SurModics FY 2005 Bonus Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines SurModics' 2005 Bonus Plan for employees, including the CEO, COO, Senior Staff, Directors, Managers, and other employees. Bonuses are based on achieving specific corporate objectives (revenue and earnings per share) and business unit or department goals. The plan specifies different bonus percentages for various employee levels, with payouts dependent on meeting initial corporate targets. Senior Staff bonuses are weighted more toward corporate results, while other employees' bonuses are split between corporate and departmental performance. No bonuses are paid unless at least one initial corporate objective is met.

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EX-10.1 2 c92017exv10w1.htm SURMODICS 2005 BONUS PLAN exv10w1  

EXHIBIT 10.1

FY 2005 SurModics Bonus Plan

I.   Consists of two parts

  A.   Corporate objectives
 
  B.   Business Unit or Department objectives

II.   Corporate objectives

  A.   Revenue   Level I   Level II   Level III
 
      And/Or
 
  B.   Earnings Per Share   Level I   Level II   Level III

    Such Level I, Level II, and Level III performance levels are as set by the Organization & Compensation Committee for FY 2005.

III.   Business Unit or Department objectives

  A.   Three (3) to five (5) objectives identified by Senior Staff member and approved by President
 
  B.   One objective for Business Units will be revenue

IV.   No bonus payout unless Revenue or EPS initial corporate objective is met
 
V.   Corporate Payout structure – for each of Revenue and EPS (Levels not cumulative)
             
    Level I   Level II   Level III
CEO/COO
      3%   7%   13%
Senior Staff
      2%   5%   10%
Director/Manager
      1%   3%     5%
Employees
   0.5%   1%     2%

VI.   Composition of Total Bonus Payout

  1.   Senior Staff: 75% corporate + 25% Business Unit/Department
 
  2.   All other employees: 50% corporate + 50% Business Unit/Department
 
  3.   CEO and COO will receive 100% corporate bonus and no Business Unit/Department component.

Example:    If corporate Level II revenue and Level III EPS are met, then Senior Staff member gets 15% corporate bonus (5% + 10%). If all Business Unit/Department goals are met, then that person gets an additional 5% bonus, for a total bonus payout of 20% (75% corporate, 25% Business Unit)