Rochester Medical Corporation Fiscal 2005 Executive Compensation Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Rochester Medical Corporation's Fiscal 2005 Executive Compensation Plan outlines a management incentive (bonus) program for executive officers and director-level managers. Eligible participants can earn bonuses based on achieving specific sales and operating income targets, with payout percentages tied to their base salary and position. The President sets participation rates and evaluates performance, while the Compensation Committee approves targets and final payouts. The plan ensures bonuses are competitive and subject to annual review and approval.

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EX-10.1 2 c90026exv10w1.htm FISCAL 2005 EXECUTIVE COMPENSATION PLAN exv10w1  

Exhibit 10.1

Rochester Medical Corporation
Fiscal 2005 Executive Compensation Plan

(adopted by the Compensation Committee of the Board of Directors on November 18, 2004)

MANAGEMENT INCENTIVE PLAN (BONUS)

Eligibility

•   All Executive Officers and Director level management personnel will be eligible to participate.

•   Recommended participation rates have been set by the President, and are based upon the respective position level and function of each executive. In all cases, participation rates are well within competitive incentive compensation ranges.

Fiscal 2005

                                         
    Bonus Participation   Weighted Performance
    (% of Base Salary)
   Criteria
    Minimum   Target   Maximum           Operating
Participant
   Payout
   Payout
   Payout
   Sales
   Income
Conway, Jim
     0 %     35 %     52.5 %     50 %     50 %
Conway, Philip
     0 %     25 %     37.5 %     50 %     50 %
Horner, Dara Lynn
     0 %     25 %     37.5 %     50 %     50 %
Jonas, David
     0 %     25 %     37.5 %     50 %     25 %
Sholtis, Martin
     0 %     25 %     37.5 %     75 %     50 %
Anglin, Robert
     0 %     20 %     30 %     50 %     50 %

•   The sales and operating income performance targets shall be set and approved annually by the Compensation Committee.

Bonus Calculation and Payout

The President will evaluate actual results from the respective areas of responsibility for each executive against financial targets. This evaluation will result in a recommended payout level as a percentage of the annual incentive target. Performance levels and recommended payouts will be reviewed and approved by the Compensation Committee prior to disbursement.