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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: FEBRUARY 21, 2005
(date of earliest event reported)
ATS MEDICAL, INC.
(Exact name of registrant as specified in its charter)
Commission File Number: 0-18602
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MINNESOTA 41-1595629
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation)
3905 ANNAPOLIS LANE, SUITE 105
MINNEAPOLIS, MINNESOTA 55447
(Address of Principal Executive Offices)
(763) 553-7736
(Registrant's telephone number, including area code)
NOT APPLICABLE
(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:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On February 21, 2005, the Personnel and Compensation Committee of the
Board of Directors of ATS Medical, Inc. (the "Company") met to review the
performance of the Company and its executive officers for 2004 and to determine
the annual cash incentive awards to be paid to the Company's executive officers
for 2004 under the ATS Medical Management Incentive Compensation Plan (the
"Plan"). The Plan was adopted by the Committee in early 2004. Under the Plan
each participant's bonus for 2004 is determined based on achievement of a
combination of individual goals and company performance goals approved by the
Committee. After the end of the year and subject to the completion of the annual
audit for that year the Committee reviews each individual's performance and the
Company's performance as compared to the applicable goals, taking into account
any unanticipated developments that occurred during the year and may have
affected the achievability of the individual and Company performance goals.
Based on this review the Committee determined to award the following bonuses
under the Plan for 2004 to its executive officers:
NAME AND PRINCIPAL
POSITION 2004 BONUS
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Michael D. Dale $ 102,384
President and
Chief Executive Officer
John R. Judd $ 36,972
Chief Financial Officer
Richard A. Curtis $ 42,611
Vice President, Marketing and
Business Development
Marc R. Sportsman $ 83,276
Vice President, Sales
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.
ATS MEDICAL, INC.
By: /s/ John R. Judd
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John R. Judd
Chief Financial Officer
Date: February 25, 2005