Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On February 28, 2018, the Compensation Committee of the Board of Directors (the Compensation Committee) of Bruker Corporation (the Company) approved 2018 cash incentive plans for the Companys executive officers, including certain of the currently serving named executive officers as defined in Item 402 of Regulation S-K under the Securities Act of 1933, as amended, under the Companys 2018 Short-Term Incentive Compensation Program (the 2018 Short-Term ICP), pursuant to which the Companys executive officers and management personnel may be awarded cash incentive bonuses based on Company and individual performance in 2018.
The 2018 short-term incentive award target levels, as well as 2018 base salaries, approved for the Companys current executive officers are as set forth below:
Executive Officer(1)
|
|
Title
|
|
2018 Base
Salary
|
|
2018 Short-
Term
Incentive
Award
Target
|
|
2018
Short-Term
Incentive
Award Target
as % of Base
Salary
|
|
Frank H. Laukien, Ph.D.
|
|
President and Chief Executive Officer
|
|
$736,450
|
|
$1,031,130
|
|
140.0%
|
|
Mark R. Munch, Ph.D.
|
|
Executive Vice President and President, Bruker Nano Group and Bruker Nano, Inc.
|
|
$556,432
|
|
$347,770
|
|
62.5%
|
|
Juergen Srega
|
|
President, Bruker CALID Group
|
|
$413,702
|
(2)
|
$237,879
|
(2)
|
57.5%
|
|
Burkhard Prause, Ph.D.
|
|
President and Chief Executive Officer, Bruker Energy & Supercon Technologies, Inc. (BEST)
|
|
$318,283
|
(3)
|
$183,013
|
(3)
|
57.5%
|
|
(1)
As previously reported in the Companys Current Report on Form 8-K filed with the Securities and Exchange Commission on February 21, 2018, Mr.
Anthony L. Mattacchione, the Companys Chief Financial Officer and Senior Vice President and a named executive officer, resigned from his employment with the Company, effective March 16, 2018. Accordingly, no 2018 cash incentive plan was approved for Mr. Mattacchione.
(2)
Represents U.S. Dollar value of Mr. Sregas 2018 base salary of 336,562 and incentive award target of 193,523, respectively, based on a conversion rate of 1:$1.2292 as of February 27, 2018.
(3)
Represents U.S. Dollar value of Dr. Prauses 2018 base salary of 258,935 and incentive award target of 148,888, respectively, based on a conversion rate of 1:$1.2292 as of February 27, 2018.
The 2018 Short-Term ICP provides that quantitative financial factors will provide 70% of total cash incentive award potential for each of the named executive officers, with the remaining 30% allocated to individual qualitative factors established by the Compensation Committee.
The quantitative portion of the cash incentive award to Dr. Laukien will be determined based on achievement of specified 2018 performance goals allocated to the following corporate financial objectives: currency-adjusted organic revenue growth, non-GAAP operating profit improvement, non-GAAP earnings per share growth and reduction in the Companys working capital ratio.
2