EX-10.23 2 c21812a3exv10w23.htm SUMMARY OF CALENDAR 2008 EXECUTIVE OFFICER ANNUAL CASH INCENTIVE COMPENSATION exv10w23
 

Exhibit 10.23
CARDIOVASCULAR SYSTEMS, INC.
SUMMARY OF CALENDAR 2008
EXECUTIVE OFFICER ANNUAL CASH INCENTIVE COMPENSATION
For calendar 2008, our executive officers are eligible to receive annual cash incentive compensation with target bonus levels ranging from 20% to 50% of their yearly base salary. Participants are eligible to earn 50% to 150% of their target bonus amount depending upon the company’s performance relative to the bonus plan criteria. The annual cash incentive plan is designed to reward the executive officers for achieving and surpassing revenue and gross margin financial goals set by the compensation committee and board of directors.
                               
Name   Target %
of Base
Salary
  Threshold Bonus   Target Bonus   Maximum Bonus
David L. Martin
    50 %   $ 98,750     $ 197,500   $ 296,250  
President, Chief Executive Officer and Director
                             
Laurence L. Betterley(1)
    40 %   $ 45,000     $ 90,000   $ 135,000
Chief Financial Officer
                             
James E. Flaherty
    40 %   $ 43,600     $ 87,200   $ 130,800  
Chief Administrative Officer
                             
Robert J. Thatcher
    40 %   $ 43,600     $ 87,200   $ 130,800  
Executive Vice President
                             
Paul Koehn
    40 %   $ 35,310     $ 70,620   $ 105,930  
Vice President of Manufacturing
                             
Brian Doughty
    20 %   $ 19,260     $ 38,520   $ 57,780  
Vice President of Marketing
                             
Paul Tyska(2)
    40 %   $ 40,000     $ 80,000   $ 120,000  
Vice President of Business Development
                             
Michael J. Kallok, Ph.D.
    40 %   $ 51,000     $ 102,000   $ 153,000  
Chief Scientific Officer and Director
                             
John Borrell(2)
    40 %   $ 40,000     $ 80,000   $ 120,000  
Vice President of Sales
                             
 
(1)   Mr. Betterley’s actual bonus will be adjusted proportionally to reflect his start date of April 14, 2008.
(2)   The Vice President of Business Development and Vice President of Sales will also be paid sales commissions on a monthly basis according to a formula based on sales levels.