Summary of Cash Bonus Arrangement between Mindspeed Technologies, Inc. and Gerald J. Hamilton
Mindspeed Technologies, Inc. has established a cash bonus arrangement for Gerald J. Hamilton, its Senior Vice President of Worldwide Sales. Mr. Hamilton can earn a cash bonus based on achieving specific annual goals related to revenue, design wins, and operating expenses. The bonus is determined semi-annually by the Compensation Committee and can be up to 55% of his base salary if he meets all targets, with the possibility of a higher bonus for exceeding goals.
EXHIBIT 10.11
Summary of Cash Bonus Arrangement
The following is a summary of the terms of the cash bonus arrangement between Mindspeed Technologies, Inc. (the “Company”) and Gerald J. Hamilton, Senior Vice President, Worldwide Sales. Mr. Hamilton is eligible to receive a cash bonus based on his level of achievement of the following goals:
· fiscal year revenue target (weighted at 40%);
· design win execution against fiscal year plan (weighted at 40%); and
· operating expense target (weighted at 20%).
The Compensation and Management Development Committee of the Company’s Board of Directors (the “Compensation Committee”) approves the amount of the cash bonus for Mr. Hamilton on a semi-annual basis.
If Mr. Hamilton achieves 100% of his overall goals in a given fiscal year, he is eligible to receive a cash bonus in an amount equal to 55% of his base salary for such fiscal year. The Compensation Committee may award Mr. Hamilton a cash bonus in excess of such amount in the event that he achieves greater than 100% of his overall goals.
