Hologic Executive Bonus Program Description
This document outlines Hologic's Executive Bonus Program, which compensates executives through a combination of base salary, annual performance-based bonuses, and long-term stock options. Each year, executive performance is reviewed against individual, divisional, and corporate goals, with compensation benchmarked against industry standards. The Compensation Committee evaluates and recommends compensation strategies to the Board of Directors. Annual cash bonuses can be up to 100% of base salary, and stock options or grants may also be awarded based on performance and company success.
Exhibit 10.13
EXECUTIVE BONUS PROGRAM
Executive Bonus Program
Executives of the company are generally compensated through base salary, performance based annual bonus and long-term option grants. This approach allows the company to annually review the performance of the executive against their individual goals, corporate or divisional goals and overall market considerations.
The potential realization from these awards is directly related to the continuing success of the Company as measured by increasing shareholder value.
Each year, the company sets specific strategic goals by which each executive is measured. Individual performance factors are relevant to the area of responsibility for each executive, and include division performance where appropriate.
Executive compensation is evaluated against other comparable salary and incentive data within the medical device industry. Each year, the Compensation Committee reviews this data for each executive and recommends to the Hologic Board of Directors a compensation strategy for each of the executive officers. Incentive cash bonuses, where applicable are awarded annually and may represent up to 100% of the executives base compensation. Stock options and stock grants are often awarded at this time as well.
