EX-10.15 6 d18261_ex10-15.htm

EXHIBIT 10.15

FY 2006 SurModics Bonus Plan-Executive Officers

I.  Consists of two parts

A.  Corporate objectives, and

B.  
   Business Unit or Department objectives

II.  Corporate Bonus Payout structure (stated as % of base salary)

CEO
 		   FY 2006 Revenue
    
   
   
 Level I
    
 Level II
    
 Level III
FY
               
Level I
           12 %             16 %             24 %  
2006
               
Level II
           16 %             28 %             32 %  
EPS
               
Level III
           24 %             32 %             40 %  
 
Senior Staff
 		   FY 2006 Revenue
    
(excluding CEO)
Level I
    
 Level II
    
 Level III
    
FY
               
Level I
           9 %             12 %             18 %  
2006
               
Level II
           12 %             21 %             24 %  
EPS
               
Level III
           18 %             24 %             30 %  
 

The Level I, Level II, and Level III performance levels are as set by the Organization & Compensation Committee for FY 2006.

III.  Business Unit or Department objectives

A.  Objectives identified by Senior Staff member and approved by CEO

B.  One objective for Business Units will be revenue

C.  All objectives must be detailed and measurable

IV.  
   No bonus payout unless both Revenue and EPS meet at least Level I corporate objective, whether or not Business Unit or Department objectives are met.

V.  
   Composition of Total Bonus Payout

1.   Senior Staff except CEO: 75% corporate + 25% Business Unit/Department

2.  CEO: will receive 100% corporate bonus only and no Business Unit/Department component


3.  Executive Chairman is not bonus eligible

Example:  
   If corporate Level II revenue and Level III EPS are met, then Senior Staff member gets 24% corporate bonus. If all Business Unit/Department goals are also met for such Senior Staff member, then that person gets an additional 8% bonus, for a total bonus payout of 32% (75% corporate, 25% Business Unit)