Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of
1934
Date
of Report (Date of earliest event reported)
|
October
24, 2007
|
HAEMONETICS
CORPORATION
|
(Exact
name of registrant as specified in its charter)
|
Massachusetts
|
1-10730
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04-2882273
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(I.R.S.
Employer
Identification
No.)
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400
Wood Road Braintree, MA
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02184
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(Address
of principal executive offices)
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(Zip
Code)
|
Registrant’s
telephone number, including area code
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781-848-7100
|
|
(Former
name or former address, if changed since last report.)
|
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):
|
o
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
o
Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Section
5 - Corporate Governance and Management
ITEM
5.02. DEPARTURE
OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS, APPOINTMENT OF CERTAIN
OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
At
its
meeting on October 24, 2007, the Compensation Committee of the Company’s Board
of Directors approved the grant of options and restricted stock units to the
following named executive officers. Both the options and restricted stock units
vest at the rate of 25% per year over the four years following the grant date.
Name
|
Number
of Securities Underlying Options Granted
|
Exercise
Price
|
Expiration
Date
|
Number
of Restricted Stock Units
|
Peter
Allen
|
18,213
|
$51.07
|
10/24/2014
|
1,138
|
Brian
Concannon
|
22,890
|
$51.07
|
10/24/2014
|
1,430
|
Bob
Ebbeling
|
18,879
|
$51.07
|
10/24/2014
|
1,179
|
Chris
Lindop
|
21,238
|
$51.07
|
10/24/2014
|
1,327
|
In
addition, on October 24, 2007, the Committee approved the grant of options
for
the purchase of an aggregate of 53,568 shares of the Company’s common stock and
granted 3,345 restricted stock units under the 2005 Long-Term Incentive
Compensation Plan to other executive officers. All such options and restricted
stock units vest at the rate of 25% per year over the 4 years following the
grant date. All of such options were granted at an exercise price of $51.07
per
share.
Each
option granted to named executive officers and other executive officers will
terminate on the earlier of the expiration by its terms on October 24, 2014,
or:
(i) three months after the employee ceases to be an employee of the Company;
or
(ii) two years after the employee ceases to be an employee of the Company due
to
retirement; and in each case can be exercised prior to termination only to
the
extent shares were vested at the time employment terminated. Restricted stock
units represent a fully paid up share in the Company’s Common Stock. The units
have resale restrictions until the required vesting service period passes.
If an
employee ceases to be an employee of the Company, all unvested restricted stock
units shall stop vesting on the last date of employment. In the event of the
death of the employee, any unvested options or restricted stock units would
immediately become fully vested, and in the case of options would be exercisable
until expiration on October 24, 2014. In the event of the disability of an
employee, options and restricted stock units would continue to vest, and in
the
case of options would be exercisable until expiration on October 24, 2014.
In
the event of a change of control, any unvested options or restricted stock
units
would immediately become fully vested.
SIGNATURES
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.
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HAEMONETICS
CORPORATION
|
|
(Registrant)
|
|
|
|
|
Date
October 31, 2007
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|
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/s/
Christopher J.
Lindop
|
|
Christopher
J. Lindop, Vice President and Chief Financial
Officer
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