Cardiovascular Systems, Inc. Fiscal 2010 Executive Officer Annual Cash Incentive Compensation Summary

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Cardiovascular Systems, Inc. has established a 2010 cash incentive plan for its executive officers, including the President, CEO, and other executives. Bonuses are based on the company's revenue and adjusted EBITDA goals, with target bonus percentages set at 75% of base salary for the President and CEO, and 50% for other executives. Actual payouts can range from 50% to 200% of the target, depending on performance, with no cap for extraordinary revenue results. The Vice President of Sales and Vice President of Business Development may also earn monthly sales commissions. The Board may grant additional discretionary bonuses up to 15% of base salary.

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EX-10.4 2 c54652exv10w4.htm EX-10.4 exv10w4
Exhibit 10.4
CARDIOVASCULAR SYSTEMS, INC.
SUMMARY OF FISCAL 2010
EXECUTIVE OFFICER ANNUAL CASH INCENTIVE COMPENSATION
For fiscal 2010, our executive officers are eligible to receive annual cash incentive compensation based on our achievement of revenue and adjusted EBITDA financial goals. Target bonus amounts will be split evenly between these two goals. None of the executive officers is subject to individual goals under this plan. Target bonus levels as a percentage of base salary are 75% for the President and Chief Executive Officer and 50% for the other executive officers. Depending upon our performance against the goals, participants are eligible to earn 50% to 200% of their target bonus amount for adjusted EBITDA and 50% to 150% of their target bonus amount for revenue; however, in the event of extraordinary revenue performance above the goals set by the Board, the participants could receive incentive payments greater than 150% of their targets for the revenue goal based upon a formula established by the Board, with no maximum payout set under the plan. The plan criteria are the same for all of the executive officers. In addition to incentives under this plan, our Vice President of Sales and Vice President of Business Development are eligible to receive monthly sales commissions. The Board also has the authority to grant additional discretionary cash bonuses of up to 15% of annual base salary for any executive officer.