Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - Cardiovascular Systems Inc | c61235e10vq.htm |
| EX-32.2 - EX-32.2 - Cardiovascular Systems Inc | c61235exv32w2.htm |
| EX-31.1 - EX-31.1 - Cardiovascular Systems Inc | c61235exv31w1.htm |
| EX-31.2 - EX-31.2 - Cardiovascular Systems Inc | c61235exv31w2.htm |
| EX-32.1 - EX-32.1 - Cardiovascular Systems Inc | c61235exv32w1.htm |
| EX-10.3 - Cardiovascular Systems Inc | c61235exv10w3.htm |
Exhibit 10.2
SUMMARY OF FISCAL YEAR 2011 EXECUTIVE OFFICER
ANNUAL CASH INCENTIVE COMPENSATION PLAN
ANNUAL CASH INCENTIVE COMPENSATION PLAN
For the twelve month period ending June 30, 2011, each executive officer of Cardiovascular
Systems, Inc. is eligible to receive cash incentive compensation as follows:
Revenue and Adjusted EBITDA Financial Goals
Receipt of cash incentive compensation for fiscal 2011 is based on the Company’s achievement
of revenue and adjusted EBITDA financial goals. Target bonus amounts are split evenly between
these two goals. None of the executive officers is subject to individual goals under the plan.
Target bonus levels as a percentage of base salary are 75% for the President and Chief Executive
Officer and 50% for the other executive officers. Depending upon the Company’s performance against
the goals, participants are eligible to earn 50% to 150% of their target bonus amount for adjusted
EBITDA and 50% to 150% of their target bonus amount for revenue; however, in the event of
extraordinary revenue performance above the goals set by the Board, the participants could receive
incentive payments greater than 150% of their targets for the revenue goal based upon a formula
established by the Board, with no maximum payout set under the plan. The plan criteria are the same
for all of the executive officers.
Management by Objective Targets
The plan also provides “management by objective” (MBO) targets related to certain
predetermined FDA and product achievement milestones for the first six months and full year periods
of fiscal 2011. Achievement of the MBO targets could result in additional cash bonuses to executive
officers of 3.75% of their annual base salaries for each of the target periods.
Other Incentives
In addition to incentives under the plan, the Company’s Vice President of Sales and Vice
President of Business Development are eligible to receive monthly sales commissions. The Board also
has authority to grant additional discretionary cash bonuses of up to 10% of annual base salary for
any executive officer.