2012 Management Cash Incentive Plan for Russ Pagano

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines a cash incentive plan for Russ Pagano, providing milestone-based bonus payments up to $100,000. The bonuses are tied to the achievement of regulatory approvals for Augment Bone Graft (ABG), including FDA and state approvals, as well as regulatory marketing approval in the European Union. Additional payment is contingent on BioMimetic receiving a $10 million milestone payment from Luitpold under a separate agreement. The plan specifies different bonus amounts depending on when these milestones are achieved.

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EX-10.1 2 v311787_ex10-1.htm EXHIBIT 10.1

EXHIBIT 10.1

 

2012 MANAGEMENT CASH INCENTIVE PLAN

 

Russ Pagano and **

 

Russ Pagano and ** shall each be provided the following milestone-based cash incentive bonus opportunities, totaling a maximum of up to $100,000:

 

(1)A single cash incentive bonus based upon the date of the ABG Approval (as defined below), in the amount of:

 

(a)Eighty thousand dollars ($80,000); provided that ABG Approval occurs on or before **; or

 

(b)Fifty thousand dollars ($50,000); provided that ABG Approval occurs after **, but on or before **; or

 

(c)Twenty thousand dollars ($20,000); provided that ABG Approval occurs after **, but on or before **;

 

wherein “ABG Approval” shall occur upon: (1) FDA Approval of Augment Bone Graft (“ABG”), (2) the approval by all requisite state governmental agencies that are required to sell ABG in at least **, and (3) filing for a manufacturer’s license in **l.

 

(2)Twenty thousand dollars ($20,000); provided that on or before ** BioMimetic receives regulatory marketing approval to begin selling Augment® Bone Graft in all major markets in the European Union (“EU”), and BioMimetic receives the $10 million milestone payment from Luitpold under the November 1, 2010 agreement between BioMimetic and Luitpold entitled Amendment No. 1 to Agreement Terminating Research, Development and Marketing Agreement.

 

  

**Omitted information is the subject of a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended, and has been filed separated with the Securities and Exchange Commission.