Labor OKs Abiomed Plan's Special Stock Payouts
Published Date: 9/17/2026
Notice
Summary
The Abiomed Retirement Savings Plan in Danvers, MA got a green light to hold special payments called contingent value rights (CVRs) tied to their Abiomed stock. This exemption, effective retroactively from November 15, 2022, means the Plan can legally receive up to $35 per share if certain goals are met, without breaking any rules. This move protects the Plan and its members while letting them benefit from these extra payments.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Retirement Plan Can Hold CVRs & Get Payments
The Abiomed Retirement Savings Plan is allowed to acquire and hold contingent value rights (CVRs) and to receive payments in connection with those CVRs, effective November 15, 2022. The CVRs provide the right to receive contingent payments of up to $35.00 per share of Abiomed common stock in cash, without interest and less any required withholding taxes. The Plan's Abiomed stock fund had a reported fair market value of $29,040,462.55 (including $27,621,947.20 in shares and $1,418,515.35 in cash).
J&J Covers Audit Costs for CVR Disputes
If Johnson & Johnson provides notice that a CVR milestone relating to net sales figures has not been met, holders of at least 35% of the CVRs may request an audit under the CVR Agreement. To the extent an audit is performed under that agreement, J&J must bear any audit-related costs and expenses that would otherwise be allocated to the Plan, regardless of the auditor's determinations.
Participant Record Access and Six-Year Retention
The Plan must keep records necessary to show compliance with the exemption for six (6) years from the date the exemption is published in the Federal Register and must make those records available during normal business hours to certain parties. The records are unconditionally available to employees or representatives of the Department of Labor or the IRS, Abiomed, plan fiduciaries, and any plan participant or their representative; publication date of the exemption in the Federal Register is September 17, 2026.
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