Hawkins, who announced his retirement in December 2010, stayed on as the company searched for a replacement. He took on a consulting role in May 2011 after Medtronic announced a successor in former GE Healthcare (NYSE:GE) chief Omar Ishrak.
Hawkins had initially planned to leave the company in April 2011, but postponed his retirement as the search for his replacement proved more difficult that initially expected. He officially ceased being chairman and CEO on June 13, 2011, but remained a non-executive employee until April 17, 2012.
By October 2011, Hawkins had accepted a new position as CEO of Immucor, an in-vitro diagnostics maker headquartered in Norcross, Ga. That same month Hawkins was named to the FDA’s "entrepreneur in residence program," and in December he joined the board of directors at cardiac device maker Thoratec (NSDQ:THOR).
His employment agreement with Immucor includes an $800,000 base salary, and up to 200% of that in performance-based bonus pay. His employment period began October 17, 2011, according to Immucor regulatory filings.
Amid the search for a successor, Medtronic signed a separation agreement with Hawkins while he "assisted with the transition of responsibilities, key initiatives, and key relationships at the company," according to SEC filings.
The contract granted Hawkins a 2012 base salary of $1.25 million, the same amount he received in 2011, as well as $2.6 million in non-equity incentives and $4.1 million in "other compensation," which included his severance pay.
All told, Hawkins received more than $8 million for his contributions to Medtronic in 2012. He was not granted any new stock or options during that time, but he still beneficially owns about 2.1 million shares of common stock. All other listed directors and officers together, a group of about 19 individuals, beneficially hold about 2.8 million shares, according to proxy documents.
Upon his retirement, Hawkins received nearly 449,000 previously unvested options with an aggregate intrinsic value of about $2.2 million, as he may receive as many as 155,000 shares of performance-based restricted stock units collectively worth nearly $6.5 million, according to the filing.
Hawkins’ 2011 compensation package was worth about $5.5 million, including $3.6 million in cash.