--------------------------------------------------------------------------------

Exhibit 10.1

TurboChef Technologies, Inc
2007 Incentive-Based Compensation Plan  

The fundamental objectives of TurboChef’s 2007 Incentive-Based Compensation Plan
are to ensure that employees are compensated and provided incentives in a way
that advances both the short- & long-term interests of the shareholders while
also ensuring we are able to attract and retain qualified employees.

TurboChef approaches this objective with four key components:

·  
Base salary

·  
Performance-based annual bonus payable in cash or stock

·  
Periodic (generally annual) grants of long-term stock-based compensation which
will be granted in the form of restricted stock units which are subject to time
based vesting requirements.

·  
Performance-based additional annual bonus that is achieved by exceeding
forecasted results or other qualitative measures, which may be payable in cash,
stock or stock equivalent units.

Performance-based Annual Bonus

The primary objective of the Performance-based Annual Bonus is to reward an
employee’s contribution to the achievement of performance related goals.
Determination of an employee’s achievement of the annual bonus will be measured
against the following criteria which are set out in more detail in Exhibit A:
Achievement of (1) divisional goals; and (2) overall Company performance goals
for the year.

Performance-based Annual Bonuses are earned under different criteria, depending
upon in which bonus category an employee falls. Eligibility categories are
Commercial, Residential, Marketing and Corporate. Category assignments are
indicated in Exhibit A.

Bonus-eligible employees falling within Commercial and Corporate categories
shall be eligible for Performance-based Annual Bonuses under a formula based
upon the Company attaining EBITDA and revenue measures per category for 2007 as
set forth in Exhibit A. If such specific EBITDA and revenue targets for 2007 are
not attained, the Compensation Committee will consider for approval an
alternative proposal management may offer for bonuses within Commercial and
Corporate categories, but only if the proposal is based upon actual EBITDA and
revenue results compared to the targets as well as other qualitative and
quantitative factors that would reasonably support such approval.

Bonus-eligible employees falling within Residential and Marketing categories
shall be eligible for Performance-based Annual Bonuses under a subjective
analysis of qualitative and quantitative measures, taking into account the
Company’s EBITDA measures per category for 2007 set forth in Exhibit A. The
Compensation Committee will consider for approval management’s proposal for such
bonuses under these guidelines.
 
________________
[*********]  Material omitted pursuant to a request for confidential treatment
under Rule 24b-2 of the Exchange Act of 1934; filed separately with the
Securities and Exchange Commission.

--------------------------------------------------------------------------------

 
Long-Term stock-based Compensation  

The primary objective of annual grants of long-term stock-based Compensation is
retention of key employees. Restricted Stock Units will be granted to employees
who are identified as key employees. The RSU will vest over 5 years annually, as
described in Exhibit B. The list of key employee’s as determined by management
is attached in Exhibit B.

Performance-based Additional Annual Bonus, Achieved by Exceeding Budgeted
Results or other Measures

The Company realizes the importance of recognizing employees whose contribution
has been paramount in creating business or financial results that exceeded the
Company’s expectations and projections. In an effort to recognize those
individuals the Company will disburse a Performance-based Additional Annual
Bonus that is in addition to the Performance-based Annual Bonus discussed above.
This Bonus will be payable in cash, stock or stock equivalent units.

Like the Performance-based Annual Bonuses, the Performance-based Additional
Annual Bonuses may be earned by employees falling within the Commercial and
Corporate categories through attainment of certain specific measurable targets
as set forth in Exhibit C. Performance-based Additional Annual Bonuses may be
earned by employees falling within the Residential or Marketing categories under
a subjective analysis of qualitative and quantitative measures, taking into
account the Company exceeding budgeted category EBITDA measures for 2007. The
Compensation Committee will consider for approval management’s proposal for such
additional bonuses for the Residential and Marketing categories under these
guidelines.
 
 
 
 
________________
[*********]  Material omitted pursuant to a request for confidential treatment
under Rule 24b-2 of the Exchange Act of 1934; filed separately with the
Securities and Exchange Commission.

--------------------------------------------------------------------------------

EXHIBIT A

Performance-based Annual Bonus Calculation
All cash bonus eligible employees have an allocated amount of additional cash
compensation that can be earned based on favorable financial results or other
qualitative measures. For 2007 the budgeted EBITDA* and revenue for each
category is as follows:

 
EBITDA
REVENUE
Consolidated
[*********]
[*********]
Commercial
[*********]
[*********]
Residential
[*********]
[*********]
Marketing
[*********]
[*********]

*For these compensation plan purposes, EBITDA shall be calculated exclusive of
extraordinary items (such as costs of the options investigation and possible
recovery of MSI receivable).

The calculation for a Commercial employee’s bonus is [*********]% of their
potential allocation upon achievement of their category’s budgeted EBITDA and
revenue targets and the remaining [*********]% if the Consolidated EBITDA target
is met. A Corporate employee’s bonus will be calculated with [*********]% coming
from achievement of each of the three categories’ EBITDA and revenue (if
applicable) results and the remaining [*********]% from hitting the Consolidated
target. Employees falling within the Residential and Marketing categories may
receive a bonus determined by the Compensation Committee upon recommendation of
management by an analysis of qualitative and quantitative measures, including
the category budgeted EBITDA.

Last Name First Name
Division
2007 Cash Bonus
Potential
 
Last Name First Name
Division
2007 Cash Bonus
Potential
Lehr, Paul
Commercial
50,000
 
[*********]
[*********]
[*********]
Perlman, Richard
Corporate
75,000
 
     
Price, James
Corporate
75,000
 
     
Cochran, James
Corporate
30,000
 
     
Beshara, Stephen
Marketing
50,000
 
     
McGrain, Joseph
Residential
30,000
 
     
[*********]
[*********]
[*********]
       

 
 
 
 
 
________________
[*********]  Material omitted pursuant to a request for confidential treatment
under Rule 24b-2 of the Exchange Act of 1934; filed separately with the
Securities and Exchange Commission.

--------------------------------------------------------------------------------

 
EXHIBIT B

The 2007 RSU grant will be a total of 545,000 RSU. All RSU are granted with a
vesting of one-fifth of the number of shares each March 10, beginning March 10,
2008.

Name
Division
2007 RSU Grant
 
Name
Division
2007 RSU Grant
McGrain, Joseph
Residential
12,000
 
[*********]
[*********]
[*********]
Cochran, James
Corporate
20,000
 
     
Perlman, Richard
Corporate
58,000
 
     
Price, James
Corporate
58,000
 
     
Lehr, Paul
Commercial
66,000
 
     
Beshara, Stephen
Marketing
66,000
 
     
[*********]
[*********]
[*********]
 
     

 
 
 
 
________________
[*********]  Material omitted pursuant to a request for confidential treatment
under Rule 24b-2 of the Exchange Act of 1934; filed separately with the
Securities and Exchange Commission.

--------------------------------------------------------------------------------

EXHIBIT C

There are two thresholds for attainment of the Performance-based Additional
Annual Bonus for employees falling within Commercial and Corporate categories.
If a category result is [*********]% to less than [*********]% better than the
budgeted EBITDA amounts, then there will be an additional bonus equal to
[*********]% of the additional EBITDA. If the actual results are a [*********]%
or greater improvement over budgeted EBITDA, then the additional bonus will
equal [*********]% of the additional EBITDA. For Commercial, this calculation
would be based upon Commercial results only. For Corporate, this calculation
would be based upon the same [*********]% per category blending of results as
the Performance-based Annual Bonus.

For employees falling within Residential and Marketing categories, the
additional bonus would be determined under a subjective analysis of qualitative
and quantitative results, with the [*********]% of additional EBITDA measure in
the chart below serving as a maximum measure of possible additional bonus. The
Compensation Committee would determine whether an additional bonus is earned
after consideration of a proposal for such by management, but only if the
proposal is based upon actual EBITDA results compared to the targets and
additional bonus guidelines in the chart below as well as other qualitative and
quantitative factors that would reasonably support such approval.

The additional bonus amount will be distributed subject to final approval of
allocations by the Compensation Committee. Examples below assume a payout in
stock.

   
Scenario 1 ([*********]% Overage)
Division
2007 Budgeted EBITDA
Actual EBITDA
EBITDA > Budget
Stock @ $[*********]/Share
Expense for
Performance Bonus
Consolidated
[*********]
[*********]
[*********]
[*********]
[*********]
Commercial
[*********]
[*********]
[*********]
[*********]
[*********]
                           
Scenario 2 ([*********]% Overage)
Division
2007 Budgeted EBITDA
Actual EBITDA
EBITDA > Budget
Stock @ $[*********]/Share
Expense for
Performance Bonus
Consolidated
[*********]
[*********]
[*********]
[*********]
[*********]
Commercial
[*********]
[*********]
[*********]
[*********]
[*********]
Residential
[*********]
[*********]
[*********]
[*********]
[*********]
Marketing
[*********]
[*********]
[*********]
[*********]
[*********]

 
 
 
 
________________
[*********]  Material omitted pursuant to a request for confidential treatment
under Rule 24b-2 of the Exchange Act of 1934; filed separately with the
Securities and Exchange Commission.