EXHIBIT
10.23


 


INFOCUS CORPORATION


2004 EXECUTIVE BONUS PLAN


 


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


 


PLAN GUIDELINES


 


1.             Adoption of Plan:  The 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 Executives of InFocus Corporation.


 


In the event that an Executive is in their position for less than one
year, a pro-rated bonus will be calculated based on number of months
employed as an executive.  For the
purposes of this Plan, the term Executive refers to employees of the Company
holding the titles listed in Section 5 below. No annual bonus will be paid if
any Executive enters their position after October 1, 2004.  Executives 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.


 


NOTE:  Eligible Executives must be in
active pay status for an entire quarter to be paid profit sharing for that
quarter.


 


(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


 


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


 


5.             Target Bonus Participation
Rates:


 


Executives will participate
in the 2004 Bonus Plan as per the table below:


 


	
  Title

  	
   

  	
  Participation Rate

  	
   

  
	
  President & Chief Operating Officer

  	
   

  	
  65

  	
  %

  
	
  Executive Vice President

  	
   

  	
  55

  	
  %

  
	
  Senior Vice President

  	
   

  	
  45

  	
  %

  
	
  General Manager

  	
   

  	
  45

  	
  %

  
	
  Vice President

  	
   

  	
  35

  	
  %

  



 


6.             Target Bonus Amount
Calculation:


 


Individual Target Bonus amounts will be determined using the following
calculation:


 


Annual Base Salary x
Participation Rate = Target Bonus Amount


 


Example:  Vice President with annual base
salary of $180,000


 


$180,000 x 35% = $63,000 as
2004 Target  Bonus Amount


 


7.             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

  	
  %

  



 


 


8.             Below Plan Performance:


 


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


 


If Corporate net income is between 75% and100%, the target bonus will be
modified as per the following table


 


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  Final
  Corporate Net

  Income Attainment

  	
   

  	
  Final
  Payout as a

  Percent of Original

  Target Bonus

  Amount

  	
   

  
	
  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

  	
  %

  



 


9.             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.


 


10.           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.


 


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