Exhibit 10.96
CATALYST SEMICONDUCTOR,
INC.
Fiscal 2006 Executive Bonus
Plan
The Company’s executive
compensation philosophy is to pay a combination of base salary and
bonuses that are in aggregate competitive to market rates and to
reward executives for corporate financial performance and the
achievement of individual personal goals important to implementing
the corporate operating or strategic plans.
Outline of 2006 Executive Bonus
Plan:
1.
The executive bonus pool is
determined based upon a formula established by the Compensation
Committee that measures the Company’s ROE, net income and
total revenue and is subject to the discretion of the compensation
committee. Aggregate annual bonuses under the executive bonus
pool will be targeted at 50% of each executive’s annual base
salary (65% in the case of the chief executive officer) and,
depending upon the Company’s performance and any
discretionary adjustments by the Compensation Committee, will be
capped at 100% of each executive’s annual base salary (130%
in the case of the chief executive officer).
2.
Bonuses to each executive are to be
paid quarterly based on the Company’s cumulative performance
through each quarter and are subject to adjustment at the
discretion of the Compensation Committee.
3.
The maximum quarterly bonus will be
based upon the following percentages of the estimated total annual
payments based upon cumulative performance: 12% for the fiscal
first quarter, 15% for the fiscal second quarter, 23% for the
fiscal third quarter and 50% for the fiscal fourth
quarter.
Other Provisions of the Plan:
1. Executives who work less than
full-time may be eligible to receive prorated bonuses at the
discretion of the Compensation Committee.
2. To be eligible to receive a bonus,
executives must
