Sepracor Inc. 2005 Executive Officer Bonus Plan Summary
Sepracor Inc.'s Compensation Committee may award discretionary bonuses to its executive officers for their work during 2005. The bonus amount for each officer is based on both the company's overall performance and the individual's performance for the year. Each executive has a target bonus, calculated as a percentage of their annual base salary, with specific amounts and percentages set for each officer. The plan covers the fiscal year ending December 31, 2005.
Exhibit 10.2
Summary of 2005 Bonus Plan
The Compensation Committee of the Board of Directors of Sepracor Inc. (the “Company”) may grant a discretionary bonus to each of the Company’s executive officers for work performed by such officer during the year ended December 31, 2005 (the “2005 Bonus”). Each officer’s 2005 Bonus shall be determined based on, among other things, the Company’s overall performance, as well as such officer’s individual performance, during the fiscal year ended December 31, 2005. Each executive officer has a target 2005 Bonus (the “2005 Target Bonus”), which has been determined based on a percentage (the “2005 Target Percentage”) of such officer’s 2005 annual base salary. Each executive officer's 2005 Target Bonus and 2005 Target Percentage is set forth in the table below.
| Executive Officer |
| 2005 Target Bonus |
| 2005 Target Percentage |
| ||||
|
|
|
|
|
|
| ||||
| Timothy J. Barberich Chief Executive Officer |
| $ | 275,000 |
| 50 | % | |||
|
|
|
|
|
|
| ||||
| William J. O’Shea President and Chief Operating Officer |
| $ | 225,000 |
| 50 | % | |||
|
|
|
|
|
|
| ||||
| Mark H.N. Corrigan, M.D. Executive Vice President, Research and Development |
| $ | 184,500 |
| 45 | % | |||
|
|
|
|
|
|
| ||||
| David P. Southwell Executive Vice President, Chief Financial Officer |
| $ | 140,000 |
| 40 | % | |||
| and Secretary | |||||||||
|
|
|
|
|
|
| ||||
| Robert F. Scumaci Executive Vice President, Finance and |
| $ | 130,000 |
| 40 | % | |||
| Administration, and Treasurer | |||||||||
|
|
|
|
|
|
| ||||
| Douglas E. Reedich, Ph.D., J.D. Senior Vice President, Legal Affairs |
| $ | 124,000 |
| 40 | % | |||
