iRobot Corporation Executive Sale Bonus Plan (March 2025)

Summary

iRobot Corporation has established a sale-based bonus plan for five senior executives, providing cash payouts based on the net proceeds from a company sale event. The bonus pool ranges from $2.7 million to $16.6 million, with additional payouts if proceeds exceed the maximum threshold. The pool is divided among participants according to Board-approved percentages. Executives terminated for cause or without good reason forfeit unpaid bonuses, while those terminated without cause, resigning for good reason, or leaving due to death or disability receive earned amounts upon the sale's closing.

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