Summary of 2004 ZiLOG Incentive Plan for Executive Bonuses
ZiLOG, Inc. adopted the 2004 Incentive Plan to provide cash bonuses to executives Burger, Diamond, Grace, and Thorburn if the company meets certain performance targets in 2004. The bonuses are based on criteria such as adjusted EBITDA, revenue, design wins, design opportunities, and timely release of new products. Executives can earn bonuses ranging from 25% to 200% of their salary, depending on the level of target achievement, with no bonus paid if less than 50% of the target is met.
Exhibit 10.30
SUMMARY OF 2004 ZILOG INCENTIVE PLAN
On January 22, 2004, the Company adopted the 2004 ZiLOG Incentive Plan, which provides for the payment of cash bonuses to each of Messrs. Burger, Diamond, Grace and Thorburn upon the achievement by the Company, in 2004, of pre-established targets based on the following weighted performance criteria: adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), revenue, design wins, design opportunities and the percentage of new products that are released on time. Bonuses are set at 50% of the executive’s salary if the “100% pre-established target” is achieved, and range from 25% to 200% of the executive’s salary depending on the level of achievement of these targets. No bonus will be paid under the plan if the “50% pre-established target” is not achieved.
