Cardiovascular Systems, Inc. 2008 Executive Officer Annual Cash Incentive Compensation Summary

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Cardiovascular Systems, Inc. established an annual cash incentive plan for its executive officers for calendar year 2008. Under this plan, executives are eligible for bonuses ranging from 20% to 50% of their base salary, with actual payouts varying from 50% to 150% of the target amount based on the company's performance against revenue and gross margin goals. The plan covers several named officers, with specific bonus amounts listed. Some officers are also eligible for monthly sales commissions. Bonus eligibility and amounts may be adjusted based on employment start dates.

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EX-10.23 2 c21812a3exv10w23.htm SUMMARY OF CALENDAR 2008 EXECUTIVE OFFICER ANNUAL CASH INCENTIVE COMPENSATION exv10w23  

Exhibit 10.23
CARDIOVASCULAR SYSTEMS, INC.
SUMMARY OF CALENDAR 2008
EXECUTIVE OFFICER ANNUAL CASH INCENTIVE COMPENSATION
For calendar 2008, our executive officers are eligible to receive annual cash incentive compensation with target bonus levels ranging from 20% to 50% of their yearly base salary. Participants are eligible to earn 50% to 150% of their target bonus amount depending upon the company’s performance relative to the bonus plan criteria. The annual cash incentive plan is designed to reward the executive officers for achieving and surpassing revenue and gross margin financial goals set by the compensation committee and board of directors.
                               
Name   Target %
of Base
Salary		   Threshold Bonus   Target Bonus   Maximum Bonus
David L. Martin
     50 %   $ 98,750     $ 197,500   $ 296,250  
President, Chief Executive Officer and Director
                              
Laurence L. Betterley(1)
     40 %   $ 45,000     $ 90,000   $ 135,000
Chief Financial Officer
                              
James E. Flaherty
     40 %   $ 43,600     $ 87,200   $ 130,800  
Chief Administrative Officer
                              
Robert J. Thatcher
     40 %   $ 43,600     $ 87,200   $ 130,800  
Executive Vice President
                              
Paul Koehn
     40 %   $ 35,310     $ 70,620   $ 105,930  
Vice President of Manufacturing
                              
Brian Doughty
     20 %   $ 19,260     $ 38,520   $ 57,780  
Vice President of Marketing
                              
Paul Tyska(2)
     40 %   $ 40,000     $ 80,000   $ 120,000  
Vice President of Business Development
                              
Michael J. Kallok, Ph.D.
     40 %   $ 51,000     $ 102,000   $ 153,000  
Chief Scientific Officer and Director
                              
John Borrell(2)
     40 %   $ 40,000     $ 80,000   $ 120,000  
Vice President of Sales
                              
 
(1)   Mr. Betterley’s actual bonus will be adjusted proportionally to reflect his start date of April 14, 2008.
(2)   The Vice President of Business Development and Vice President of Sales will also be paid sales commissions on a monthly basis according to a formula based on sales levels.