Summary of Executive Officer Compensation for ABIOMED, Inc. (Fiscal 2015)
This document outlines the compensation arrangements for executive officers of ABIOMED, Inc. For most officers, employment is at will and compensation is based on an understanding rather than a formal contract, specifying base salary and target bonus percentages for fiscal year 2015. The Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer have formal agreements or offer letters detailing their salary and bonus targets. All officers may also receive stock options or other awards at the discretion of the Compensation Committee.
Exhibit 10.23
Summary of Executive Officer Compensation
The following executive officers of ABIOMED, Inc. are at will employees of ABIOMED, Inc. and have not entered into a formal employment agreement with ABIOMED, Inc. The current understanding between each employee and ABIOMED, Inc. with respect to the employee’s compensation is as follows:
| Name | Base Salary | Target Fiscal 2015 Bonus (Percentage of Salary) | ||||||
| William J. Bolt | $ | 294,565 | 60 | % | ||||
| Andrew J. Greenfield | $ | 271,737 | 55 | % | ||||
| Michael G. Howley | $ | 306,696 | 65 | % | ||||
These officers are also eligible to receive grants of stock options and other awards at the discretion of ABIOMED’s Compensation Committee.
We have an employment agreement with our Chief Executive Officer, Michael R. Minogue, which sets forth the terms of his employment. Mr. Minogue’s current salary is $537,876 and his target bonus for fiscal 2015 is 120% of salary. We have an offer letter with our Chief Financial Officer, Robert L. Bowen, which sets forth the terms of his employment. Mr. Bowen’s current salary is $323,322 and his target bonus for fiscal 2015 is 60% of salary. We also have an offer letter with our Chief Operating Officer, David M. Weber, which sets forth the terms of his employment. Mr. Weber’s current salary is $350,381 and his target bonus for fiscal 2015 is 70% of salary.
