CITRIX SYSTEMS, INC. 2005 EXECUTIVE BONUS PLANExecutive Compensation Plan Agreement |
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Exhibit 10.1
CITRIX SYSTEMS, INC.
2005 EXECUTIVE BONUS PLAN
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I. |
PURPOSE |
The purpose of the Citrix Systems, Inc. 2005 Executive Bonus Plan (“Plan”) is to provide to executive officers of Citrix Systems, Inc. (the “Company”) competitive compensation opportunities that are aligned with and promote the overall financial objectives of the Company and its shareholders. In addition to base salary and long-term equity awards, this will be accomplished through incentives payable in the form of cash bonuses designed to reward executives for the financial and operational success of the Company. This Plan does not govern the Company’s base salary and long-term equity awards compensation practices.
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ELIGIBILITY |
Company executives are eligible to participate in the Plan. As of January 1, 2005, the following executives have been approved for participation in the Plan (the “Participants”):
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PRESIDENT & CEO |
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SENIOR VICE PRESIDENT, WORLDWIDE SALES AND CUSTOMER SERVICES |
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SENIOR VICE PRESIDENT, MARKETING |
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SENIOR VICE PRESIDENT, CORPORATE DEVELOPMENT |
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VICE PRESIDENT, GENERAL COUNSEL AND SECRETARY |
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VICE PRESIDENT AND CHIEF FINANCIAL OFFICER |
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VICE PRESIDENT, EMEA |
Other individuals may become Plan Participants during a fiscal year (“New Participants”) provided such an individual is: (1) an executive of the Company; (2) recommended for participation by the President & CEO; and (3) approved for participation by the Compensation Committee of the Board of Directors (the “Compensation Committee”).
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III. |
PLAN ADMINISTRATION |
The Plan will be administered by the President & CEO and the Compensation Committee.
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President & CEO Responsibilities. |
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Recommend new executives for Plan participation. |
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Develop specific bonus recommendations for all Participants (except the President & CEO) and submit to the Compensation Committee for approval. |
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3. |
Propose performance measures, weightings, and performance levels for the Plan, and changes thereto. |
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4. |
Evaluate actual performance against bonus measures and goals. |
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5. |
Communicate Plan parameters and mechanics to Participants. |
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B. |
Compensation Committee Responsibilities. |
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Approve new Plan Participants. |
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Review target bonus awards, including benchmarking to peer group companies |
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Review bonus measures, goals, and weightings. |
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Certify achievement of bonus measures. |
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Review and approve the President & CEO’s bonus recommendations for Participants and develop bonus recommendations for the President & CEO. |
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IV. |
BONUS STRUCTURE |
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A. |
Performance Period. This Plan will measure and reward performance on an annual basis (January 1 – December 31). |
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B. |
Eligibility. All Plan Participants as of January 1st are eligible to participate in this Plan. New Participants will be eligible to participate in this Plan upon the recommendation of the President & CEO and approval by the Compensation Committee. A New Participant’s bonus opportunity will be prorated based on the number of full and partial months remaining in the performance period at the time Plan |
participation is approved. New Participants approved for the Plan may be eligible to receive a bonus (prorated based on the number of full and partial months remaining in the performance period) for the achievement of individual performance measures, as recommended by the President & CEO and approved by the Compensation Committee.
C. Performance Measures and Weighting. For all Participants other than the VP, EMEA, bonus awards are tied solely to the achievement of corporate financial targets (“Financial Targets”).
For all Participants other than the VP, EMEA, bonus awards under this Plan will be calculated based on the following financial components for purposes of performance measurement and weightings:
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Financial Component |
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Weighting |
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Reported Revenue |
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50 |
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Product Revenue |
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20 |
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