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CARDIOVASCULAR SYSTEMS, INC.
SUMMARY OF FISCAL YEAR 2009
EXECUTIVE OFFICER ANNUAL CASH INCENTIVE COMPENSATION
Effective
February 25, 2009, the Company’s board of directors
adopted an executive officer cash incentive compensation plan
applicable to the six-month period ended June 30, 2009. This
plan conditions the payment of incentive compensation to all
participants upon the Company’s achievement of revenue and
adjusted EBITDA financial goals. Target bonus amounts are split
evenly between these two goals. None of the Company’s
officers is subject to individual goals under this plan. No plan
participant will receive a bonus unless the Company achieves
certain minimum adjusted EBITDA goals.
Target bonus
levels as a percentage of base salary for the six-month period are
75% for the President and Chief Executive Officer and 50% for the
other executive officers. Depending upon the Company’s
performance against the goals, participants are eligible to earn
50% to 200% of their target bonus amount for adjusted EBITDA and
50% to 150% of their target bonus amount for revenue; however, in
the event of extraordinary revenue performance above the goals set
by the board, the participants would receive incentive payments
greater than 150% of their targets for the revenue goal based upon
a formula established by the board, with no maximum payout set
under the plan. The plan criteria are the same for all of the
executive officers. This plan is designed to reward the executive
officers for achieving and surpassing
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