Summary of Executive Officer Compensation for ABIOMED, Inc.
This document outlines the compensation arrangements for executive officers at ABIOMED, Inc. Some executives are at-will employees without formal employment agreements, while others, including the CEO, CFO, and COO, have specific agreements or offer letters detailing their salary and bonus targets for fiscal year 2012. All listed executives are eligible for stock options and other awards at the discretion of the company's 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 | Bonus Target for Fiscal 2012 (Percentage of Salary) | ||||||
| William Bolt | $ | 257,088 | 55 | % | ||||
| Andrew Greenfield | $ | 232,523 | 50 | % | ||||
| Michael Howley | $ | 262,650 | 60 | % | ||||
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 $440,806 and his target bonus for fiscal 2012 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 $304,674 and his target bonus for fiscal 2012 is 50% 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 $317,625 and his target bonus for fiscal 2012 is 60% of salary.
