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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 (Date of earliest event reported) May 26, 2006
HAEMONETICS CORPORATION
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(Exact name of registrant as specified in its charter)
Massachusetts 1-10730 04-2882273
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
400 Wood Road 02184
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 781-848-7100
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(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):
[ ] 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 May 26, 2006 the independent Directors of Haemonetics Corporation (the
"Company"), including all members of the Compensation Committee, approved a 4%,
$20,000, merit increase for Brad Nutter in his base compensation. His new base
compensation is $520,000. His target bonus eligibility will also increase
accordingly to $520,000.
70% of Mr. Nutter's potential cash bonus is solely dependent upon the
achievement of stated corporate financial targets for revenue and operating
income for the fiscal year 2007, with the opportunity for an over achievement
payment for financial performance in excess of the targets, in accordance with a
predetermined schedule approved by the Compensation Committee at the beginning
of the fiscal year. 30% of Mr. Nutter's potential cash bonus is dependent on his
achievement of individual performance objectives. There were no other changes to
Mr. Nutter's compensation. The Board's decision considered Mr. Nutter's
outstanding performance.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
None
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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.
HAEMONETICS CORPORATION
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(Registrant)
Date: June 2, 2006 /s/ Ronald J. Ryan
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Ronald J. Ryan, Vice President
and Chief Financial Officer
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