Document:

Exhibit 10.24

 

Non-Employee
Director Compensation

 

We currently pay our
non-employee directors annual retainer of $35,000, plus $1,000 per day for
attendance at meetings of the Board of Directors or $500 if the meeting is
telephonic.  Pay for attendance at
meetings of Committees of the Board of Directors is $750 per day or $375 if the
meeting is telephonic.  Each Chairperson
of a Committee of the Board of Directors also receives an annual retainer.  The annual retainer is for the Audit
Committee Chairperson, the Compensation Committee Chairperson and the
Nominating Governance Committee Chairperson is $18,500, $7,500 and $5,000,
respectively.

 

Our non-employee
directors receive an option to purchase 1,500 shares of our common stock
quarterly on the date that is two days after the public announcement of our
earnings for the immediately preceding quarter. 
Such options become exercisable one year after the grant date and expire
ten years after the grant date.EXHIBIT
10.31

 

ICU Medical, Inc.
(the “Company”) has entered into an agreement with each of the following
persons, which is substantially identical to the Form of Executive Officer
Retention Agreement filed as Exhibit 10.29 to this Annual Report on Form 10-K.

 

Alison D. Burcar

Richard A.
Costello

Scott E. Lamb

Steven C. Riggs

 

The Company has also
entered into an agreement with George A. Lopez, M.D., which is substantially
identical to the Form of CEO Retention Agreement  filed as Exhibit 10.30 to this Annual
Report on Form 10-K.Exhibit 10.1

 

A.                                    Performance Criteria for Incentive Plan Awards for Year
2010 Pursuant to the 2003 Executive Incentive Plan

 

1.             Awardees:

 

a.             Henry J. Herrmann

b.             Michael L. Avery

c.             Thomas W. Butch

d.             Daniel P. Connealy

e.             Daniel C. Schulte

f.              Michael D. Strohm

g.                                      John E. Sundeen, Jr.

 

2.             Performance Goal:

 

a.                                       The aggregate
Incentive Plan Award to the Awardees shall equal six percent of the Adjusted
2010 Operating Income (defined below). 
The aggregate Incentive Plan Award shall be allocated among the Awardees
as follows:

 

	
  Awardee

  	
   

  	
  Portion of Aggregate

  Incentive Plan Award

  	
   

  
	
  Henry J. Herrmann

  	
   

  	
  32

  	
  %

  
	
  Michael L. Avery

  	
   

  	
  17

  	
  %

  
	
  Thomas W. Butch

  	
   

  	
  15

  	
  %

  
	
  Daniel P. Connealy

  	
   

  	
  9

  	
  %

  
	
  Daniel C. Schulte

  	
   

  	
  9

  	
  %

  
	
  Michael D. Strohm

  	
   

  	
  9

  	
  %

  
	
  John E. Sundeen, Jr.

  	
   

  	
  9

  	
  %

  

 

Notwithstanding
the foregoing, the Compensation Committee may, in its sole discretion, elect to
award each Awardee less of the Incentive Plan Award for the 2010 Year than is
set forth above, provided that any such decrease in the Incentive Plan Award
for any one Awardee shall not increase the award for any other Awardee.

 

b.                                      The term “Adjusted
2010 Operating Income” means the operating income of the Company for its
fiscal year ending December 31, 2010 (the “2010 Year”), determined
pursuant to generally accepted accounting principles, adjusted as follows:  (i) such amount shall be increased by
the Company’s interest expense for the 2010 Year; (ii) such amount shall
be increased by the Company’s federal, state and local income taxes for the
2010 Year; (iii) such amount shall be increased by bonuses paid under
Company executive compensation and deferred compensation plans for the 2010
Year; (iv) such amount shall be increased by losses from
publicly-disclosed transactions entered into during the 2010 Year that the
Compensation Committee considers to be extraordinary or non-recurring; (v) such
amount shall be decreased by gains from publicly-disclosed transactions entered
into during the 2010 Year that the 

 

 

Compensation
Committee considers to be extraordinary or non-recurring; (vi) such amount
shall be increased by any net losses during the 2010 Year from entities, trades
or businesses and lines of businesses acquired from unrelated parties (“2010
Acquisitions”); and (vii) such amount shall be decreased by any net
profits during the 2010 Year from entities, trades or businesses and lines of
businesses acquired pursuant to 2010 Acquisitions.

 

B.                                    Performance Criteria for Restricted Stock Awards for
Year 2010 Pursuant to the 1998 Stock Incentive Plan

 

1.             Awardees:

 

a.             Henry J. Herrmann

b.             Michael L. Avery

c.             Thomas W. Butch

d.             Daniel P. Connealy

e.             Daniel C. Schulte

f.                                         Michael D. Strohm

g.                                      John E. Sundeen, Jr.

 

2.             Performance Goal:

 

a.                                       The aggregate
Restricted Stock Award to the Awardees shall equal 420,000 shares of Company common
stock, provided that no such award shall be made unless the Threshold Condition
(defined below) is met.  The aggregate
Restricted Stock Plan Award shall be allocated among the Awardees as follows:

 

	
  Awardee

  	
   

  	
  Portion of Aggregate 

  Incentive Plan Award

  	
   

  
	
  Henry J. Herrmann

  	
   

  	
  20

  	
  %

  
	
  Michael L. Avery

  	
   

  	
  19

  	
  %

  
	
  Thomas W. Butch

  	
   

  	
  17

  	
  %

  
	
  Daniel P. Connealy

  	
   

  	
  11

  	
  %

  
	
  Daniel C. Schulte

  	
   

  	
  11

  	
  %

  
	
  Michael D. Strohm

  	
   

  	
  11

  	
  %

  
	
  John E. Sundeen, Jr.

  	
   

  	
  11

  	
  %

  

 

Notwithstanding
the foregoing, the Compensation Committee may, in its sole discretion, elect to
award each Awardee less of a Restricted Stock Plan Award for the 2010 Year than
is set forth above, provided that any such decrease in the Restricted Stock
Plan Award for any one Awardee 

 

 

shall
not increase the award for any other Awardee. 
These awards, if any, are to be granted in December 2010.

 

b.                                      The term “Threshold
Condition” means that the quotient of (i) Adjusted 2010 Operating
Income (defined in Section A), divided by (ii) Adjusted 2010 Equity
(defined below), equals or exceeds 0.40.

 

c.                                       The term “Adjusted
2010 Equity” means the quotient of (i) the sum of Beginning 2010
Equity (defined below) plus Adjusted Ending 2010 Equity (defined below),
divided by (ii) 2.0.

 

d.                                      The term “Beginning
2010 Equity” means the shareholders equity of the Company as of January 1,
2010, determined pursuant to generally accepted accounting principles.

 

e.                                       The term “Adjusted
Ending 2010 Equity” means the shareholders equity of the Company as of December 31,
2010, determined pursuant to generally accepted accounting principles, adjusted
as follows:  (i) such amount shall
be increased by bonuses paid under Company executive compensation and deferred
compensation plans for the 2010 Year; (ii) such amount shall be increased
by losses from publicly-disclosed transactions entered into during the 2010
Year that the Compensation Committee considers extraordinary or non-recurring; (iii) such
amount shall be decreased by gains from publicly-disclosed transactions entered
into during the 2010 Year that the Compensation Committee considers to be
extraordinary or non-recurring; (iv) such amount shall be increased by any
net losses during the 2010 Year from entities, trades or businesses and lines
of businesses acquired pursuant to 2010 Acquisitions; and (v) such amount
shall be decreased by any net profits during the 2010 Year from entities,
trades or businesses and lines of businesses acquired pursuant to 2010
Acquisitions.Exhibit 10.1

 

PONIARD
PHARMACEUTICALS, INC. 

MANAGEMENT INCENTIVE PLAN 

(effective as of January 1, 2009; amended as of February 17, 2010)

 

 

SECTION 1 - INTRODUCTION

 

Plan Objectives

 

The Poniard Pharmaceuticals, Inc. Management
Incentive Plan (the “Plan”) is a cash bonus plan.  The purpose of the Plan is to focus executive
management on the achievement of key corporate goals of Poniard Pharmaceuticals, Inc.
(the “Company”) and to provide incentive awards for the achievement of such
goals.

 

Effective Date

 

The Plan is effective for the Plan Year beginning January 1,
2009 and ending December 31, 2009. 
A new Plan Year will commence on January 1 of each year thereafter,
unless the Board and the Compensation Committee determine otherwise.

 

SECTION 2 - DEFINITIONS

 

Unless defined elsewhere in the Plan, certain capitalized
terms used in the Plan have the following definitions:

 

(a)                                  “Board” means the Board of Directors of the Company.

 

(b)                                 “Compensation Committee” means the Compensation Committee of the Company’s
Board.

 

(c)                                  “Participants” means executives management of the Company, including
classes thereof designated by title or position, who are eligible to
participate in the Plan as set forth in Section 4 of the Plan.

 

(d)                                 “Plan Year” means the twelve-month period coinciding with the Company’s
annual fiscal year.

 

SECTION 3 - PLAN ADMINISTRATOR

 

Subject to the terms of the Plan, the Compensation
Committee shall administer the Plan and, with input from the Board, shall (i) determine
the corporate goals applicable to a Plan Year, including the relative weighting
assigned to each such goal, and (ii) approve incentive payout amounts for
a Plan Year.  Except as otherwise
provided in the Plan, the Compensation Committee is authorized to make all
other determinations under the Plan and to interpret and administer the
Plan.  Any determinations of the
Compensation Committee shall be final, conclusive and binding on Participants.

 

 

SECTION 4 — INCENTIVE AWARDS

 

Corporate Goals and Maximum Payment
Amounts

 

Each
Participant shall be eligible to receive a maximum payout for achievement of
corporate goals for a Plan Year equal to the following percentage of annual
base salary (as in effect at the end of the applicable Plan Year), which
percentage shall be multiplied by 1.5 for the 2010 Plan Year:

 

	
  Title

  	
   

  	
  Percentage of Annual Base

  Salary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CEO

  	
   

  	
  50%

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  President &
  COO

  	
   

  	
  35%

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Other Executives (CFO, CMO, Senior Vice President,
  Vice President)

  	
   

  	
  20-30%, as designated in each case by the Compensation Committee

  	
   

  

 

The
Compensation Committee may adjust the foregoing percentage amounts for
Participants, in its sole discretion. If all corporate goals are achieved for a
Plan Years, Participants are eligible to receive 100% of their maximum payout
amounts and, in the event of extraordinary achievement of goals, amounts in
excess of 100% of the maximum payout amounts. 
If one or more goals are partially achieved for a Plan Year, partial
credit may be given with respect to such goals. 
In assessing achievement of corporate goals and related payouts, the
Compensation Committee shall have the discretion to take into account
additional corporate accomplishments for the applicable Plan Year.  Furthermore, the Compensation Committee, with
input from the Board, may, during a Plan Year, make adjustments to the
corporate goals established for that Plan Year or to the amounts otherwise
payable with respect to a Plan Year as the result of extraordinary, unforeseen
or other conditions that either positively or negatively affect the Company’s
performance.  The Compensation Committee
may determine that no payments shall be made under the
Plan for a Plan Year if, in its sole discretion, the overall performance of the
Company does not warrant the payment of incentive awards.

 

In
addition, the Compensation Committee may determine for a Plan Year to include
achievement of individual goals in the determination of payout amounts under
the Plan.

 

Incentive Award Payments

 

Unless specifically provided otherwise in a written
agreement between the Company and a Participant, a Participant must be employed
by the Company during an entire Plan Year to be eligible for a payment under
the Plan for such Plan Year. 
Notwithstanding the foregoing, individuals who become Participants
during a Plan Year may receive pro-rated incentive awards.

 

2

 

Participants who remain employed through an applicable
Plan Year (or until the end of a Plan Year in the event of a pro-rated
incentive award) will be eligible to receive an incentive payment under the
Plan, even if the Participant is not employed by the Company on the date the
payment is made.

 

Payment of incentive amounts under the Plan shall be made
as soon as practicable after the end of the applicable Plan Year, provided that
such payment shall be made not later than the 15th day of the third calendar month of the
calendar year following the end of the applicable Plan Year.

 

SECTION 5 -GENERAL

 

No Trust or Fund

 

The Plan shall be unfunded.  All amounts payable under the Plan shall be
paid from the general assets of the Company. 
Nothing in the Plan shall require the Company to segregate any monies or
other property, or to create any trusts, or to make any special deposits for
any amounts payable to any Participant, and no Participant shall have any
rights that are greater than those of a general unsecured creditor of the
Company.

 

Plan Amendment or Termination

 

The Compensation Committee reserves the right to
unilaterally amend, revoke, or terminate this Plan or any portion of it, at any
time, for any reason whatsoever, with or without cause or advance notice.

 

Right of Employment

 

Nothing in this Agreement alters the “at will” nature of
each Participant’s employment.  A
Participant or the Company may terminate a Participant’s employment
relationship for any reason or for no reason, with or without cause or advance
notice.  Furthermore, the Company has no
obligation for uniformity of treatment of Participants under the Plan.

 

Tax Withholding

 

The Company shall have the right to deduct from all
payments under this Plan any federal or state taxes or other payroll
withholdings required by law to be withheld with respect to such payments.

 

Section 409A  of the Internal Revenue Code

 

The Company intends that the Plan and the payments and
other benefits provided hereunder be exempt from the requirements of Section 409A
of the Internal Revenue Code of 1986, as amended, the regulations issued
thereunder and any applicable guidance (together, “Code Section 409A”)
though the Company makes no representations or warranties to Participants with
respect to any tax, economic or legal consequences of the Plan or any payments
or other benefits provided hereunder.  To
the extent Code Section 409A is applicable to the Plan (and such payments
and benefits), the parties intend that the Plan (and such payments and
benefits) comply 

 

3

 

with the deferral, payout and other limitations and
restrictions imposed under Code Section 409A.  In addition, if a Participant is a “specified
employee,” within the meaning of Code Section 409A, then to the extent
necessary to avoid subjecting the Participant to the imposition of any
additional tax under Code Section 409A, amounts that would otherwise be
payable under the Plan during the six month period immediately following a
Participant’s “separation from service,” as defined under Code Section 409A,
shall not be paid to the Participant during such period, but shall be
accumulated and paid to the Participant in a lump sum on the first business day
after the earlier of the date that is six months following his or her
separation from service or his or her death. 
Notwithstanding any other provision of the Plan to the contrary, the
Plan shall be interpreted, operated and administered in a manner consistent
with such intentions.  In accordance with
the foregoing, the Plan shall be deemed to be amended, and any deferrals and
distributions hereunder shall be deemed to be modified, to the extent permitted
by and necessary to comply with Code Section 409A and to avoid or mitigate
the imposition of additional taxes under Code Section 409A.

 

4

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