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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): February 16, 2007
POSSIS MEDICAL, INC.
(Exact name of registrant as specified in its charter)
Minnesota 0-944 41-0783184
(State or other jurisdiction (Commission File Number) (IRS Employer
Identification No.) of incorporation)
9055 Evergreen Boulevard NW, Minneapolis, MN 55433-8003
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 763-780-4555
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))
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.
The Company maintains an Incentive Compensation Program for its officers and
other key management and technical employees that specifies target cash bonus,
stock option and restricted stock awards based on corporate and individual
performance as measured against specified fiscal year goals and objectives. The
actual awards are calculated following a performance assessment conducted at
fiscal year end. The Compensation Committee of the Company's Board of Directors,
at its August 15, 2006 meeting, set fiscal year 2007 cash bonus targets for the
Company's officers but did not set stock option or restricted stock award
targets. At its February 16, 2007 meeting, the Committee finalized stock option
and restricted stock award targets for fiscal year 2007 for the Company's
executive officers as follows:
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Name and Title Fiscal Year 2007 Fiscal Year 2007
Target Stock Target Restricted
Option Award Stock Award
(# Shares) ($ Shares)
- -------------------------------------------------------------------------
Robert G. Dutcher, 37,500 81,187
Chairman, CEO, and President
- -------------------------------------------------------------------------
Irving R. Colacci, 17,300 49,795
VP, Legal Affairs & HR,
General Counsel and
Secretary
- -------------------------------------------------------------------------
James G, Gustafson, VP, 17,300 49,795
Research, Development &
Engineering
- -------------------------------------------------------------------------
Robert J. Scott, 17,300 49,795
VP, Manufacturing and IT
- -------------------------------------------------------------------------
Shawn F. McCarrey, 17,300 49,795
VP, Worldwide Sales & Marketing
- -------------------------------------------------------------------------
Jules L. Fisher, 17,300 49,795
VP, Finance and CFO
- -------------------------------------------------------------------------
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.
Possis Medical, Inc.
--------------------
(Registrant)
Date: February 21, 2007
By: /s/ Irving R. Colacci
-------------------------------------------------
Irving R. Colacci
Vice President, Legal Affairs & Human Resources,
General Counsel and Secretary