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EXHIBIT 10.1
LASERCARD
CORPORATION
EXECUTIVE BONUS
PLAN
This document
sets forth the terms of the Executive Bonus Plan (the “Bonus
Plan”) of LaserCard Corporation (the
“Company”).
Purpose of
the Plan
The objectives
of the Bonus Plan are to attract, motivate and retain highly
qualified individuals to enable the Company to meet its objectives,
reward individual contributions to the Company’s success,
encourage executives and other key employees to focus on the
achievement of corporate and individual goals and motivate
employees to create long-term sustainable value for the
Company’s stockholders.
Operation of
the Plan
The Bonus Plan
has the following elements:
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The
Compensation Committee of the Company’s Board of Directors
(the “Committee”) will select the executives and other
key employees eligible to participate in the Bonus Plan for each
fiscal year of the Company (each, a “Bonus
Year”).
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The
Company’s attainment of the performance goal for pre-tax
income as approved by the Committee for the applicable Bonus Year
determines the funding for the annual bonus pool for the Bonus
Plan. If the Company does not attain the performance
goal for pre-tax income approved for a Bonus Year, no bonuses will
be paid under the Bonus Plan for that Bonus Year.
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The Committee
will establish target and maximum bonus amounts each Bonus Year for
each Bonus Plan participant. (In the case of the
Company’s Chief Executive Officer, the target and maximum
bonus amount will be established by the independent members of the
Company’s Board of Directors.) The Committee will
also establish the percentage of the total bonus that will be
determined based on Company performance and the percentage of the
total bonus that will be determined based on individual performance
and, as applicable, the performance criteria that will be used to
determine a participant’s individual performance for the
Bonus Year.
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If an annual
bonus becomes payable to a participant pursuant to the Bonus Plan,
the bonus will be paid to the participant in cash no later than two
and one-half months after the end of the applicable Bonus
Year.
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Unless
otherwise expressly provided by the Committee, a participant must
be employed with the Company (or one of its affiliates or
subsidiaries) on the last day of a Bonus Year in order to be
eligible to receive a bonus under the Bonus Plan (subject to the
achievement of the applicable performance measures) for that Bonus
Year. &nbs
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