Document:

Exhibit 10.32

 

Summary of Equifax Inc.

Annual Incentive Plan Summary

(As of March 9, 2005)

 

 

Equifax’s Annual
Incentive Plan, adopted under the shareholder-approved Key Management Long-Term
Incentive Plan, is a management incentive program (covering approximately 30%
of Equifax’s global workforce) that provides cash compensation to participants
based upon the achievement of certain financial and individual objectives
appropriate for the business for which they perform services. Bonus amounts for
achievement of target levels of performance are established based on each
participant’s position.  Performance is
measured at either the business unit or corporate level, in alignment with the
entity for which the participant performs services.  Target opportunities are expressed as a
percentage of base salary.

Annual bonuses are earned
based on company and individual performance against the specific criteria
established which are allocated as follows: 
corporate earnings per share or business unit profit (which represents
65% of target bonus), corporate or business unit revenue (which represents 15%
of target bonus) and performance against individual objectives (which
represents 20% of target bonus).  The
financial measures to be used for target bonuses require the achievement of
outstanding company performance relative to expectations. A threshold level of
performance is set (typically representing no less than the prior year’s actual
performance) at which level the Annual Incentive would be 25% of the targeted
bonus.  No incentive is paid if
performance falls below this threshold. The maximum opportunity for all Annual
Incentive participants is two times the targeted percentage. The maximum is
payable only if significant and challenging financial performance goals are
achieved.

Corporate, business unit
and personal goals are established at the beginning of each annual measurement
period.  The Compensation, Human
Resources and Management Succession Committee approves goals for all plans covering
Executive Officers within the first 90 days of the measurement period and
determines their degree of achievement following the end of the performance
period.EXHIBIT
10.509

 

DESCRIPTION OF
CHIRON CORPORATION’S

2004 EXECUTIVE
OFFICERS VARIABLE COMPENSATION PROGRAM

 

Decisions on compensation
(base salary and variable compensation) of Chiron Corporation’s (“Chiron” or
the “Company”) executive officers are made by the Compensation Committee of the
Board of Directors.

 

The Compensation
Committee and, with respect to the Chairman and CEO, the Board of Directors met
on February 17 and February 18, 2005, respectively, and authorized base salary
adjustments effective February 28, 2005 and bonuses for 2004 performance for
Named Executive Officers as of December 31, 2004. In addition, the Compensation
Committee approved the 2005 goals under the Annual Incentive Plan, upon which
the executive officers variable compensation program is based.  The Committee continued the Company’s
approach that base salaries for executive officers should be measured by
reference to the 60th percentile of salaries for benchmark positions in
comparator companies.  Further, the
Compensation Committee provided that a significant portion of total cash
compensation (salary plus variable compensation) in the form of annual variable
cash compensation potential should be “at risk”, dependent upon individual,
business unit and overall Company performance.  
Variable cash compensation for executive officers overall was targeted
to yield total cash compensation at the 50th percentile, but with the
opportunity to significantly vary, up or down, from the 50th percentile of
total cash compensation as shown by comparative data, based on Company,
business unit, and individual performance.

 

The Compensation
Committee bases its decisions regarding variable compensation for executive
officers upon its evaluation of performance against pre-established performance
metrics developed at the Company, business unit and functional or corporate
unit level. Under the program, participants earn cash bonus compensation based
upon achievement by the Company and/or a particular business unit of specific
performance measures and based upon their individual performance.  Each participant’s target award is a
percentage of that employee’s base salary. 
The financial measures for executive officers are based on a revenue
metric and earnings per share metric focused on year over year growth.  The non-financial measures for executive
officers are significant research, development, commercial and other business
milestones.  Each of the business unit
presidents is also measured on the financial performance of his or her business
unit (on the basis of revenue and operating income) and specific research,
development and commercial milestones which are sector specific, and which
focus on priorities within each organization for this year.  If performance objectives are met, the Named
Executive Officers are eligible, at the discretion of the Compensation
Committee, for a cash bonus based on the following percentage of their annual
base salary (with potential for higher bonuses if performance substantially
exceeds the target level):  CEO – 120%;
President and COO – 100%; Presidents of Businesses – 100%; CFO – 75%.  The Compensation Committee approves the bonus
targets, measurement criteria and final determination of success against the
measurements.

 

The Compensation
Committee reserves the right to modify executive officer variable compensation
if, in its sole discretion, it determines that executive officer performance or
Company performance warrant such modifications.Exhibit 10.613

 

	
   

  	
   

  	
  Chiron Corporation

  
	
   

  	
   

  	
  4560 Horton Street

  
	
   

  	
   

  	
  Emeryville, California 94608-2916

  
	
  C H I R O N

  	
   

  	
  510-655-8730

  

 

 

January 25, 1999

CONFIDENTIAL

 

David V. Smith

(Address)

 

Dear David:

 

We are pleased to confirm our offer of employment for you to join
Chiron Corporation.

 

Chiron’s mission is to have power over disease – to use biotechnology
as a tool for preventing and treating illnesses. We are counting on you to help
us with this work.

 

Your employment offer with Chiron is as VP, Controller reporting to me.
Your starting salary will be paid at a bi-weekly rate of $6,730.76 ($175,000
annually) as an exempt employee.

 

You will be eligible to participate in our stock option program.
Subject to the approval of the Board of Directors, you will be awarded a stock
option grant of 30,000 options to purchase Chiron common stock. The options
vest fully over a four-year period, with the first 25% of the shares vesting at
the one-year grant (sic) [hire date] anniversary. Shares vest on a pro-rated
monthly basis over the subsequent remaining three years of the vesting period.
The exercise price of the option will be set at the fair market value (as
defined in the Option Plan) of a share of Chiron stock on the date the option
is approved. We expect the options will be approved and effective within 90
days of your employment date.

 

You will also be eligible to participate in Chiron’s Annual Incentive
Plan for next year. The Plan links corporate, business/functional unit and
individual performance metrics to support the accomplishment of Chiron’s
business goals. The Plan, as structured, has an incentive range for your
position from 0% to 60% with a target of 30% of base pay. Plan participants
hired between January 1 and September 30, 1999 are eligible to receive a pro-rated
bonus which is paid in the first quarter of the 2000 fiscal year.

 

The information sheets following your offer letter contain some of the
highlights of Chiron’s benefits programs. You should note that, while this
offer is being made under the terms of our current benefits and compensation
programs, changes do occur from time to time and any system-wide changes that
occur will apply to you as well.

 

Some of these programs are effective immediately upon your employment,
while others are dependent upon established enrollment periods. Your group
medical insurance benefits generally start on the first day of the month following your date of hire. If, however, your date of hire
is the first business day of the month, your coverage becomes effective on that
date. Note also that, with few exceptions, Chiron extends benefits coverage to
qualified 

 

 

family members, including opposite- and same-sex domestic partners. You
will have an opportunity to learn more about your benefits and complete the
enrollment paperwork at a benefits orientations held twice a month. The
schedule will be provided for you at new hire orientation.

 

As a part of Chiron’s routine medical surveillance program, employees
with certain project assignments may be advised to provide a baseline blood
sample for archival storage. The Chiron Occupational Health Department will
notify you if a baseline blood draw is recommended.

 

This offer is contingent upon your ability, as required by federal law,
to establish your employment eligibility as a U.S. citizen, a U.S. lawful
permanent resident, or an individual specifically authorized for employment in
the U.S. by the Immigration and Naturalization Service. Please read the
enclosed notice specifying the documentation required in this regard. Please bring any required documentation to new hire orientation.
If you have an employment authorization document (EAD) issued by the
Immigration and Naturalization Service, please contact Lisa Steffler in Emeryville,
California at (510) 923-2513.

 

Under California law, employment with Chiron is not for any specified
term and can be terminated at any time for any reason by you or Chiron. Any
contrary representations which have been made or may be made to you are superseded
by this offer. When you accept the offer, the terms described in this letter
and the Chiron Employee Invention and Confidential Information Agreement shall
constitute the terms of your employment.

 

It is our understanding that you anticipate starting your employment
with Chiron on February 22, 1999. If you have any questions in the meantime,
please feel free to contact me. Again, we think Chiron’s challenge – power over
disease – will require all of our best efforts.

 

Sincerely,

 

	
  CHIRON CORPORATION

  
	
   

  
	
   

  
	
  /s/ James R. Sulat

  	
   

  
	
  James R. Sulat

  
	
  Chief Financial Officer

  

 

Enclosures

 

cc:           Human Resources

 

Please indicate your understanding of the terms of this offer and your
acceptance of this offer, along with your confirmed start date, by signing this
letter and filling out the attached packet of forms. Please return the letter
and forms to the Chiron Human Resources Department in the enclosed postage paid
envelope within one week of receipt of this letter to 

 

2

 

expedite the processing of your employment record. Please keep the copy
of your offer letter and make copies of any of the forms you wish to retain for
your own use.

 

 

	
  /s/ David V. Smith

  	
   

  	
  1/27/99

  	
   

  	
  2/22/99

  	
   

  
	
  Name

  	
  Date

  	
  Confirmed Start Date

  

 

Please note that new Employee Orientation of Emeryville-based employees
is typically held every Monday and is scheduled from 9:00 AM through 3:00 PM.
Please meet in the lobby in the Q-1 building on the Emeryville campus. As part
of your Chiron orientation you will receive overview information and need to complete certain forms which are
prerequisites for you to be paid. If, for any reason, you are not
able to attend your scheduled orientation session, or if your actual start date
is on a day other than a Monday, please contact Human Resources immediately so
that you are paid on a timely basis.

 

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