Exhibit 10.77

 

POLICY

Financial Planning Benefit Plan

Page 1 of 2

 

STATEMENT

 

Invitrogen Corporation offers a Financial Planning Benefit to senior executives
to provide assistance in the development of financial plans that incorporate the
complex tax and regulatory environments impacting their personal and Company
provided assets. The goal of the plan is to assist key executives in maximizing
the value of the Company’s compensation and benefits package.

 

ELIGIBILITY

 

You are eligible for benefits if you are classified in the Executive Leadership
Career Band as of January 1, 2004. Employees joining the eligible group after
January 1, 2004 will be eligible for coverage on the first of the quarter
coincident with or next following the effective date of joining the eligible
group. First year benefits will be prorated based on coverage period (25% of
benefit for each quarter of coverage).

 

PLAN BENEFITS

 

The Company will provide eligible employee with a specified Annual Funding
Amount. This funding amount will be used for reimbursement of Eligible Expenses
associated with financial planning and counseling services incurred by the
eligible employee or their eligible spouse. The Annual Funding Amount may be
used for reimbursement in the calendar year of funding or rolled over for use in
the next calendar year provided the total funding available for reimbursement
does not exceed the Annual Reimbursement Limit. Annual Funding Amounts not
eligible for rollover due to the impact of the Annual Reimbursement Limit or
unused after two calendar years will be forfeited.

 

Annual Funding Amount: The Company will provide annual funding to an eligible
employee based on his/her position. The funding amounts effective January 1,
2004 are below. Future Annual Funding Amounts may be subject to change.

 

Position

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   Annual Funding Amount

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Chief Executive Officer

   $ 10,000

Senior Vice President

   $ 7,500

Other Eligible Employees

   $ 5,000

 

Annual Reimbursement Limit: The Annual Reimbursement Limits effective January 1,
2004 are below. Future limits may be subject to change.

 

Position

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

   Annual Reimbursement Limit

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

Chief Executive Officer

   $ 20,000

Senior Vice President

   $ 15,000

Other Eligible Employees

   $ 10,000

 

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POLICY

Financial Planning Benefit Plan

Page 2 of 2

 

PLAN BENEFITS {Continued}

 

Eligible Expenses: Eligible expenses include expenses associated with the
following services provided by a qualified firm:

 

  • Investment Planning Fees

 

  • Retirement & Cash Flow Planning Fees

 

  • Estate Planning Fees

 

  • Income Tax Planning & Preparation Fees

 

  • Insurance & Risk Management Fees

 

  • Preparation Fees for Wills and Trusts

 

A qualified firm includes a firm registered with the SEC to provide financial
and related advice. Non U.S. employees may use qualified firms subject to the
country specific regulations.

 

EMPLOYEE COST

 

Eligible employees are responsible for the entire cost incurred for the services
provided. Employees can submit for reimbursement of Eligible Expenses. Receipts
for Eligible Expenses must be submitted to Corporate Benefits for reimbursement
within ninety days of the end of the year in which the expenses were incurred.

 

Tax Gross Up: Benefits received from this plan will be grossed up for tax
purposes by Invitrogen. As this benefit is not eligible to be paid on a pre-tax
basis, the Company will fund an additional amount equal to the tax gross up on
reimbursements submitted by the employee. The gross up will be based on the
highest marginal tax rate in effect in the year of reimbursement and will be
posted to the employee’s W-2 at the time reimbursement is processed. If the
current year tax rates are not available at the time of reimbursement, the prior
years will be used. Changes in tax rates will only apply on a prospective basis.

 

PLAN ADMINISTRATION

 

The Executive Financial Planning benefit is administered by Corporate Benefits.
If you have any questions regarding eligibility or benefits, please contact the
Benefits Manager in the Carlsbad office for assistance at 1-760-476-6332.

 

AUTHORITY

 

Invitrogen has the authority to discontinue, change, modify, or approve
exceptions to this policy at any time with or without notice.