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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 28, 2006
(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 (IRS Employer Identification No.)
of 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 Tuesday, February 28, 2006, ATS Medical, Inc. (the "Company") paid
annual cash incentive awards to its executive officers under the ATS Medical
2005 Management Incentive Compensation Plan (the "Plan"). The Plan was adopted
by the Personnel and Compensation Committee of the Board of Directors of ATS
Medical, Inc. (the "Committee") in early 2005. Under the Plan each participant's
bonus for 2005 was 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. Based on this review the
Committee determined to award the following bonuses under the Plan for 2005 to
its executive officers:
NAME AND PRINCIPAL
POSITION 2005 BONUS
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Michael D. Dale $77,788
President and
Chief Executive Officer
John R. Judd $24,143
Chief Financial Officer
Richard A. Curtis $54,916
Vice President, Marketing and
Business Development
Marc R. Sportsman $61,484
Vice President, Sales
Maria T. Ajamil
Vice President, International Markets $51,296
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: March 1, 2006