ex10-1.htm


    Exhibit
10.1



     

    IMMUCOR,
INC.

    


    FY 2011 Bonus Plan and
Long-Term Incentive Plan

    For Executive
Officers

    


    


    Adopted
April 19, 2010

    


    


    


    Bonus
Plan

    


    This is a
bonus plan for all officers named as executive officers by the Company’s Board
of Directors (currently the CEO, COO, CSO, CFO and General
Counsel).

    


    All
bonuses will be based on the Company achieving specified FY 2011 net income
goals and other corporate goals established by the Compensation Committee of the
Board of Directors, and on achievement of individual performance objectives
established for each participant at the beginning of the Company’s fiscal year.
Target net income is subject to such adjustments as may be deemed appropriate by
the Compensation Committee to account for acquisitions, reorganizations and
other events not contemplated by the Compensation Committee at the time the
bonus plan was adopted.

    


    To be
eligible to receive a bonus, the employee must have been employed full-time by
the Company not later than March 1 of the fiscal year to which the bonus applies
(the “bonus year”), and must be employed by the Company at the time bonuses for
the bonus year are paid.  For employees who have not been employed
full-time by the Company for the full bonus year, bonuses will be prorated on a
monthly basis, with initial employment during the first 15 days of a month being
treated as employment for the full month, and initial employment after the first
15 days of a month not being treated as a month of employment.

    


    Bonuses
are stated as a percentage of base compensation or salary as of May 31,
2011.

    


    The
Compensation Committee will have the authority to interpret the terms and
provisions of the bonus plan and to otherwise supervise the administration of
the bonus plan.  Any determination made by the Compensation Committee
under the bonus plan will be final and binding on all persons, including the
Company and the participants.

    


    


    Target Bonus
Awards

    


    The
following table shows target annual bonus awards and the bonus awards earned at
105% and 110% or more of FY 2011 target net income, as a percentage of base
compensation for each level of plan participant.  Bonus awards can be
earned on a prorated basis if actual net income is 90% or more but less than
100% of target net income.

    


    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    
       

      
        	 	      
                Bonus
      Award (% of Base Compensation)*

              
	      
                Position
      Level

              	      
                Target
      Bonus

                (100%
      of Target Net Income)

              	      
                105%
      of Target
      

                Net
      Income

              	      
                110%
      of Target
      

                Net
      Income or Above

              
	
                CEO

              	
                45%

              	
                67.5%

              	
                90%

              
	
                Other
      Executive Officers

              	
                30%

              	
                45%

              	
                60%

              


      

    

    


    
      	
              *

            	
              For
      purposes of this illustration, assumes that other corporate goals and
      individual performance goals are
achieved.

            


    

    


    Bonus Award
Determination

    


    Plan
participants will be eligible for bonuses based on 3 components, weighted
equally:

    


    
      	
              ·

            	
              Immucor’s
      actual net income compared to target net income for FY 2011 (Net Income
      Component)

            


    

    
      	
              ·

            	
              The
      achievement of other corporate goals established by the Compensation
      Committee for FY 2011 (Corporate Goals Component);
  and

            


    

    
      	
              ·

            	
              The
      achievement of individual performance objectives for FY2011 (Individual
      Goals Component).

            


    

    


    If net
income is below 90% of target net income, no bonus payments will be made under
the bonus plan, regardless of achievement of goals under the Corporate Goals
Component and Individual Goals Component.

    


    


    NET
INCOME COMPONENT

    


    Net
Income Levels

    


    The
following table shows the percentage of the Net Income Component that will be
earned if net income is at or below the FY 2011 target net income.

    


    
      	
              If
      net income is the 

              following
      percent of 

              target
      net income*

            	
              Percentage
      of Net 

              Income
      Component

              Earned

            
	
              <95%

            	
              0%

            
	
              95%

            	
              50%

            
	
              100%

            	
              100%

            


    

    


    
      	
              *

            	
              Net
      Income Component will be prorated for in-between percentages of target net
      income.

            


    

    


    


    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    CORPORATE
GOALS COMPONENT

    


    If net
income is at least 90% of target net income,

    


    
      	
              ·

            	
              The
      Corporate Goals Component may be earned through achievement of corporate
      goals established by the Compensation Committee for FY
    2011.

            


    

    


    The
amount of the Corporate Goals Component earned for performance in this area will
be prorated for partial achievement of goals.

    


    INDIVIDUAL
GOALS COMPONENT

    


    If net
income is at least 90% of target net income,

    


    
      	
              ·

            	
              The
      Individual Goals Component may be earned through achievement of individual
      performance goals for FY 2011.

            


    

    


    The
amount of the Individual Goals Component earned for performance for this area
will be prorated for partial achievement of goals.

     
 

    Long-Term Incentive
Plan

    


    Long-term
incentives (i.e., equity incentives) (“LTIs”) will be awarded to executive
officers for FY 2011 based on position, salary levels and employee
performance.  All awards will be granted pursuant to the Immucor, Inc.
2005 Long-Term Incentive Plan or such successor plan that may be
established.  Target values of LTI awards are stated as a percentage
of base compensation or salary as of May 31, 2010.

    


    The
Compensation Committee will have the authority to interpret the terms and
provisions of this long-term incentive plan and to otherwise supervise the
administration of this long-term incentive plan.  Any determination
made by the Compensation Committee under this long-term incentive plan will be
final and binding on all persons, including the Company and the
participants.

    


    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      
        	
                Target
      value of LTI awarded:

              	
                CEO
      – 120% to 180% of base compensation*

              
	 
      	
                Other
      Executive Officers – 80% to 120% of base compensation*

              
	 
      	 
      	 
      
	 
      	
                *
      Exact percentages to be determined by the Compensation
      Committee.

              
	 
      	 
      	 
      
	
                LTI
      target mix – CEO:

              	
                Restricted
      Stock Value

              	
                65%
      of LTI target value

              
	 
      	
                Stock
      Option Value

              	
                35%
      of LTI target value

              
	 
      	 
      	 
      
	
                LTI
      target mix –Other Executive Officers:

              	 
      
	 
      	 
      	 
      
	 
      	
                Restricted
      Stock Value

              	
                75%
      of LTI target value

              
	 
      	
                Stock
      Option Value

              	
                25%
      of LTI target value

              


      

    

     

    Long-term
incentive grants to executive officers will be subject to stock retention
guidelines established by the Compensation Committee from time to
time.

    


    Calculation of Share
Amounts

    


    Each
element of the LTI grant (i.e., stock options and restricted stock) is intended
to represent the estimated economic value of that element on the day before the
date of grant.  For purposes of determining the number of shares
covered by each element, the following calculation should be used, which assumes
(for illustration purposes only) that the economic value of stock options, using
the Black-Scholes method, is 40% of the fair market value the day before the
grant and a target mix of 75% Restricted Stock and 25% Stock
Options:

    


    LTI
Target Value x 75% = Restricted Stock Value

    


    
      LTI
Target Value x 25% = Stock Option Value

    

    


    
      #
Restricted Shares = Restricted Stock Value/ fair market value of the stock the
day before the grant

    

    


    
      # Stock
Option Shares = Stock Option Value / (Black Scholes ratio (40%) x fair market
value of the stock the day before the grant)

    

    


    Vesting

    


    Stock
Options will vest over four (4) years, 25% per year on the anniversary of the
date of grant.

    


    Restricted
Stock will vest over five (5) years, 20% per year on the anniversary of the date
of grant.

    


    


    4