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  <TITLE> Cyberonics, Inc. (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	June 7, 2006
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  	Cyberonics, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	000-19806
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  	76-0236465
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	100 Cyberonics Blvd., Houston, Texas
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  	77058
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
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  	Registrant&#146;s telephone number, including area code:
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  	2812287200
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  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:</FONT>
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  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  Compensation of Executive Officers. <br><br>As part of its overall compensation program for its executive officers, Cyberonics, Inc. (the "Company") provides performance incentives under annual bonus and overachievement bonus plans.  These plans are described generally in the employment agreements for the executive officers, which are on file with the Securities and Exchange Commission.<br><br>Bonuses.  On June 7, 2006, the Compensation Committee of the Company&#x2019;s Board of Directors (the "Committee") approved bonuses for the Company&#x2019;s executive officers, exclusive of the Chief Executive Officer, for fiscal year 2006 determined according to a formula approved by the Committee at the outset of fiscal year 2006.  The bonus formula included three factors, each weighted by a predetermined amount, as follows: (1) corporate achievement of actual gross sales versus targeted gross sales, (2) corporate achievement of actual earnings per share versus targeted earnings per share, and (3) individual achievement of individual and department management objectives.  Individual achievement for an executive officer is measured by comparing his or her performance against objectives related to the corporate functions for which each executive officer is responsible.  The Committee determined that corporate sales and earnings failed to meet the targets established at the outset of the fiscal year and awarded bonuses solely based on achievement of individual objectives.  The bonus formula for the Company&#x2019;s Chief Executive Officer as established by the Committee at the outset of fiscal year 2006 is determined according to a formula based solely on corporate achievement of factors (1) and (2) described above.  Accordingly, the Committee did not award a bonus to the Company&#x2019;s Chief Executive Officer.  On June 7, 2006, the Committee also approved a formula for calculation of bonuses for fiscal year 2007 for each of the Company&#x2019;s executive officers, including the Chief Executive Officer.  The fiscal year 2007 bonus formula includes three factors, each weighted by a predetermined amount, as follows: (1) corporate achievement of actual gross sales versus targeted gross sales, (2) corporate achievement of actual earnings per share versus targeted earnings per share, and (3) individual achievement of individual and department management objectives.  The formula further includes a provision giving partial credit for achievement of at least 85% or more of the sales and earnings targets.<br><br>Overachievement Bonuses.  Also on June 7, 2006, the Committee determined that the Company&#x2019;s executive officers did not earn an overachievement bonus for fiscal year 2006 according to the formula approved by the Committee at the outset of fiscal year 2006.  The bonus formula included two factors, each weighted by a predetermined amount, as follows:  (1) corporate achievement of actual gross sales versus targeted gross sales, and (2) corporate achievement of actual earnings per share versus targeted earnings per share. The bonus formula for the Company&#x2019;s Chief Executive Officer included, in addition to the two factors recited above, corporate achievement of actual cash versus targeted cash.   On June 7, 2006, the Committee also approved the methodology for the award of overachievement bonuses for fiscal year 2007 for each of the Company&#x2019;s executive officers, including the Chief Executive Officer, as being solely within the discretion of the Committee, taking into account the Company&#x2019;s overall financial performance and market capitalization.<br><br>Annual Long-Term Equity Incentive Grants.  Also on June 7, 2006, the Committee determined that it would award no restricted share or other equity grants to any of the Company&#x2019;s executive officers.<br><br>Base Salaries.  Also on June 7, 2006, the Committee determined that it would make no changes in the base salary of the Company&#x2019;s executive officers for fiscal year 2007.<br><br>The bonus amounts approved by the Committee for each of the Company&#x2019;s executive officers is as follows: <br><br>Robert P. Cummins<br>Chairman of the Board,<br>President and Chief Executive<br>Officer<br>$0		<br><br>Pamela B. Westbrook<br>Vice President, Finance and <br>Administration and Chief <br>Financial Officer<br>$37,500		<br><br>Michael A. Cheney<br>Vice President of Marketing<br>and Managing Director of the <br>Depression Business Unit<br>$40,000		<br><br>W. Steven Jennings<br>Vice President, Sales<br>$32,500		<br><br>Richard Rudolph<br>Vice President, Clinical and <br>Medical Affairs and Chief<br>Medical Officer<br>$37,500<br>	<br>George Parker<br>Vice President of Human <br>Resources<br>$27,313		<br><br>Shawn P. Lunney<br>Vice President, Marketing<br>$32,500<br><br>Randal L. Simpson<br>Vice President, Operations<br>$30,000		<br><br>David S. Wise<br>Vice President, General <br>Counsel and Secretary<br>$31,875		<br>
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  	SIGNATURES
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  	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.
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  	Cyberonics, Inc.
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  	June 14, 2006
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  	David S. Wise
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  	Name: David S. Wise
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  	Title: Secretary
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_13167.htm", "description": "LIVE FILING", "secsgml_size_bytes": 13134}]
metadata_filer: {"company-data": {"conformed-name": "CYBERONICS INC", "cik": "0000864683", "assigned-sic": "3845", "irs-number": "760236465", "state-of-incorporation": "DE", "fiscal-year-end": "0430"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-19806", "film-number": "06904844"}, "business-address": {"street1": "100 CYBERONICS CENTER BLVD", "street2": "SUITE 600", "city": "HOUSTON", "state": "TX", "zip": "77058", "phone": "(281) 228-7200"}, "mail-address": {"street1": "100 CYBERONICS  BLVD", "street2": "SUITE 600", "city": "HOUSTON", "state": "TX", "zip": "77058"}}
text: Cyberonics, Inc. (Form: 8-K)
  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):
  June 7, 2006
  Cyberonics, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  000-19806
  76-0236465
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  100 Cyberonics Blvd., Houston, Texas
  77058
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  2812287200
  Not Applicable
  ______________________________________________
  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:
  [  ]  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))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  Compensation of Executive Officers.
  As part of its overall compensation program for its executive officers, Cyberonics, Inc. (the "Company") provides performance incentives under annual bonus and overachievement bonus plans.  These plans are described generally in the employment agreements for the executive officers, which are on file with the Securities and Exchange Commission.
  Bonuses.  On June 7, 2006, the Compensation Committee of the Company's Board of Directors (the "Committee") approved bonuses for the Company's executive officers, exclusive of the Chief Executive Officer, for fiscal year 2006 determined according to a formula approved by the Committee at the outset of fiscal year 2006.  The bonus formula included three factors, each weighted by a predetermined amount, as follows: (1) corporate achievement of actual gross sales versus targeted gross sales, (2) corporate achievement of actual earnings per share versus targeted earnings per share, and (3) individual achievement of individual and department management objectives.  Individual achievement for an executive officer is measured by comparing his or her performance against objectives related to the corporate functions for which each executive officer is responsible.  The Committee determined that corporate sales and earnings failed to meet the targets established at the outset of the fiscal year and awarded bonuses solely based on achievement of individual objectives.  The bonus formula for the Company's Chief Executive Officer as established by the Committee at the outset of fiscal year 2006 is determined according to a formula based solely on corporate achievement of factors (1) and (2) described above.  Accordingly, the Committee did not award a bonus to the Company's Chief Executive Officer.  On June 7, 2006, the Committee also approved a formula for calculation of bonuses for fiscal year 2007 for each of the Company's executive officers, including the Chief Executive Officer.  The fiscal year 2007 bonus formula includes three factors, each weighted by a predetermined amount, as follows: (1) corporate achievement of actual gross sales versus targeted gross sales, (2) corporate achievement of actual earnings per share versus targeted earnings per share, and (3) individual achievement of individual and department management objectives.  The formula further includes a provision giving partial credit for achievement of at least 85% or more of the sales and earnings targets.
  Overachievement Bonuses.  Also on June 7, 2006, the Committee determined that the Company's executive officers did not earn an overachievement bonus for fiscal year 2006 according to the formula approved by the Committee at the outset of fiscal year 2006.  The bonus formula included two factors, each weighted by a predetermined amount, as follows:  (1) corporate achievement of actual gross sales versus targeted gross sales, and (2) corporate achievement of actual earnings per share versus targeted earnings per share. The bonus formula for the Company's Chief Executive Officer included, in addition to the two factors recited above, corporate achievement of actual cash versus targeted cash.   On June 7, 2006, the Committee also approved the methodology for the award of overachievement bonuses for fiscal year 2007 for each of the Company's executive officers, including the Chief Executive Officer, as being solely within the discretion of the Committee, taking into account the Company's overall financial performance and market capitalization.
  Annual Long-Term Equity Incentive Grants.  Also on June 7, 2006, the Committee determined that it would award no restricted share or other equity grants to any of the Company's executive officers.
  Base Salaries.  Also on June 7, 2006, the Committee determined that it would make no changes in the base salary of the Company's executive officers for fiscal year 2007.
  The bonus amounts approved by the Committee for each of the Company's executive officers is as follows:
  Robert P. Cummins
  Chairman of the Board,
  President and Chief Executive
  Officer
  $0
  Pamela B. Westbrook
  Vice President, Finance and
  Administration and Chief
  Financial Officer
  $37,500
  Michael A. Cheney
  Vice President of Marketing
  and Managing Director of the
  Depression Business Unit
  $40,000
  W. Steven Jennings
  Vice President, Sales
  $32,500
  Richard Rudolph
  Vice President, Clinical and
  Medical Affairs and Chief
  Medical Officer
  $37,500
  George Parker
  Vice President of Human
  Resources
  $27,313
  Shawn P. Lunney
  Vice President, Marketing
  $32,500
  Randal L. Simpson
  Vice President, Operations
  $30,000
  David S. Wise
  Vice President, General
  Counsel and Secretary
  $31,875
  Top of the Form
  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.
  Cyberonics, Inc.
  June 14, 2006
  By:
  David S. Wise
  Name: David S. Wise
  Title: Secretary