LSI Logic Corporation 2007 Incentive Plan Summary Description
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Summary
LSI Logic Corporation established the 2007 Incentive Plan to provide bonuses to eligible employees, including named executive officers (excluding the CEO). The plan's bonus pool is only funded if the company meets specific operating income targets, both in dollar terms and as a percentage of revenue. As operating income increases, the bonus pool grows, but it is capped at $30 million. Target bonuses for eligible executive officers range from 60% to 70% of their base salary, though actual payouts may vary.
EX-10.58 2 f28687exv10w58.htm EXHIBIT 10.58 exv10w58
Exhibit 10.58
Summary Description of LSI Logic Corporation 2007 Incentive Plan
On March 21, 2007, the Compensation Committee of the Board of Directors of LSI Logic Corporation (the “Company”) adopted the 2007 Incentive Plan (the “2007 Incentive Plan”) for the Company. The bonus pool under the 2007 Incentive Plan is not funded until the Company meets a predetermined operating income threshold, in both absolute dollars and as a percentage of revenue. Thereafter, the bonus pool increases as operating income, in both absolute dollars and as a percentage of revenue, increases. The maximum bonus pool will not exceed $30 million. The Company’s named executive officers, other than the CEO, as well as other employees of the Company, are eligible to participate in the 2007 Incentive Plan. The target bonus for named executive officers, other than the CEO, is between 60% and 70% of the named executive officer’s base compensation. Actual bonus payments to named executive officers maybe greater than or less than the stated target amount.
