Executive Sale Bonus Plan
EX-10.3 3 exhibit103executivesalebon.htm EX-10.3 Document
Exhibit 10.3
iRobot Corporation
Executive Sale Bonus Plan
approved: March 26, 2025
The chart below contains the terms of the sale-based incentive bonus plan for certain senior executives of the Company selected for participation by the Board of Directors.
Term | Executive Sale Bonus Plan | ||||
Number of Participants | 5 executive officers | ||||
Payout | Cash | ||||
Metric(s) | Net proceeds received from a Sale Event (as defined in the Company’s 2018 Stock Option and Incentive Plan) | ||||
Performance Period | Through the closing of a Sale Event | ||||
Performance Payouts | • At or below the minimum amount of net proceeds received from a Sale Event, as approved by the Board of Directors: Pool of $2.7 million • At the target amount of net proceeds received from a Sale Event, as approved by the Board of Directors: Pool of $9.0 million • At the maximum amount of net proceeds received from a Sale Event, as approved by the Board of Directors: Pool of $16.6 million • Above the maximum amount of net proceeds received from a Sale Event, as approved by the Board of Directors: Pool of $16.6 million plus 5% of any net proceeds above the maximum amount (no cap) • Payout amounts between net proceeds hurdles will be calculated by linear interpolation | ||||
Individual Incentive Amount Targets | Pool to be allocated among the Participants based on allocation percentages approved by the Board | ||||
Termination Provisions | • Termination for “cause” or without good reason: forfeit any unpaid amounts • Termination without “cause”, resignation for good reason, death, or disability: payment of earned amount upon closing of the Sale Event | ||||
