Summary of Executive Officer Compensation for ABIOMED, Inc. (Exhibit 10.24)
This document outlines the compensation arrangements for several executive officers of ABIOMED, Inc. For fiscal year 2010, it specifies the base salaries and target bonuses for named executives, including the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, and other officers. Some executives are at-will employees without formal employment agreements, while others have employment agreements or offer letters detailing their terms. The document also notes eligibility for stock options and other awards at the discretion of the Compensation Committee.
Exhibit 10.24
Summary of Executive Officer Compensation
The following named executive officers of ABIOMED, Inc. are at will employees of ABIOMED and have not entered into a formal employment agreement with ABIOMED. The current understanding between each employee and ABIOMED with respect to the employee’s compensation is as follows:
| Name | Base Salary | Bonus Target for Fiscal 2010 | ||||
| William Bolt | $ | 240,000 | $ | 100,000 | ||
| Andrew J. Greenfield | $ | 215,000 | $ | 100,000 | ||
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 $371,700 and his target bonus for fiscal 2010 is $371,700. 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 $290,000 and his target bonus for fiscal 2010 is $150,000. 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 $275,000 and his target bonus for fiscal 2010 is $100.000.
