Document:

exh10-1_16936.htm

EXHIBIT 10.1

 

 

	   	

2011 Performance Incentive Plan

Performance Period January 1 - December 31

 

 

	
I.  

	
Purpose of the Plan

 

The purpose of the Boston Scientific Corporation Performance Incentive Plan (“Plan”) is to align Boston Scientific and employee interests by providing incentives for the achievement of key business milestones and individual performance objectives and to focus attention on company-wide quality, all of which are critical to the success of Boston Scientific.  For covered employees, the 2011 Plan is established under section 4.a.(9) of the Boston Scientific Corporation 2003 Long-Term Incentive Plan and is intended to qualify for the performance-based compensation exception under Section 162(m) of the Internal Revenue Code (“Code”).

 

	
II.  

	
Eligible Participants

 

The Plan year runs from January 1 – December 31.  The Plan covers all United States employees determined by Boston Scientific to be regular salaried exempt employees (excluding all term employees) who are ineligible for commissions under any sales compensation plan.  The Plan also covers those Boston Scientific International and expatriate/inpatriate employees selected by Boston Scientific for participation.  The Plan also does not include any employees who are eligible for any other Boston Scientific incentive plan or program unless the terms of that plan or program expressly permit participation in both that plan or program and this Plan.

 

Employees who meet the above eligibility criteria and who have at least two full months of eligible service during the Plan year may participate in the Plan on a prorated basis, except to the extent such participation would not be not consistent with Section 162(m) of the Code.  Proration will be based on the percentage of time the employees were eligible to participate under all applicable criteria and in the following circumstances: if (1) they have less than one year of eligibility during the Plan year, or (2) they have changed their business unit during the Plan year.

 

Employees who have less than two full months of eligible service during the Plan year are not eligible to participate in the Plan.  Boston Scientific may review Plan participation eligibility criteria from time to time and may revise such criteria at any time, even within a Plan year, with or without notice and within its sole discretion; to the extent that such criteria apply to Boston Scientific’s executive officers, this discretion is reserved to Boston Scientific’s Board of Directors (the “Board”) or the Executive Compensation and Human Resources Committee of the Board (the “Committee”).

 

This Plan does not confer eligibility on any employee on leave of absence status.  The period of eligible service for purposes of this Plan may be affected by a leave of absence.

 

Because timely completion of the annual performance review objective setting process is critical to effective administration of the Plan, Boston Scientific reserves the right to deny eligibility to employees and managers of those employees who do not timely complete the annual performance review objective setting process in a given calendar year.

 

	
III.  

	
Incentive Targets

 

It is Boston Scientific’s aim to provide incentive and reward opportunities to employees for world-class performance.  Incentive targets have been established for all eligible participants.  These incentive targets represent a projected incentive payment as a percentage of base salary.  Above market rewards can be earned for above market performance.

 

	
IV. 

	
Boston Scientific Performance Measures and Incentive Pool Funding

 

There are four main steps to establishing the minimum and maximum available pay opportunity under this program.

 

  

  

  

 

	   	

2011 Performance Incentive Plan

Performance Period January 1 - December 31

 

 

Step One: Identify metrics and weighting

 

Boston Scientific will identify critical performance measures and the weighting of total Boston Scientific and Group/Division/Region/Country financial performance.  The Committee will establish performance goals and the associated minimum target and maximum incentive pool funding resulting from attainment of such goals within the first ninety days of the Plan year.  The performance measures and weighting will be identified in the form of an annual financial plan.  (See Performance Measures and Funding Document).

 

Step Two:  Measure achievement to annual financial plan performance

 

The performance for each metric will be evaluated separately.  Boston Scientific will fund between 0% and 150% of the weighted target based on achievement to annual financial plan performance.  Funding in excess of 100% of the weighted target will be at the discretion of the Committee. The total funding pool will be the sum of all metric results for Boston Scientific or the Group/Division/Region/Country.

 

Step Three: Establish minimum and maximum individual opportunity

 

The employee’s opportunity is comprised of a team component and an individual performance component.  The team component (75%) is non-discretionary based on the level of financial performance achieved.  The individual component (25%) is discretionary.  It is based on the level of individual performance as determined by Boston Scientific in its discretion.

 

Individual performance objectives are established as part of the annual performance review process.  All incentive eligible employees are required to develop a set of written, measurable, annual objectives, including a Quality specific objective.  The direct manager should make the final determination concerning the objectives.

 

Based on Boston Scientific’s assessment of an employee’s performance, the individual performance component can be modified by multiplying it by a factor that ranges from 0% - 200%.  For example, if an employee’s individual component is adjusted based on the 200% maximum for individual performance, the individual component of the employee’s incentive opportunity will be 50% (i.e., 25% x 200%).

 

An employee’s incentive opportunity ranges from 75% to 125% (75% team component + 0% up to 50% individual component) of the funding level determined based on achievement to annual financial plan performance.  For Code Section 162(m) purposes, the maximum incentive opportunity is 125% of the incentive funding based on achievement, and individual performance will be taken into account through the exercise of negative discretion.

 

The total range of available payment will be from 0% to 187.5% of an employee’s incentive target.

 

Minimum Pay Example (0%):

 

if the total metric funding based on achievement to annual financial plan performance is 0%, then 75% (combination of team component and minimum individual performance) of 0% equals 0%.

 

Maximum Pay Example (187.5%):

 

if the total metric funding based on achievement to annual financial plan performance is 150%, then 125% (combination of team and maximum individual performance) of 150% equals 187.5%.

 

Step Four: Assess Quality

 

Further, in determining the level of funding for the incentive payments, the Committee retains the right to modify downward and/or eliminate the incentive pool funding based on its 

 

  

  

  

	   	

2011 Performance Incentive Plan

Performance Period January 1 - December 31

 

 

determination, within its sole discretion, of Boston Scientific's progress made toward achievement of Boston Scientific's quality objectives and the performance of Boston Scientific's company-wide Quality System.

 

	
V. 

	
Incentive Payment Calculation

 

The incentive payment for the team component will be determined by (1) multiplying the employee's incentive target by the funding pool percentage for the applicable business unit and (2) multiplying the result by 75%.

 

The incentive payment for the individual component will be determined by (1) multiplying the employee's incentive target by the funding pool percentage for the applicable business unit, (2) multiplying the result by 25% and (3) applying an individual performance modifier of 0% up to 200%.  The individual component may vary based on that individual’s overall performance and achievement of objectives, including an assessment of achievement relative to other eligible employees in the applicable business unit.  For Code Section 162(m) purposes, the individual component is determined using a maximum of 200% modifier and individual performance is taken into account through the exercise of negative discretion from that amount.

 

The total of incentive payments to all eligible individuals may not exceed the total applicable funding pool(s).

 

The unweighted funding levels for Boston Scientific and Group/Division/Region/Country performance will be based on the Performance Funding outlined in the Performance Measures and Funding document.

 

	
VI.  

	
Payment Criteria

 

A participant must be employed by Boston Scientific on December 31 of the Plan year to be eligible to receive any award pay-out under the Plan.  For example, a participant who is not required to report to work during any notification period applicable under any Boston Scientific severance or separation plan, but who is still an employee on December 31, will remain eligible to receive any award pay-out under the Plan.  A participant who specifically has been exempted under a specially designed, written Boston Scientific plan or program from the requirement to be employed on December 31 may remain eligible, depending on the terms of the applicable written plan document; in such cases, the terms of such written plan document will govern in all respects, including as to eligibility, timing and amount of any incentive payment.

 

Also notwithstanding anything herein, a participant whose employment ceases prior to December 31 of the Plan year by reason of “layoff” as that term is defined by the Boston Scientific Corporation Severance Pay and Layoff Notification Plan (as Amended and Restated) but who has otherwise met all Plan eligibility criteria may participate in the Plan on a prorated basis, proration to be based on the percentage of time the participant was employed and eligible to participate under the applicable criteria.

 

Also notwithstanding anything herein, a participant whose employment ceases prior to December 31 of the Plan year but who has otherwise met all Plan eligibility criteria and who, as of the date of such cessation of employment, (1) has attained age 50, (2) has accrued at least five years of service with Boston Scientific and (3) whose age and years of service as of such date equals or exceeds 62, may participate in the Plan on a prorated basis, proration to be based on the percentage of time the participant was employed and eligible to participate under all applicable criteria; further, a participant whose employment ceases prior to December 31 of the Plan year by reason of death but who otherwise met all Plan eligibility criteria may participate in the Plan on a prorated basis, proration to be based on the percentage of time the participant was employed and eligible to participate under the applicable criteria.

 

  

  

  

	   	

2011 Performance Incentive Plan

Performance Period January 1 - December 31

 

 

Pro-rated bonuses under this section are payable only to the extent financial goals are met.  Consistent with non-prorated bonuses, the Committee reserves the right to modify downward and/or eliminate the incentive pool funding based on its determination, within its sole discretion, of Boston Scientific’s progress made toward achievement of Boston Scientific’s quality objectives and the performance of Boston Scientific’s company-wide Quality System.

 

Also notwithstanding anything herein, incentive payments for participants who have a change in standard hours (part-time to full-time, full-time to part-time) will be based on the full-time equivalent target and average annualized salary.

 

Except as noted above, all incentive payments will be based on a participant’s salary and incentive target as of December 31 of the Plan year.  Incentive payments in the United States will be made by March 15 of the year following the Plan year after written resolution of the attainment of financial goals by the Committee. Incentive payments outside the United States will be processed as soon as administratively possible in each region following the Plan year after written resolution of the attainment of financial goals by the Committee.  Incentive payments are typically paid in one installment.  The maximum incentive payment payable for the Plan year to a covered employee for purposes of Code Section 162(m) is $2,500,000. Nothing in this Plan guarantees any incentive payment will be made to any individual. Receipt of an incentive payment in one year does not guarantee eligibility in any future year.

 

	
VII. 

	
Incentive Compensation Recoupment Policy

 

To the extent permitted by governing law, the Board will seek reimbursement of incentive compensation paid to any executive officer in the event of a restatement of Boston Scientific’s financial results that reduced a previously granted award’s size or payment.  In that event, Boston Scientific will seek to recover the amount of the performance incentive award paid to the executive officers which is in excess of the amounts that would have been paid based on the restated financial results.

 

	
VIII. 

	
Termination, Suspension or Modification and Interpretation of the Plan

 

The Board may terminate, suspend or modify and if suspended, may reinstate with or without modification all or part of the Plan at any time, with or without notice to the participant.  The Committee has sole authority over administration and interpretation of the Plan and retains its right to exercise discretion as it sees fit.

 

The Committee reserves the exclusive right to determine eligibility to participate in this Plan and to interpret all applicable terms and conditions, including incentive targets and eligibility criteria for Boston Scientific executive officers, except that the Executive Vice President and General Counsel and Senior Vice President, Human Resources  may administer, determine eligibility to participate in the Plan and interpret all applicable terms and conditions for employees who are not Boston Scientific executive officers.  Boston Scientific’s determinations and interpretations shall be conclusive.

 

No trust, account or other separate collection of amounts is established for the payment of incentive awards under the Plan, and therefore there is no guarantee that all Plan funding will be paid to participants.

 

	
IX. 

	
Other

 

This document sets forth the terms of the Plan and is not intended to be a contract or employment agreement between the participant and Boston Scientific.  As applicable, it is understood that both the participant and Boston Scientific have the right to terminate the participant’s employment with Boston Scientific at any time, with or without cause and with or without notice, in acknowledgement of the fact that their employment relationship is “at will.”bellapetrellas1a1x103_102510.htm

Exhibit 10.3

 

CONSULTING SERVICES AGREEMENT

 

This Consulting Services Agreement, made and entered into March 5, 2010, by and between Bella Petrella's Holdings, Inc., a Florida corporation, (the "Client"), whose principal place of business is _____________ and Joseph M. Petrella, Jr. (the "Consultant"), who resides at 17006 Madres De Avila, Tampa, Florida 33613. .

 

WITNESSETH:

WHEREAS, the Consultant was a founder and developer of client's business and products; and

 

WHEREAS, the Client desires to maintain access to the Consultant's knowledge by hiring the Consultant to provide advice and consultation with respect to the Client's business upon the terms and conditions hereinafter and for the consideration described herein as set forth. !

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, the Client hires the Consultant and they agree with each other as follows:

 

Section 1. Engagement. The Consultant shall provide the services described in Section 2, when, as and if requested by the Client. The Client's president or other officer designated in writing shall be the only person authorized to request such services, and each request shall identify the Client personnel who are to provide information, direction and instruction to and receive communications from the Consultant regarding any specific project; provided, that the Consultant shall not be restricted in gathering information from other Client personnel as he may determine to be necessary, appropriate or desirable to render his services.

 

Section 2. Services. The Consultant shall provide assistance, advice, consultation, research and reports to the Client's directors and officers, as identified pursuant to Section 1, when, as and if requested by the Client, on a case by case basis, in the following areas: ;

 

(a)  Develop recipies for use by end consumer

(b)  Develop new flavors of our tomato based sauces

(c)  Preform Cooking demonstrations for major sales presentations, tradeshows, special events

(d)  Assist with selling our products during his vast travels

(e)  Consult with management on an "As Needed" basis.

Each discrete request for services and the services performed pursuant to such request may be referred to herein as a "project". Under no circumstance shall the Consultant's task include any management function or responsibility, supervision! of personnel, operations or business activity in or control over, direct or indirect, any of the foregoing areas.

Section 3. The Client's obligations. The Client shall deliver t~ the Consultant complete and accurate information appropriate to and as requested by the Consultant for the purpose of providing service with respect to any project. To the extent any information is withheld, is not available for whatever reason or is incomplete or inaccurate, the Consultant shall be excused from performance of service with respect to that project or such service shall be limited to accurate information provided by the Client.

Section 4. Compensation and Fees. The Client shall pay the Consultant for his services, as follows:

a. An annual fee in the amount $75,000,paid in equal bi-weekly installments in arrears beginning on the last day of the month this Agreement is signed by both parties and on the last day of each month thereafter during the term of this agreement.

 

  

Exhibit 10.3 Page 1

  

 

 

b. Non transferable common stock purchase warrants, exercisable ~or four years, beginning one year after the date of this Agreement, as follows:

• 200,000 shares at $0.50 per share;

• 200,000 shares at $0.75 per share;

• 200,000 shares at $1.00 per share;

• 200,000 shares at $2.00 per share; and

• 200,000 shares at $3.00 per share;

In addition to the compensation specified above in this Section, the Consultant will be eligible for consideration by the Client's board of directors for the payment of performance bonuses during the term of this Agreement whenever performance bonuses are considered for the Client's executive officers.

 

Section 5. Expenses. The Client agrees to pay all reasonable expenses incurred by the Consultant in performing services requested by the Client. Expenses include but are not limited to travel, lodging, food, express delivery, Copy and printing, special supplies and temporary personnel; provided, that any expense individually or in the aggregate for a project in excess of S500.00 will be submitted to the Client for approval prior to the Consultant incurring such expenses. All costs invoiced to the Client shall be paid within ten days after the Consultant submits its monthly expense report for payment.

 

Section 6. Time and manner of performance. The Consultant shall exclusively determine the time (including the amount of time) and manner of services performed under this Agreement. The Consultant agrees that he shall at all times, faithfully, to the best of his ability and in a professional manner perform services as, when and if requested by the Client pursuant to the terms of this Agreement. The Consultant shall be required to expend only such time as he deems necessary to complete each project in a commercially reasonable manner. Other than to use diligence and his best ability in the performance of his duties, the Consultant neither warrants nor guarantees the value, merit and wisdom or the outcome of following any of his advice, recommendation or reports on any project. The Client shall use its independent business judgment and experience in adopting or rejection all or any part of the Consultant'$ assistance, advice, consultation, research, recommendation or reports and acknowledges that it is fully and entirely responsible for conduct of any activities based thereon, the results achieved and outcomes experienced in the execution thereof, for which the Consultant shall have no liability whatsoever. The Consultant acknowledges and agrees that the Client may deliver to the Consultant confidential, proprietary and trade-secret information and the Consultant shall not, directly or indirectly, disclosed such information to a third party without the prior written consent of the Client, unless and until such information is

otherwise known to the public generally or is not otherwise secret and confidential.

 

Section 7. Place of performance. The Consultant shall determine the place of performance, which shall be at the Consultant's expense. The Cliel1lt shall not be required to provide on a routine or recurring basis any physical Office space, office furniture, fixtures and equipment or personnel to the Consultant, all of which shall be the responsibility of the Consultant as he may determine.

 

Section 8. Independent Contractor. The Consultant is an independent contractor and not an employee of the Client. The Consultant shall provide the services required hereunder according to his own means and methods of work, at times (not including delivery schedules, which shall be agreed upon with respect to each project) and locations he determines, and the Consultant shall not be subject to the control or supervision of the Client, except as to the results of the work. The Consultant shall be exclusively responsible for payment of federal income tax and contributions to Social Security, and comparable state tax items, on compensation paid to 1he Consultant under this Agreement.

 

Section 9. Term. This Agreement shall commence on the date the Consultant sells 9,761,000 shares of the Client's common stock to JWV Entertainment, Inc. and shall continue for a period of five years, unless extended by mutual agreement.

 

  

Exhibit 10.3 Page 2

  

 

Section 10. Termination. Either party may terminate this Agreement on thirty-days prior written notice, provided that, in the event of termination b the Client, the Client shall be obligated to continue payment of compensation to the Consultant as provided by this Agreement for the original term of this Agreement, unless the Consultant breaches or violates this Agreement or fails to perform any term of this Agreement, or any provision hereof and then the Client may terminate this Agreement without any further or additional liability, identifying the breach, violation or failure with specificity; provided, that the Consultant shall have the ten day notice period in which to cure the breach, violation or failure, and if cured, this Agreement shall continue in full force and effect. Such termination without cure shall not excuse the breach, violation or failure.

 

Section 11. Notices. Any and all notices or other communications required or permitted to be given under any of the provisions of this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered (excluding telephone facsimile and including receipted express courier and overnight delivery service) or mailed by first class certified U.S. mail, return receipt requested showing name of recipient, addressed to the proper party. For purposes of sending notices under this Agreement, the addresses of the parties are set forth in the first paragraph of this Agreement. A party may change its or his address for notices ~y sending a notice of such change to all other party by the means provided herein.

 

 

Section 12. Entire agreement. This writing constitutes the entire agreement of the parties with respect to the subject matter hereof, superseding al~ prior agreements, understandings, representations and warranties, except for the Stock Purchase and Sale of Agreement, a Consulting Agreement between the Client and the Consultant and a Bill of Sale from the Consultant to the Client. .

 

Section 13. Waivers. No waiver of any provision, requirement, Obligation, condition, breach or default hereunder, or consent to any departure from the provisions

hereof, shall be considered valid unless in writing and signed by the party giving such waiver, and no such waiver shall be deemed a waiver of any subsequent breach or default of the same or similar nature.

 

Section 14. Amendments. This Agreement may not be modified, amended or terminated except by a written agreement specifically referring to this Agreement signed by all of the parties hereto and amendment, modification or alteration of, addition to or termination of this Agreement or any provision of this Agreement sh~1I not be effective unless it is made in writing and signed by the parties.

 

Section 15. Construction. This Agreement has been negotiated by the parties, section by section, and no provision hereof shall be construed more strictly against one party than against the other party by reason of such party having drafted such provision. The order in which the provisions of this Agreement appear are solely for convenience of organization; and later appearing provisions shall not be construed to control earlier appearing provisions.

 

Section 16. Invalidity. It is the intent of the parties that each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law. If any provision hereof shall be prohibited, invalid, ill gal or unenforceable, in any respect, under applicable law, such provision shall be ineffective to the extent of such prohibition, invalidity or non enforceability only, without invalidating the remainder of such provision or the remaining provisions of this agreement; and, there shall be substituted in place of such prohibited, invalid, illegal or unenforceable provision a provision which nearly as practicable carries out the intent of the parties with respect thereto and which is not prohibited and is valid, legal and enforceable.

 

Section 17. Multiple counterparts. This Agreement may be executed in one or more counterparts, each of which shall be an original and, taken together, shall be deemed one and the same instrument.

 

  

Exhibit 10.3 Page 3

  

 

Section 18. Assignment. parties and binding effect. This Agreement, and the duties and obligations of any party shall not be assigned without the. prior written consent of the other party. This Agreement shall benefit solely the named parties and no person, other than JVW, shall claim, directly or indirectly, benefit hereunder, express or implied, as a third-party beneficiary, or otherwise. Wherever in this Agreement a party is named or referred to, the successors (including heirs and personal representative of individual parties) and permitted assigns of such party  shall be deemed to be included, and all agreements, promises, covenants a d stipulations in this Agreement shall be binding upon and inure to the benefit of the r respective successors and permitted assigns. I

 

Section 19. Jurisdiction and venue. Any action or proceeding for enforcement of this Agreement and the instruments and documents executed and delivered in connection herewith which is determined by a court of competent jurisdiction not, as a matter of law, which seeks injunctive relief shall be brought and enforced in the courts of the State of Florida in and for Hillsborough County, and the parties irrevocably submit to the jurisdiction of each such court in respect of any such action or proceeding.

 

Section 20. Applicable law. This Agreement and all amendments thereof shall be governed by and construed in accordance with the law of the State of Florida

applicable to contracts made and to be performed therein (not including the choice of law rules thereof).

 

IN WITNESS WHEREOF, the parties have signed this Agreement the date first above written.

	
/s/ Joseph M. Petrella, Jr.

	
Bella Petrella's Holdings, Inc.

	

     Joseph M. Petrella, Jr.

	  
	 	
/s/ Kenneth L. Schartz

	  	
      Kenneth L. Schartz, President

 

 

 

Exhibit 10.3 Page 4

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