VirtualScopics,Inc. 2009 Bonus Plan

 

 

 

On January 27, 2009, the Registrant’s Compensation Committee approved the terms of the Registrant’s 2009 Bonus Plan (“Plan”). The Plan covers the Registrant’s Chief Executive Officer, management employees including the Chief Business and Financial Officer, and other employees.

The Plan provides performance criteria based upon the Registrant meeting certain financial and operational targets in the 2009 fiscal year, and require the Registrant to achieve improved financial performance over fiscal 2008.  If the Registrant’s performance meets or exceeds the staged targets in the Plan, the participating executive may receive cash incentive bonus payments equal to a percentage of the executive’s eligible base pay.  Amounts may be further adjusted by the Compensation Committee for exceptional individual performance.  The bonus percentage range is 0% to 30% of eligible base pay for the chief executive officer, and 0% to 22% for the chief business and financial officer.  The executive officers are not eligible for a bonus unless the Registrant meets the initial performance thresholds.  The Plan also includes a bonus pool to employees other than the executive officers.