Solexa, Inc. 2005-2006 Employee Bonus Plan Summary

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Solexa, Inc. has established a 2005-2006 Bonus Plan for all full-time employees, including those at its subsidiaries, who are employed between March 31, 2006 and the bonus payment date. The plan sets target bonuses based on each employee’s salary and a target percentage, with actual payouts depending on the achievement of company revenue goals. For director-level employees and above, bonus payments also depend on meeting specific cash flow targets. The Board of Directors or its Compensation Committee may adjust targets, bonus amounts, or amend or cancel the plan at their discretion.

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EX-10.68 2 f12563exv10w68.htm EXHIBIT 10.68 exv10w68  

Exhibit 10.68
SUMMARY OF TERMS OF
SOLEXA, INC.
2005-2006 BONUS PLAN
I.       OBJECTIVES
  A.   Focus the employees of Solexa, Inc., a Delaware corporation (“Solexa”) on a shared set of goals.
  B.   Retain key staff and improve competitiveness in recruitment.
II.     ELIGIBILITY
  A.   All employees of Solexa and its subsidiaries who are employed full-time between March 31, 2006 and the applicable bonus payment date are eligible to participate in the 2005-2006 Bonus Plan (the “Plan”).
III.    CALCULATION OF TARGET BONUSES
  A.   Eligible employees will be entitled to a target bonus based on the sum of such employee’s salary earned during a period of time to be set by either the Board of Directors of Solexa (the “Board”) or the Compensation Committee of the Board (the “Compensation Committee”) multiplied by the target percentage for each employee, also as determined by the Board or Compensation Committee.
  B.   The degree to which target bonuses are earned will be determined based on the achievement of objectives relating to the timing and amount of revenues from Solexa’s SBS instrumentation systems to be set by either the Board or the Compensation Committee.
IV.    OTHER PROVISIONS
  A.   The payment of bonuses to director-level employees and above shall also be contingent upon the achievement of specified cash flow targets
  B.   The Board or Compensation Committee shall have the discretion to adjust the targets and bonus payments light of changing circumstances and to amend or cancel the Plan at any time.