Exhibit 10.26
BIOMET, INC.
ANNUAL CASH INCENTIVE
PLAN
This annual incentive plan (the
“ Plan ”) is applicable to those employees of
Biomet, Inc. (the “ Company ”) and its
subsidiaries who are executive officers of the Company, as well as
certain other employees of the Company specified by the
Compensation Committee (the “ Committee ”) of
the Board of Directors (the “ Board ”)
(collectively, the “ Covered Employees
”).
The Plan is designed to reward,
through additional cash compensation, Covered Employees for their
significant contribution toward improved profitability and growth
of the Company.
All Covered Employees shall be
eligible to be selected to participate in this Plan. The Committee
shall select the Covered Employees who shall participate in this
Plan in any year. The Committee may select the participants in this
Plan at any time during the year.
|
SECTION 3.
|
ADMINISTRATION.
|
The Plan shall be administered by
the Committee. The Committee shall have the authority, subject to
the provisions herein, (a) to select Covered Employees to
participate in the Plan; (b) to establish and administer any
performance goals and award opportunities applicable to each
participant and certify whether such goals have been attained;
(c) to construe and interpret the Plan and any agreement or
instrument entered into under the Plan; (d) to establish,
amend, and waive rules and regulations for the Plan’s
administration; (e) to consider the recommendations of the
Company’s Chief Executive Officer (“ CEO
”) in regard to determinations regarding the forgoing with
respect to participants other than the CEO and (f) to make all
other determinations which may be necessary or advisable for the
administration of the Plan. Any determination by the Committee
pursuant to the Plan shall be final, binding and conclusive on all
employees
