Deferred Compensation Plans

9 Months Ended

Jan. 25, 2013

Deferred Compensation Arrangements [Abstract]

Compensation and Employee Benefit Plans [Text Block]

Note 13. Deferred Compensation Plans

We sponsor the Cyberonics, Inc. Employee Retirement Savings Plan (the “Savings Plan”), which is a defined contribution plan intended to qualify under Section 401(a) of the Internal Revenue Code (“IRC”). The Savings Plan is designed to provide eligible employees with an opportunity to make regular contributions into a long-term investment and savings program. Substantially all U.S. employees are eligible to participate in the Savings Plan beginning with the first quarterly open enrollment date following the start of their employment. We offer a discretionary match of up to 50% of employees’ contributions, which can be up to 6% of eligible earnings, subject to a five-year vesting period.

Effective as of January 1, 2013, we initiated the Cyberonics, Inc. Nonqualified Deferred Compensation Plan (the “Deferred Compensation Plan”), which is an unfunded arrangement intended to be exempt from the requirements of Title I of the Employee Retirement Income Security Act of 1974 and in compliance with Section 409A of the IRC.  As part of our overall compensation program, the Deferred Compensation Plan provides a select group of management or highly compensated employees an opportunity to defer up to 50% of their annual base salary and commissions and 100% of their bonus or performance-based compensation until the earlier of (i) termination of employment or (ii) an elected distribution date.