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FY 2009 Bonus Plan and FY 2009 Long-Term Incentive Awards Plan

Executive Compensation Plan Agreement

FY 2009 Bonus Plan and FY 2009 Long-Term Incentive Awards Plan | Document Parties: IMMUCOR INC You are currently viewing:
This Executive Compensation Plan Agreement involves

IMMUCOR INC

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Title: FY 2009 Bonus Plan and FY 2009 Long-Term Incentive Awards Plan
Date: 5/28/2008
Industry: Medical Equipment and Supplies     Sector: Healthcare

FY 2009 Bonus Plan and FY 2009 Long-Term Incentive Awards Plan, Parties: immucor inc
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Exhibit 10.1

IMMUCOR, INC.

FY 2009 Bonus Plan

and

FY 2009 Long-Term Incentive Awards Plan

[Adopted 5-21-08]

Bonus Plan

This is a plan for all officers, supervisors, managers and directors.

All bonuses will be based on the company achieving a target net income established by the Compensation Committee of the Board of Directors on the date the bonus plan was adopted, subject to such adjustments to target net income as may be deemed appropriate by the Compensation Committee to account for acquisitions, reorganizations and other events not contemplated by the Compensation Committee at the time the bonus plan was adopted.

All Sales, Marketing, Technical Support, Field Service and Field Technical Support officers, supervisors, managers and directors (other than Field Sales employees), will be eligible to participate in the bonus plan only if the applicable country/region revenue goal is achieved, in addition to the company achieving target net income. Country/region revenue goals will be based on the FY 2009 budget and communicated to each group affected.

Field Sales employees, who are compensated on a commission basis, will not be eligible to participate in the bonus plan.

To be eligible to receive a bonus, the employee must have been employed by the company not later than March 1 of the fiscal year to which the bonus applies (the “bonus year”), and must be employed by the company at the time bonuses for the bonus year are paid. For employees who have not been employed by the company for the full bonus year, bonuses will be prorated on a monthly basis, with initial employment during the first 15 days of a month being treated as employment for the full month, and initial employment after the first 15 days of a month not being treated as a month of employment.

Award levels are stated as a percentage of base compensation or salary. For LTI awards this means base compensation or salary as of May 31, 2008; for bonuses this means base compensation or salary as of May 31, 2009.

 


Executive Officers

Executive officers will be eligible for bonuses based on the amount of net income. This group currently includes the CEO, CFO, CSO and General Counsel.

 

If net income is the following

percent of target net income*

  

Bonus (as percent of base compensation) will be as follows

  

CEO

  

CSO

  

CFO & General Counsel

<100%

   0%    0%    0%

100%

   25%    25%    25%

105%

   43.75%    37.5%    31.25%

110%

   62.5%    50%    37.5%

115%

   81.25%    62.5%    43.75%

120% or above

   100%    75%    50%

 

* Percentage bonuses will be prorated for in-between percentages. For example, if net income were 108% of target net income, then the bonus for the CEO would be 55% of base compensation [(43.75%) + (.6 x 18.75%)].

Vice Presidents

Vice Presidents (other than executive officers) will be eligible for bonuses based on the amount of net income and individual performance ratings. Performance ratings will be based on the Global Appraisal form and comments from the 360° Feedback System.

 

If net income is


 
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