TRANSOMAMEDICAL, INC. SUMMARYOF FISCAL 2008 NAMED EXECUTIVE OFFICER COMPENSATION

EX-10.28 33 a2179932zex-10_28.htm EXHIBIT 10.28

Exhibit 10.28

 

TRANSOMA MEDICAL, INC.

SUMMARY OF FISCAL 2008 NAMED EXECUTIVE OFFICER COMPENSATION

 

Set forth is a summary of current fiscal 2008 compensation arrangements between Transoma Medical, Inc. and certain of its executive officers who are expected to constitute Transoma’s “named executive officers” (defined in Regulation S-K Item 402(a)(3)) for the year. All of Transoma’s executive officers are at-will employees whose compensation and employment status may be changed at any time in the discretion of Transoma’s board of directors.

 

BASE SALARY

 

Effective September 1, 2007, the named executive officers are scheduled to receive the following annual base salaries in their current positions:

 

Name and Current Position

 

Base Salary

 

Brian P. Brockway
President, Chief Executive Officer and Director

 

$

280,476

 

Charles T. Coggin
Vice President, Chief Financial Officer and Secretary

 

$

191,044

 

Lance H. Wallin
General Manager, DSI Division

 

$

213,978

 

Jay G. Johnson
Vice President, Research and Development

 

$

187,061

 

Nester Jaramillo
Vice President, Sales and Marketing, PMD Division

 

$

214,840

 

 

ANNUAL CASH INCENTIVE COMPENSATION

 

For fiscal 2008, Transoma’s named executive officers are eligible to receive annual cash incentive compensation with target bonus levels ranging from 20% to 30% of their yearly base salary (on a blended basis for the periods from July 1 to August 31, 2007, and from September 1, 2007 to June 30, 2008). The annual cash incentive plan is designed to reward the named executive officers for achieving and surpassing specified company and divisional goals related to financial growth, product development and commercialization, and operational improvement. Additional cash incentive compensation may be awarded at the discretion of the compensation committee for performance or achievement above individual goals.

 

Name

 

Target %

 

Target Bonus

 

Brian P. Brockway

 

30

%

$

83,475

 

Charles T. Coggin

 

20

%

$

37,848

 

Lance H. Wallin

 

25

%

$

53,006

 

Jay G. Johnson

 

20

%

$

37,201

 

Nester Jaramillo

 

20

%

$

42,640

 

 

OTHER BENEFITS

 

It is generally our policy not to extend significant perquisites to our executives beyond those that are available to our employees generally, such as 401(k) matching contributions, health, dental, life and disability insurance, and the opportunity to participate in our 2007 Employee Stock Purchase Plan. During fiscal 2007, the board of directors authorized a program that will provide physical examinations for our executive officers but this program has not yet been implemented.