EXHIBIT
10.22


 


INFOCUS CORPORATION


2004 EXECUTIVE BONUS PLAN


CEO & CHAIRMAN OF THE BOARD


 


POLICY:               It  is
InFocus Corporation’s policy to provide the CEO and Chairman of the Board with
the opportunity for increased compensation based upon overall achievement of
InFocus Corporation’s net income goals.


 


PLAN GUIDELINES


 


1.             Adoption of Plan:  This
Executive Bonus Plan (the “Plan”) was adopted by the Board of Directors of
InFocus Corporation (the “Company”) effective February 3, 2004.


 


2.             Purpose of Plan and Effective
Date:  The
purpose of the Plan is to establish the terms and conditions under which the
Company will pay Executive bonuses for the calendar year beginning January 1,
2004, and ending December 31, 2004.


 


Unless the Board of Directors specifically provides
otherwise, all Executive bonuses will be awarded solely in accordance with this
Plan.


 


3.             Eligibility:  Eligibility
is limited to the CEO and Chairman of the Board of the Company.


 


The CEO and Chairman of the Board must be in active pay status for an entire
quarter to be paid profit sharing for that quarter.


 


In the event that the CEO
and Chairman of the Board is in the position for less than one year, a
pro-rated bonus will be calculated based on number of months employed.  No annual bonus will be paid if the CEO and
Chairman of the Board enters the position after October 1, 2004.  The CEO and Chairman of the Board must be
actively employed on the last day of the year to be eligible for any annual
bonus amount.


 


4.             Plan Components:


 


(a)  Profit Sharing:  The first component of the bonus plan is the
payment of profit sharing, paid quarterly. 
The percentage to be paid (multiplied by the Executive’s quarterly
salary) will be at the same rate as calculated for other employees in
accordance with the currently approved InFocus Corporation Profit Sharing
Program.  Any payment made to the
Executive will not reduce the amount to be paid to other employees, i.e.,
executive salaries will be excluded from the profit-sharing payout percentage
calculation.


(b)  Annual Bonus:  The second component of the bonus plan is an
annual bonus paid at year-end based on the Company’s 2004 financial performance
and specifically InFocus Corporation’s net income as


 


1

















 


reported in the Company’s
Consolidated Statement of Operations prepared in accordance with GAAP and
excluding restructuring charges.


 


The targeted bonus amount is calculated using the following formula:


 


Annual base salary x 75% participation
rate = target bonus amount


 


Where:


 


•      100% of the bonus is based on Corporate net income results


 


Other limitations/constraints regarding the
calculation of the bonus are as follows:


 


5.             Above Plan Performance:


 


Above plan performance will be based on attainment of the following levels
of Corporate net income and corresponding percent of target bonus amounts as
per the following table:


 


	
  Percent of Corporate Net Income Goal

  	
   

  	
  Percent of
  Target Bonus Paid

  	
   

  
	
  100

  	
  %

  	
  100

  	
  %

  
	
  150

  	
  %

  	
  125

  	
  %

  
	
  200

  	
  %

  	
  150

  	
  %

  
	
  250

  	
  %

  	
  175

  	
  %

  
	
  300

  	
  %

  	
  200

  	
  %

  
	
  350

  	
  %

  	
  225

  	
  %

  
	
  400

  	
  %

  	
  250

  	
  %

  



 


6.                                       Below Plan Performance:


 


•      If Corporate net income is less than 75% of
plan, the bonus payout will be equal to $0.


 


•      If Corporate net income is between 75% and
100%, the bonus will be reduced 2% for 1% below plan.


 


See table on following page
for details:


 


2

















 


	
  Final Corporate Net

  Income Attainment

  	
   

  	
  Target
  Bonus

  Modifier:

  	
   

  
	
  74

  	
  %

  	
  0.0

  	
  %

  
	
  75

  	
  %

  	
  50.0

  	
  %

  
	
  76

  	
  %

  	
  52.0

  	
  %

  
	
  77

  	
  %

  	
  54.0

  	
  %

  
	
  78

  	
  %

  	
  56.0

  	
  %

  
	
  79

  	
  %

  	
  58.0

  	
  %

  
	
  80

  	
  %

  	
  60.0

  	
  %

  
	
  81

  	
  %

  	
  62.0

  	
  %

  
	
  82

  	
  %

  	
  64.0

  	
  %

  
	
  83

  	
  %

  	
  66.0

  	
  %

  
	
  84

  	
  %

  	
  68.0

  	
  %

  
	
  85

  	
  %

  	
  70.0

  	
  %

  
	
  86

  	
  %

  	
  72.0

  	
  %

  
	
  87

  	
  %

  	
  74.0

  	
  %

  
	
  88

  	
  %

  	
  76.0

  	
  %

  
	
  89

  	
  %

  	
  78.0

  	
  %

  
	
  90

  	
  %

  	
  80.0

  	
  %

  
	
  91

  	
  %

  	
  82.0

  	
  %

  
	
  92

  	
  %

  	
  84.0

  	
  %

  
	
  93

  	
  %

  	
  86.0

  	
  %

  
	
  94

  	
  %

  	
  88.0

  	
  %

  
	
  95

  	
  %

  	
  90.0

  	
  %

  
	
  96

  	
  %

  	
  92.0

  	
  %

  
	
  97

  	
  %

  	
  94.0

  	
  %

  
	
  98

  	
  %

  	
  96.0

  	
  %

  
	
  99

  	
  %

  	
  98.0

  	
  %

  
	
  100

  	
  %

  	
  100.0

  	
  %

  



 


7.             Payment of Executive Bonus: 
Payment of the Executive Bonus Plan will be based on audited year-end
results, and will be distributed within 30 days after the audit has been
completed.


 


8.             Discretion of the Board of
Directors:  Nothing in this Plan shall prohibit the
Board of Directors from awarding a bonus to one or more Executives in addition
to the Executive Bonus awarded pursuant to this Plan.


 


The Board of Directors reserves the right to modify, change or rescind
this policy at any time at its sole discretion as is required to meet the
Company’s objectives.


 


3