Landec Corporation 2007 Cash Bonus Plan Summary

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Landec Corporation's Board of Directors approved a 2007 cash bonus plan for employees of the company and its subsidiaries, including Apio, Inc. and Landec Ag, Inc. Employees can earn cash bonuses based on the achievement of specific income and revenue targets. Bonus amounts are calculated as a percentage of each participant's base salary, depending on the level of performance goals met. To qualify, employees must meet minimum performance thresholds and be employed at the time of payment. Bonuses, if earned, are paid in a single lump sum after the fiscal year ends.

Read More Arrow
EX-10.54 2 f22090exv10w54.htm EXHIBIT 10.54 exv10w54  

Exhibit 10.54
2007 Cash Bonus Plan
     On June 15, 2006, the Board of Directors (the “Board”) of Landec Corporation (the “Company”) approved the performance criteria and structure for cash bonuses that may be awarded to employees of the Company and its subsidiaries for the 2007 fiscal year (the “Plan”). These arrangements are not contained in a formal written plan, but a summary of the manner in which cash bonuses will be determined for fiscal year 2007 is set forth below.
     Employees of the Company and its subsidiaries may earn cash bonuses based upon the achievement of separate income and revenue targets for the Company, Apio, Inc. and Landec Ag, Inc. Bonuses are calculated by multiplying a percentage of each participant’s base salary by the percentage of the aggregate performance goals that are attained. The percentage of base salary used to determine each participant’s cash bonus payment ranges from 40% to 100% of base salary for executive officers (up to 198% for Nick Tompkins, Chief Executive Officer of Apio) and from 10% to 79% for other employees. Participants must attain a minimum percentage of the aggregate performance goals to receive a bonus under the Plan. Also, participants must be employed by the Company or one of its subsidiaries at the time that bonuses are paid. Bonus payments, if any, will be made in single lump sum cash payments as soon as practicable after the end of the Company’s fiscal year.