Document:

EX-10.3

 Exhibit 10.3 

April 2018 Revision 

CASH-BASED INCENTIVE COMPENSATION PLAN 

FISCAL YEAR 2018 

OFFICERS AND SELECTED EXECUTIVES 

LEVEL 8 
  

	I.	PURPOSE 

 The purpose of this cash-based incentive compensation plan (the
“Plan”) is to define a mechanism for stimulating and rewarding the achievement of business goals by eligible employees, as proposed by the Compensation Committee of the Board of Directors of the Company (the “Board”) and agreed
by the Board. 
  

	II.	SCOPE 

 This Plan includes certain executives as designated by the CEO (collectively
“Executives”) of Meridian Bioscience, Inc. and its subsidiaries (the “Company”). 
  

	III.	ELIGIBILITY REQUIREMENTS 

 Eligibility for participation in this Plan is limited to
elected officers and the executives of the Company as determined in the sole discretion of the Compensation Committee of the Board (the “Participants”). 
  

	 	1.	Employees hired after October 1, 2017 are eligible for a pro-rated bonus based on the number of months employed during the fiscal year. The month of hire counts as a full
month regardless of the hire date. 

  

	 	2.	Executives who terminate before September 30, 2018 for any reason are not eligible for a bonus unless the Compensation Committee approves eligibility prior to termination and subject to the terms of any applicable
Change in Control Agreement executed with the terminating executive. 

  

	IV.	PERFORMANCE TARGETS AND PAYOUT PERCENTAGES  

 The Plan consists of three components:
Consolidated Net Revenues, Consolidated non-GAAP Net Earnings and individual performance with a weighting factor assigned to each component. The Plan is designed to payout 35% of base salary at target.
The Compensation Committee may not increase compensation payable under this Plan in excess of amounts provided herein. As soon as practicable after the Compensation Committee determines the targets have been met, each Participant shall receive a
cash lump sum payment of the bonus, less required withholding. In no event shall payment be made later than two and one-half (2 1⁄2) months following the date the Compensation Committee determines the targets have been met; provided ̧ however, the Participant may make the deferral election described in Section VI. Except as
otherwise permitted in Section III, no bonus shall be paid to any Participant who is not actively employed by the Company on the date the bonus is paid. 

  
 1 

																							
	 Net Revenue Targets and Payout
Percentages
	 
	 	  	 	 	  	 	    	Achievement	 	    	Target	 	    	Revenue	 	    	Payout	 
	 Net Revenues
	    	Factor	 	    	Bonus	 	    	Weighting	 	    	%	 
	 $*****
	  	 	to	 	  	$*****	    	 	50	% 	    	 	35	% 	    	 	40	% 	    	 	7.0	% 
	 $*****
	  	 	to	 	  	$*****	    	 	100	% 	    	 	35	% 	    	 	40	% 	    	 	14.0	% 
	 >$*****
	  				  		    	 	150	% 	    	 	35	% 	    	 	40	% 	    	 	21.0	% 
	
	
Non-GAAP Net Earnings Targets and Payout Percentages
	 
	 	  	 	 	  	 	    	Achievement	 	    	Target	 	    	Net
Earnings	 	    	Payout	 
	 Net Earnings
	    	Factor	 	    	Bonus	 	    	Weighting	 	    	%	 
	 $*****
	  	 	to	 	  	$*****	    	 	50	% 	    	 	35	% 	    	 	40	% 	    	 	7.0	% 
	 $*****
	  	 	to	 	  	$*****	    	 	100	% 	    	 	35	% 	    	 	40	% 	    	 	14.0	% 
	 >$*****
	  				  		    	 	150	% 	    	 	35	% 	    	 	40	% 	    	 	21.0	% 

  

																															
	 Individual Performance and Payout
Percentages
	 
	 	  	 	    	Achievement	 	    	 	 	    	Target	 	    	 	 	    	 	 	    	 	 	    	Payout	 
	 Performance Appraisal Rating
	    	Factor	 	    	x	 	    	Bonus	 	    	x	 	    	Weighting	 	    	=	 	    	%	 
	 Rating
	  	    2	    	 	50	% 	    				    	 	35	% 	    				    	 	20	% 	    				    	 	3.5	% 
	 Rating
	  	    3	    	 	100	% 	    				    	 	35	% 	    				    	 	20	% 	    				    	 	7.0	% 
	 Rating
	  	4 or 5	    	 	150	% 	    				    	 	35	% 	    				    	 	20	% 	    				    	 	10.5	% 

  
 2 

	V.	NON-GAAP MEASUREMENT 

 Non-GAAP items shall consist of items disclosed in the Company’s Non-GAAP Financial Measures disclosures in the fiscal 2018 Form
10-K. 
 In the event of an acquisition during the Plan year, to the extent not already captured in
the non-GAAP disclosures noted above, the Board, upon the proposal of the Compensation Committee, may in its discretion consider restructuring, purchase accounting and extraordinary charges associated with
such acquisitions as disclosed in the Company’s Form 10-K to be considered in the calculation of non-GAAP earnings. If the acquisition provides accretive earnings,
the Board may, in its discretion, include for purposes of bonus calculations as a means to incent management to pursue accretive acquisitions and in recognition of the significant time and effort necessary to complete such acquisitions. Upon the
completion of acquisitions, interest income assumed in the fiscal plan will be adjusted to reflect the cash used. 
 The Compensation
Committee shall evaluate certain events, in its discretion, for determination of treatment in the bonus calculation. Examples include the impact of tax legislation and the impact of implementing new accounting standards. 

 

	VI.	DEFERRAL OF BONUS PAYMENT 

 Executives may elect to defer payment of bonus to no later
than January 15, 2019. Such election must be made in writing prior to March 31, 2018. 
  

	VII.	GENERAL PROVISIONS 

  

	 	1.	The Plan is subject to all applicable federal and state laws, rules and regulations as may be required. 

  

	 	2.	A Participant’s rights and interests under the Plan may not be assigned, pledged or transferred. 

  

	 	3.	Nothing in the Plan shall confer upon any Participant the right to continue in the employment of the Company or affect the right of the Company to terminate the employment of any Participant. 

 

	 	4.	The Company shall have the right to withhold from any bonus payment any federal, state or local and/or payroll taxes required by law to be withheld and to take such other action as the Compensation Committee deems
advisable to enable the Company and Participant to satisfy obligations for the payment of withholding taxes and other tax obligations relating to a bonus. 

  

	 	5.	It is intended that payments under the Plan qualify as short-term deferrals exempt from the requirements of Section 409A of the Code. 

  
 3Exhibit

Third Point Reinsurance Ltd. Director Compensation Policy 
The Compensation Committee of the Board of Directors (the “Board”) of Third Point Reinsurance Ltd. (the “Company”) has adopted the following compensation policy as of November 6, 2013, as amended and restated on May 5, 2015, May 3, 2017 and May 9, 2018, for independent directors of the Company and its subsidiaries.  The compensation policy has been developed to compensate certain independent directors of the Company for their time, commitment and contributions to the Board and to the boards of director of any subsidiaries of the Company on which they serve.  This policy shall apply to directors of the Company who are not employees of the Company or any of its subsidiaries and who are not affiliated with KEP TP Holdings, L.P., KIA TP Holdings, L.P., Pine Brook LVR, L.P., Daniel S. Loeb, or any of their respective affiliates (each, an “Independent Director”).
		
	1.
	Director Compensation.  

(a)    Cash Compensation.  Independent Directors shall be paid a cash retainer of $100,000 per year (or $117,500, in the case of the chairman of the Audit Committee of the Board, or $125,000, in the case of the Lead Independent Director of the Board), payable quarterly in arrears on or about March 31st, June 30th, September 30th and December 31st, for each calendar year of service on the Board.  Cash retainers for partial years of service shall be pro-rated to reflect the number of days served by an Independent Director during any such year.  The first payment made pursuant to this section shall be paid on or around December 31, 2013.  Board members will also be entitled to receive reimbursement for reasonable expenses that are incurred in connection with their functions as a director of the Company.  
(b)    Equity Based Compensation.  Each Independent Director shall receive an annual grant of $100,000 (or $117,500, in the case of the chairman of the Audit Committee of the Board, or $125,000, in the case of the Lead Independent Director of the Board) worth of restricted shares of the Company, calculated based on the fair market value of a common share of the Company, par value US$0.10 per share, on the date on which such restricted shares are granted (the “Grant Date”).  Each annual restricted share grant shall typically be made on or around the date of the annual meeting of shareholders, except that the first annual grant (the “Initial Grant”) will be made on or about the date this policy is adopted by the Board.  Restricted share grants for partial years of service (other than the Initial Grant) shall be pro-rated to reflect the number of days served by an Independent Director during any such year and shall typically be made on or around the date on which the Independent Director begins his or her service on the Board.  Such restricted shares will be granted under and subject to the terms and conditions of the Third Point Reinsurance Ltd. 2013 Omnibus Incentive Plan (the “Plan”) and the applicable award agreement entered into between the Company and the Independent Director, including, without limitation, the vesting and forfeiture provisions contained therein.  Generally, such restricted shares shall vest on April 30 of the calendar year following the year in which the grant is made (, subject to the Independent Director’s continued service on the Board through such vesting date. 
		
	2.
	This policy may be amended, revised or terminated by the Board at any time and from time to time.

Adopted November 6, 2013, and amended and restated on May 5, 2015, May 3, 2017 and May 9, 2018.

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