IMPAC Medical Systems, Inc. Fiscal Year 2005 Executive Cash Bonus Plan Summary
IMPAC Medical Systems, Inc. established a cash bonus plan for its executive officers for fiscal year 2005, as approved by the Compensation Committee. The plan sets specific gross revenue and net income targets, with bonuses based 50% on each target. Executives receive no bonus if results are below 85% of targets, a full bonus at 105%, and a maximum bonus at 115%, with amounts increasing linearly in between. Eligible executives and their bonus ranges are listed, with maximum bonuses capped. Specific financial targets are omitted for confidentiality.
EXHIBIT 10.11
SUMMARY OF FISCAL YEAR 2005 CASH BONUS PLAN
Following is a summary of the fiscal 2005 cash bonus plan for executive officers of IMPAC Medical Systems, Inc. as approved by the Compensation Committee of the Board of Directors in September 2004:
Fiscal 2005 Gross Revenue Target: $[*] million
Net Income Target: $[*] million
For the executive officers, 50% of the maximum bonus is based on the Gross Revenue Target and 50% of the maximum bonus is based on the Net Income Target.
Executive officers will receive no bonus at 85% of the target amount and 100% of bonus at 105% of the target amount. The bonus amount continues to increase linearly up to 115% of the target amount, subject to the maximum bonus limit.
The executive officers are eligible for the following bonus ranges:
| Executive Officer | Target Bonus | Maximum Bonus | ||||
| Joseph K. Jachinowski | $ | 93,750 | $ | 125,000 | ||
| James P. Hoey | $ | 93,750 | $ | 125,000 | ||
| David A. Auerbach | $ | 93,750 | $ | 125,000 | ||
| Kendra A. Borrego | $ | 37,500 | $ | 50,000 | ||
* Specific target levels have been omitted in reliance on the response to Question 13 of the Current Report on Form 8-K Frequently Asked Questions dated November 23, 2004.
