Cardica, Inc. 2008 Executive Officer Cash Bonus Plan Target Awards for Named Executive Officers

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Cardica, Inc. has set target cash bonus amounts for its named executive officers for fiscal year 2008 under its Executive Officer Cash Bonus Plan. The bonuses are calculated as a percentage of each officer’s annual base salary, with the CEO eligible for up to 50% and other executives up to 25%. Bonus payouts depend on the achievement of corporate and, for some officers, individual objectives, as determined by the Compensation Committee. Actual payments may be higher or lower than the targets based on performance.

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EX-10.24 2 f37920exv10w24.htm EXHIBIT 10.24 exv10w24  

Exhibit 10.24
FISCAL 2008 BONUS COMPENSATION INFORMATION FOR NAMED EXECUTIVE OFFICERS
The table below provides the target cash bonus amounts for each of the Company’s named executive officer under Cardica, Inc.’s 2008 Executive Officer Cash Bonus Plan.
 
         
    2008 Target
    Cash Bonus
Named Executive Officer(1)   Amount(2)(3)
Bernard A. Hausen, M.D., Ph.D.
     50 %
President and Chief Executive Officer
        
Robert Y. Newell
     25 %
Vice President, Finance & Operations and Chief Financial Officer
        
Bryan D. Knodel, Ph.D.
     25 %
Vice President, Research and Development
        
Richard M. Ruedy
     25 %
Vice President, Regulatory, Clinical and Quality Affairs
        
 
(1)   The Company’s Vice President of Worldwide Sales and Marketing, Doug Ellison, is eligible for bonuses for fiscal 2008 as described in the Company’s Current Report on Form 8-K filed July 2, 2007, in lieu of participation in the 2008 Bonus Plan.
 
(2)   Each target cash bonus amount is expressed as a percentage of the respective named executive officer’s fiscal 2008 annual base salary.
 
(3)   Target cash bonus amounts are based (a) for Dr. Hausen, 100% on achievement of corporate objectives and (b) for each other named executive officer, 75% on the achievement of corporate objectives and 25% on the achievement of individual objectives.  Actual bonus payments (if any) may represent a higher or lower percentage of the named executive officer’s 2008 annual base salary, depending on the extent to which actual performance meets, exceeds or falls short of the specified corporate objectives and applicable individual performance objectives, as determined by the Compensation Committee in its discretion.