Biogen Idec Inc. 2005 Cash Bonus Plan for Executive Officers

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Biogen Idec Inc.'s 2005 Cash Bonus Plan outlines how executive officers are eligible for annual cash bonuses based on both company-wide and individual performance. Each executive has a target bonus, expressed as a percentage of their salary, which is adjusted according to the achievement of specific corporate and personal goals. The plan details the performance metrics and their weightings, such as revenue growth and product development, that determine the final bonus amount. Actual bonuses may be higher or lower than the target, depending on performance results.

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EX-10.2 3 b54790biexv10w2.txt EX-10.2 2005 CASH BONUS PLAN EXHIBIT 10.2 BIOGEN IDEC INC. 2005 Cash Bonus Plan - Material Terms - - The Company's executive officers have the following bonus targets (expressed as a percentage of salary):
- -------------------------------------------------------------------- NAME AND POSITION BONUS TARGETS (%) William H. Rastetter, Ph.D., Executive 100 Chairman - -------------------------------------------------------------------- James C. Mullen, Chief Executive 100 Officer and President - -------------------------------------------------------------------- Burt A. Adelman, M.D., Executive Vice 50 President, Development - -------------------------------------------------------------------- Anne Marie Cook, Esq., Acting General 35 Counsel - -------------------------------------------------------------------- John M. Dunn, Esq., Executive Vice 50 President, New Ventures - -------------------------------------------------------------------- Michael Gilman, Ph.D., Executive Vice 50 President, Research - -------------------------------------------------------------------- Peter N. Kellogg, Executive Vice 50 President, Finance and Chief Financial Officer - -------------------------------------------------------------------- Connie L. Matsui, Executive Vice 50 President, Corporate Strategy and Communication - -------------------------------------------------------------------- Craig E. Schneier, Ph.D., Executive 50 Vice President, Human Resources - -------------------------------------------------------------------- Mark C. Wiggins, Executive Vice 50 President, Business Development - --------------------------------------------------------------------
- - 2005 cash bonuses will be based upon a formula that takes into account each executive's performance relative to corporate performance goals and his or her individual performance goals. Actual bonuses will be determined by multiplying the executive's target bonus by the corporate performance factor and then by his or her individual performance factor. Actual bonuses may be higher or lower than the executive's target bonus. - - The corporate performance goals and individual performance goals are weighted by significance to determine the applicable performance factor. 1 - - Corporate performance goals and relative weighting (in parentheses) are as follows: Revenue growth (25%) Earnings per share growth (20%) Performance of marketed products (10%) Product development pipeline (15%) Discovery research (10%) Manufacturing capacity/capability (10%) Organizational matters (10%) - - Individual performance goals and their relative weights are determined based on the corporate performance goals and each executive's functional area of responsibility. 2