Back to top

CELERA CORPORATION ANNUAL BONUS PLAN

Employee Bonus Plan Agreement

CELERA CORPORATION ANNUAL BONUS PLAN | Document Parties: Celera Corporation You are currently viewing:
This Employee Bonus Plan Agreement involves

Celera Corporation

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: CELERA CORPORATION ANNUAL BONUS PLAN
Governing Law: California     Date: 5/22/2009
Industry: Business Services     Sector: Services

CELERA CORPORATION ANNUAL BONUS PLAN, Parties: celera corporation
50 of the Top 250 law firms use our Products every day

Exhibit 10.1

CELERA CORPORATION ANNUAL BONUS PLAN

 

1.

Establishment and Purpose

The Celera Corporation Annual Bonus Plan (the “Plan”) is established effective as of May 19, 2009 (the “Effective Date”), in order to provide employees of Celera Corporation (the “Company”) and its subsidiaries with the opportunity to receive cash incentive awards based on the achievement of Company and individual performance goals. The Company believes that the Plan will enhance the incentive for participants to contribute materially to the growth of the Company, thereby benefiting the Company and its stockholders.

 

2.

Eligibility and Target Bonus

The Plan offers executives and employees of the Company and its subsidiaries (each, a “Participant”) an opportunity to earn additional compensation based on the achievement of Company and individual performance goals for the Company’s fiscal year (each, a “Plan Year”). For purposes of the Plan, an individual shall be eligible to participate in the Plan if he or she is reported on the payroll records of the Company or a subsidiary of the Company as a common law employee; provided, however, that an employee will not be eligible to participate in the Plan if he or she is a participant in another bonus or incentive plan maintained by Company or any subsidiary of the Company (excluding any equity-based incentive plan or any qualified retirement plan). Any individuals not treated as common law employees on the payroll records of the Company or a subsidiary of the Company shall not be eligible to participate in the Plan even if a determination is subsequently made by the Internal Revenue Service, other governmental agency, a court or other tribunal that such individuals are common law employees for any other purpose.

A Participant’s target bonus will be determined by multiplying his or her target bonus percentage against his or her eligible earnings for such Plan Year (such product, the “Target Bonus”). Each eligible position level is assigned a target bonus percentage, and actual target bonus percentages will be communicated to each Participant by his or her manager (or by the committee responsible for administering the Plan (the “Committee”)). The Committee shall be the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”), provided that the Chief Executive Officer of the Company (and/or such other officer(s) as the Compensation Committee shall designate) shall be the Committee for purposes of the last paragraph of Section 6 of the Plan solely with respect to employees other than executive officers of the Company. The Compensation Committee shall approve all bonus payments to executive officers.

Unless otherwise specified by the Committee, eligible earnings means (a) for a Participant who is an exempt employee, the Participant’s annual base salary, or (b) for a Participant who is eligible to receive overtime pay, the Participant’s hourly rate in effect on the first day of the Plan Year (or on the date of hire, if after that date) multiplied by the number of regularly scheduled work hours during the Plan Year (part-time employees) or 2,080 (full time employees), plus any overtime pay earned during the Plan Year.


3.

Company Goals

For each Plan Year, the Committee shall establish one or more performance goals for the Company (each, a “Company Goal”), as well as the weighting of each Company Goal. Actual results for the Plan Year will be measured against each Company Goal to determine the amount of bonuses to be funded under the Plan for such Plan Year. Examples of performance criteria for Company Goals include (but are not limited to) revenue, earnings before income and taxes, cash flow, net income and earnings per share. Each Company Goal (and the achievement thereof) shall be determined in accordance with generally accepted accounting principles, consistently applied, unless otherwise specified by the Committee.

The Committee shall establish a target and threshold for each Company Goal, and the aggregate amount of bonuses funded under the Plan for a Plan Year (the “Bonus Pool”) shall be based on the attainment of the Company Goals. Unless otherwise determined by the Committee, the threshold for each Company Goal shall be based on 80% of the target for such Company Goal. The portion of the Bonus Pool with respect to a Company Goal will be funded only to the extent that the Company achieves the threshold for such goal. Unless otherwise determined by the Committee, achievement of the threshold for a Company Goal will result in 50% funding of the portion of the Bonus Pool related to such Company Goal (based on the weight of the Company Goal), and achievement between the threshold and the target results in funding of the Bonus Pool related to such Company Goal at the same percentage as such achievement. In the event that performance exceeds the target for a Company Goal, the Company will fund an additional Bonus Pool amount with respect to such Company Goal based on the achievement in excess of the target level for such goal (up to an additional 50% of the target funding level, or such other amount as the Committee may determine), pursuant to guidelines established by the Committee.

Example 1 . If the Committee establishes two Company Goals for a Plan Year, each with equal weight, and the Company achieves 92% of the target level of one goal, but does not achieve the threshold for the other goal, the Bonus Pool will be determined based on a 46% funding rate, based on the sum of the following:

 

Goal 1:

  

50% weight x 92% funding = 46% funding rate

Goal 2:

  

50% weight x 0% funding = 0% funding rate

Example 2 . If the Committee establishes two Company Goals for a Plan Year, each with equal weight, and the Company achieves 110% of the target level of one goal, but does not achieve the threshold for the other goal, the Bonus Pool will be determined based on a 55% funding rate, based on the sum of the following (provided that the allocation of the portion of the Bonus Pool based on exceeding Goal 1 is subject to the limitation set forth in Section 6 below):

 


 
SITE SEARCH

AGREEMENTS / CONTRACTS

Document Title:

Entire Document: (optional)

Governing Law:(optional)


Try our advanced search >>
 

CLAUSES

Search Contract Clauses >>

Browse Contract Clause Library>>

Get Email Updates
Email:
This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more