Moore Medical Corp. 2000 Executive Officers' Bonus Plan

Summary

Moore Medical Corp. has established a bonus plan for certain executive officers, as designated by its Board or Compensation Committee. Eligible participants may receive a bonus based on a percentage of their 2000 base salary if the company meets specific financial targets, including minimum net revenue, gross margin, and a threshold for Internet sales. Bonuses are paid within 75 days after the fiscal year-end. The plan does not guarantee continued employment, and participants who leave the company before year-end (except for death or disability) are generally not eligible for a bonus.

EX-10.23 3 0003.txt 2000 EXECUTIVE OFFICERS' BONUS PLAN Exhibit 10.23 MOORE MEDICAL CORP. - 2000 EXECUTIVE OFFICERS' BONUS PLAN 1. Purpose: Eligibility, Etc. This Plan, which has been adopted by the ------------------------------- Compensation Committee of the Board of Directors of Moore Medical Corp. (the "Company"), is designed to offer the incentive of bonus compensation to officers - -------- designated by the Board or its Compensation Committee, for purposes of the Plan, as participating executive officers ("Participants"). Neither this Plan nor the ------------ designation as a Participant constitutes an agreement of continued employment and it confers no such right. No bonus will be payable if a Participant breaches a material obligation to the Company. An officer who is designated a Participant during the year will (unless the Board or its Compensation Committee otherwise provides) be eligible for a bonus computed on an elapsed day basis, from the date of designation until the year-end. If, for any reason whatsoever other than death or disability, a Participant should cease being an employee of the Company or a subsidiary on a full-time basis before year-end, he or she will (unless the Board or its Compensation Committee otherwise provides) be entitled to no bonus compensation. 2. Bonus. As bonus compensation, the Company will pay each Participant, ---------- within 75 days after its 2000 fiscal year-end, the percentage of his or her Base Salary (defined below) set forth in the right-side column below if: (a) at least 5% of its net revenue for the year is from Internet sales, (b) its gross margin for the year is at least 29.5%, and (c) its net revenue for the year, as shown in its audited financial statements for the year, exceeds the amount opposite said percentage in the left-side column below: $155,000,000 37.5% $145,000,000 27.5% $135,000,000 25.0% $125,000,000 18.75% A Participant's "Base Salary" is his or her W-2 gross pay for 2000, ----------- excluding any bonus under this Plan, any award under the Company's 2000 Incentive Compensation Plan, and compensation not paid for a period (other than normal vacation) during which he or she was actively working full-time for the Company or a subsidiary, such as for a period of disability or for severance.