of incentive cash bonus awards pursuant to the Companys Annual Incentive Plan, which, as applied to our executive officers, is authorized pursuant to our 2007 Stock and Incentive Plan. Performance measures and weightings for fiscal 2007 were operating income (50%) and free cash flow (50%) for executive officers who provide services to the entire company. For Jose Almeida, who is the President of our Medical Devices business segment, performance measures and weighting for fiscal 2007 were operating income (10%), free cash flow (50%) and operating income of the Medical Devices segment (40%).
Payouts of 2007 incentive cash bonus awards were approved as follows:
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.