Cardiac Science Corporation 2006 Vice President, Primary Care Compensation Incentive Plan Agreement

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the 2006 bonus compensation plan for the Vice President, Primary Care at Cardiac Science Corporation. The bonus is based on the revenue performance of the Primary Care channel, with specific percentages of base salary awarded depending on the achievement of sales targets. Bonuses increase as sales targets are exceeded, and payment is contingent on the completion of audited financial statements. If employment ends before March 31, 2007, the bonus is forfeited. The plan does not alter the at-will employment status and may be changed or canceled at the company's discretion.

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EX-10.61 6 v23839exv10w61.txt EXHIBIT 10.61 EXHIBIT 10.61 [CARDIAC SCIENCE LOGO] 2006 COMPENSATION INCENTIVE PLAN VICE PRESIDENT, PRIMARY CARE Your 2006 bonus compensation will consist of participation in the broader Management Incentive Program (MIP), and the individualized sales incentive plan as described herein. The 2006 sales incentive will be based on the revenue of the Primary Care channel, as internally reported, for the year-ending December 31, 2006. The 2006 sales target has been established by the Company's CEO and approved by the board of directors. As the following table indicates, at 90% of the sales target you will be eligible for a bonus of 10% of your base salary at 12/31/06. At between 91% and 100% of the sales target the bonus percentage will increase from 10% by an additional 2% for each additional 1% of achievement. If greater than 100% of the sales target is achieved, the bonus percentage will increase from 30% by 1% for each 1% by which the sales target is exceeded.
Current % of Base Salary 2006 Sales Target Bonus - ----------- ----------------- ------------------------ $200,000 90% 10% of Base Salary 91% 12% of Base Salary 92% 14% of Base Salary 93% 16% of Base Salary 94% 18% of Base Salary 95% 20% of Base Salary 96% 22% of Base Salary 97% 24% of Base Salary 98% 26% of Base Salary 99% 28% of Base Salary 100% 30% of Base Salary 101+% +1% for each 1% over 100%
The sales bonus, if any, will be paid no later than 30-days following the conclusion of the audit of the financial statements for the year ending December 31, 2006 and their filing with the SEC. The audited financial statements will be used to assure the reasonableness of the revenue amount used in computing the bonus. If the audit and filing with the SEC is not completed by March 31, 2007, the incentive, if any, will be paid during the following month in conjunction with the normal payroll practices. Cardiac Science Corporation Confidential Separation of employment, by resignation or termination, prior to March 31, 2007 will result in the forfeiture of the bonus payment. The Incentive Plan is not intended to create any contractual rights or agreement between the employee and the Company, and as such does not modify, amend or supersede the "at will" nature of employment with the company. The Incentive Plan and the award of incentive pay is at the sole discretion of the board of directors, and the company reserves the right to modify, amend or cancel the Incentive Plan without notice. Please sign as acceptance and return one copy to Lynda Melugin, Director, Human Resources, and retain the other copy for your personal files. - ---------------------------------- -------------------------------------- /s/ JOHN HINSON /s/ DARRYL LUSTIG - ---------------------------------- ----------------------------------- John Hinson Darryl Lustig President and CEO Vice President, Primary Care Dated: September 20, 2006 Cardiac Science Corporation Confidential