Summary of Executive Officer Compensation for ABIOMED, Inc. (Exhibit 10.20)
This document outlines the compensation arrangements for certain executive officers of ABIOMED, Inc. For most named executives, there are no formal employment agreements; their compensation consists of a base salary and a target bonus for fiscal year 2009, 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 individual agreements or offer letters specifying their salary and bonus targets. All terms are subject to change and employment is generally at will.
Exhibit 10.20
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 2009 | ||||
| William Bolt | $ | 224,700 | $ | 100,000 | ||
| Andrew Greenfield | $ | 194,555 | $ | 75,000 | ||
| Patricia A. Fitch | $ | 240,750 | $ | 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, that sets forth the terms of his employment. Mr. Minogue’s current salary is $371,700 and his target bonus for fiscal 2009 is $371,700. We have an offer letter with our Chief Financial Officer, Daniel J. Sutherby, that sets forth the terms of his employment. Mr. Sutherby’s current salary is $236,385 and his target bonus for fiscal 2009 is $100,000. We also have an offer letter with our Chief Operating Officer, David M. Weber, that sets forth the terms of his employment. Mr. Weber’s current salary is $262,500 and his target bonus for fiscal 2009 is $100,000.
