2007 Senior Management Incentive Bonus Plan for Senior Executives
This agreement outlines the 2007 Senior Management Incentive Bonus Plan for key executives of the company, including the CEO, COO, CFO, and other senior leaders. The plan provides bonuses based on the company's operating income as a percentage of total net revenues. If the company's operating income meets or exceeds 10% of net revenues, participants are eligible for a bonus calculated as a percentage of their annual gross wages, with a maximum bonus cap of 50%. The plan applies to all listed participants and is based on standard company financial documents.
Exhibit 10.9
2007 Senior Management Incentive Bonus Plan
| Participants: | Marc D. Grodman, MD, CEO |
|
| Howard Dubinett, COO |
|
| Sam Singer, CFO |
|
| Charles T. Todd, Sr. VP Marketing & Sales |
|
| John Littleton, VP Sales |
|
| Warren Erdmann, VP Operations |
|
| Sally Howlett, VP Billing |
|
| Nick Papazicos, VP Financial Operations |
|
| Nick Cetani, VP Laboratory Director |
|
| James Weisberger, MD, CMO |
|
| Maryanne Amato, Director, Genpath |
|
| Richard L. Faherty, CIO |
Proposed Plan:
A. The Senior Management Incentive Bonus Plan will be based on Operating Income as a per cent of Total Net Revenues pursuant to the standard financial documents of the Company.
B. There will be one class of participation.
C. Operating Income shall consist of the Total Operating Income (hereinafter referred to as “TOI”) for the Entire Company including all divisions and subsidiaries.
D. In the event that TOI shall be equal to or greater than 10% then and in such event, the participants will be entitled to a bonus based on the participant’s annual gross wages exclusive of any bonus, option exercise, auto expense charge-back,or other unearned revenue, pursuant o the following schedule:
| If TOI is greater than |
| and less than |
| Percent Bonus |
|
| 9.99 | % | 10.51 | % | 10 | % |
| 10.50 | % | 11.01 | % | 15 | % |
| 11.00 | % | 11.51 | % | 20 | % |
| 11.50 | % | 12.01 | % | 25 | % |
| 12.00 | % | 12.51 | % | 30 | % |
| 12.50 | % | 13.01 | % | 35 | % |
| 13.00 | % | 13.51 | % | 40 | % |
| 13.50 | % | 14.01 | % | 50 | % |
| 14.00 | % |
|
|
|
|
E. The maximum bonus to be paid under this program will be 50% of annual wages regardless of TOI.
1
