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AMENDED AND RESTATED 2007 EMPLOYEE BONUS PLAN

Employee Bonus Plan Agreement

AMENDED AND RESTATED 2007 EMPLOYEE BONUS PLAN | Document Parties: AVID TECHNOLOGY INC You are currently viewing:
This Employee Bonus Plan Agreement involves

AVID TECHNOLOGY INC

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Title: AMENDED AND RESTATED 2007 EMPLOYEE BONUS PLAN
Governing Law: Massachusetts     Date: 4/17/2007
Industry: Computer Peripherals    

AMENDED AND RESTATED 2007 EMPLOYEE BONUS PLAN, Parties: avid technology inc
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EXHIBIT 10.1

 

AVID TECHNOLOGY, INC.

Avid Technology Park

One Park West

Tewksbury, MA 01876

 

AMENDED AND RESTATED 2007 EMPLOYEE BONUS PLAN

 

On April 16, 2007, the Board of Directors (the “Board” ) of Avid Technology, Inc. (the “Company” ) adopted this Amended and Restated 2007 Employee Bonus Plan (the “Plan” ).

 

PURPOSE OF THE PLAN

 

The purpose of this Plan is: (1) to advance the interests of the Company’s stockholders by enhancing the Company’s ability to attract, retain and motivate talented employees and (2) to reward employees for helping the Company to achieve certain financial goals for 2007, as well as for individual performance and contributions. Except where the context otherwise requires, the term “Company” includes any of the Company’s present or future parent or subsidiary corporations, as defined in Sections 424(e) or (f) of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder and any other business venture (including, without limitation, joint venture or limited liability company) in which the Company has a controlling interest, as determined by the Board.

ADMINISTRATION

The Plan is administered by the Board. The Board has the exclusive right to administer, interpret and decide any and all matters arising under or in connection with the Plan including, without limitation, the right to modify, amend, revoke or suspend the Plan at any time in its sole discretion. All decisions by the Board are made in the Board's sole discretion and shall be final and binding on all persons having or claiming any interest in the Plan. No director or person acting pursuant to the authority delegated by the Board will be liable for any action or determination relating to or under the Plan made in good faith.

 

To the extent permitted by applicable law, the Board may delegate to one or more executive officers of the Company such powers under the Plan as the Board may determine in its discretion, provided that the Board shall determine the bonus payout for each executive officer of the Company.

 

To the extent permitted by applicable law, the Board may delegate any or all of its powers under the Plan to one or more committees or subcommittees of the Board (each, a “Committee” ). All references in the Plan to the “Board” mean the Board or a Committee of the Board or the executive officer referred to in the immediately preceding paragraph to the extent that the Board's powers or authority under the Plan have been delegated to such Committee or executive officer.

 

1

 


ELIGIBILITY

 

All Company employees (other than temporary employees, employees hired after September 30, 2007, and employees who are covered by a sales compensation or commission-based plan) are eligible to participate in the Plan, including all of the Company’s executive officers. Eligible employees must be employed by the Company at the time awards are paid out under the Plan in order to receive an award, if any. Each eligible employee is deemed a “Participant” in the Plan.

 

BONUS PAYOUTS

 

For purposes of the Plan, all Participants are grouped into one of four business units: Corporate, Audio, Consumer or Video. All executive officers of the Company are included in the Corporate business unit.

 

A Participant’s bonus payout under the Plan is based on three factors:

 

(1) Target Award . The Target Award for a Participant is an amount between 5% and 140% of the Participant’s base salary, based on various factors (as determined by the Board for all executive officers, and by management for all other Participants), including the Participant’s role within the Company. The Target Award for a business unit is the sum of the Target Awards for all Participants in that business unit.

 

(2) Business Unit Performance . The Business Unit Performance component of a Participant’s bonus payout is an objective measurement of a business unit’s financial results based on operating profit.

 

 

For executive officers of the Company and all other Participants in the Corporate business unit, 100% of the Business


 
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