Summary of Executive Officer Compensation for ABIOMED, Inc. (Exhibit 10.22)
This document outlines the compensation arrangements for executive officers of ABIOMED, Inc. For most officers, employment is at will and compensation is based on current salary and target bonus percentages, with eligibility for stock options and other awards at the company's discretion. The Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer have formal agreements or offer letters specifying their salary and target bonuses for fiscal 2014. No fixed employment term is specified for at-will employees.
Exhibit 10.22
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 2014 Bonus (Percentage of Salary) | ||||||
| William J. Bolt | $ | 285,985 | 60 | % | ||||
| Andrew J. Greenfield | $ | 256,356 | 55 | % | ||||
| Michael G. Howley | $ | 300,682 | 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 $522,210 and his target bonus for fiscal 2014 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 $316,982 and his target bonus for fiscal 2014 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 $343,511 and his target bonus for fiscal 2014 is 70% of salary.
