ArthroCare Corp. has created a $15 million “transition incentive plan” to help retain employees as the Austin medical device company goes through the process of finalizing its possible acquisition by British medical technology developer Smith & Nephew PLC. In a filing with the U.S. Securities and Exchange Commission, ArthroCare explains its plan in a series of form letters for salaried employees and sales staff, who are eligible for a series of bonuses if they remain with the company for 60 days after the deal closes. On Feb. 3, the company announced its agreement to be acquired by Smith & Nephew for $1.7 billion, at a price of $48.25 per share. ArthroCare is Austin’s largest medical device business and reported $377.9 million in revenue for 2013.
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