Delaware (State or other jurisdiction of incorporation or organization) |
000-51567 (Commission File Number) |
04-3454702 (I.R.S. Employer Identification No.) |
439 S. Union St, 5th Floor, Lawrence, MA (Address of principal executive offices) |
01843 (Zip Code) |
| Approved awards under the Companys 2010 Short Term Incentive Plan (2010 STI Awards), authorized the implementation of a 2011 Short Term Incentive Plan and set threshold to outstanding bonus awards for the 2011 fiscal year under the 2011 Short Term Incentive Plan (2011 Target STI Awards); and | ||
| Approved awards under the Companys 2010 Performance Share Plan (2010 Performance Share Awards). |
2011 Target STI | ||||||||||||||||||||||
2010 STI | Awards (as a % | |||||||||||||||||||||
Award | 2010 | of 2011 Base | ||||||||||||||||||||
Paid in | Performance | Salary) | ||||||||||||||||||||
Named | Shares of | Share Award | (Threshold to | |||||||||||||||||||
Executive | 2010 Base | 2011 Base | Common | Vesting Over | Outstanding Award | |||||||||||||||||
Officer | Title | Salary | Salary | Stock (2) | Three Years (3) | Levels) (4) | ||||||||||||||||
Jeffrey H. Burbank | President & Chief
Executive Officer |
$ | 396,000 | 396,000 | 21,515 | 107,306 | 37.5% - 112.5 | % | ||||||||||||||
Robert S. Brown | Senior Vice
President & Chief
Financial Officer |
$ | 268,000 | 268,000 | 7,766 | 35,945 | 20%-60 | % | ||||||||||||||
Joseph E. Turk, Jr. | President, North
America |
$ | 285,000 | (1) | 285,000 | 10,247 | 35,945 | 25%-75 | % | |||||||||||||
Winifred L. Swan | Senior Vice
President and
General Counsel |
$ | 268,000 | 268,000 | 6,795 | 35,945 | 17.5%-52.5 | % | ||||||||||||||
Michael J. Webb | Senior Vice
President, Quality
Assurance/
Regulatory Affairs |
$ | 235,000 | $ | 235,000 | 3,830 | 28,016 | 12.5%-37.5 | % |
(1) | On December 15, 2010, Mr. Turks base salary was increased from $268,000 to $285,000 in connection with his promotion to President, North America. No other changes to executive base compensation were made from 2010 to 2011. |
(2) | In March 2010, the Compensation Committee established the 2010 Corporate Bonus Plan with the amount of awards to be determined based upon the satisfaction of 2010 revenue and cash consumption targets. On March 8, 2011, the Compensation Committee awarded the bonus awards set forth in the table above based on its evaluation of the achievement of the performance criteria established for the 2010 Corporate Bonus Plan. 2010 Bonus Awards reflect performance between the stretch and outstanding combined performance criteria under the Plan. 2010 Bonus Awards were awarded in the form of Company common stock to executives. | |
(3) | In March 2010, the Compensation Committee established the 2010 Performance Share Plan with the amount of awards to be determined based upon the satisfaction of 2010 revenue and cash consumption targets. On March 8, 2010, the Compensation Committee awarded the performance shares set forth in the table above based on its evaluation of the achievement of the performance criteria established for the 2010 Performance Share Plan. 2010 Performance Share Awards reflect performance between the stretch and outstanding combined performance criteria under the Plan. 2010 Performance Share Awards vest 33 1/3rd% on the date of grant on March 8, 2011, with the balance vesting in two equal installments on December 31, 2011 and December 31, 2012. | |
(4) | No changes were made to target STI target award levels for executive officers as a percentage of base salary for 2011. |
NxStage Medical, Inc. |
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Date: March 11, 2011 | By: | /s/ Jeffrey H. Burbank | ||
Jeffrey H. Burbank | ||||
Chief Executive Officer | ||||