Document:

exv10w64

 

EXHIBIT 10.64

Cardiac Science Corporation

Certain Executive Officers — 2007 Base Salaries

     Base salary amounts were approved by the Compensation Committee, effective March 15, 2007, as set
forth below. The compensation arrangement between the Company and each executive officer listed
below is governed by an employment agreement between the Company and each executive officer.

	 	 	 	 	 	 	 
	Name	 	Title	 	2007 Base Salary
	John Hinson

	 	Chief Executive Officer
	 	$	350,000	 
	 
	 	 	 	 	 	 
	Michael Matysik

	 	Chief Financial Officer
	 	$	240,000	 
	 
	 	 	 	 	 	 
	Kurt Lemvigh

	 	Vice President, International Sales
	 	DK 1,799,640
	 
	 
	 	 	 	 	 	 
	Darryl Lustig

	 	Vice President, North America

Cardiology Sales
	 	$	215,000exv10w65

 

EXHIBIT 10.65

Cardiac Science Corporation

Management Incentive Plan (MIP) – 2007

	•	 	Discretionary bonus program subject to approval for funding and for distribution
by the Compensation Committee of the Board of Directors. Plan is entirely discretionary,
both with respect to participants who receive a benefit under this Plan and as to the
total amount available for distribution among eligible participants.
	 
	•	 	Eligibility: Sr. Management, Directors and Managers actively employed during the
calendar year.

	 	o	 	Hires after September 30 not eligible to participate
	 
	 	o	 	Separation of employment before March 31, 2008 forfeits eligibility
of participation and payout, if any
	 
	 	o	 	Company reserves the right to declare any participate ineligible for
a distribution under this Plan at any time

	•	 	Funding: Pool funded through accrual of 11.2% of consolidated pretax income excluding
litigation costs; 15.0% of pretax income in excess of budget; Compensation Committee may
approve modifications in funding in its discretion. (Bonus funding for CEO & CFO may be
determined based on pre-tax income including litigation spending.)
	 
	•	 	Minimum Profitability: Company must achieve at least 80% of budgeted pretax income for
bonus fund to pay-out.
	 
	•	 	Target Bonus Payout (at up to):

	 	 	 	 	 	 	 	 	 
	CEO	 	SVP	 	VP	 	Sales VP	 	Int’l VP
	30%
	 	25%	 	20%	 	10%	 	7.5%

	•	 	Stretch Target Bonus Payout (at up to):

	 	 	 	 	 	 	 	 	 
	CEO	 	SVP	 	VP	 	Sales VP	 	Int’l VP
	60%
	 	50%	 	40%	 	20%	 	15%

	•	 	Domestic Sales VPs also have sales and gross profit bonus programs targeted at 30% of
salary.
	 
	•	 	International Sales VP also has a sales and gross profit
bonus program targeted at 17%
of salary, due to a higher salary in dollar terms resulting from exchange rates.
	 
	•	 	Total payouts limited to bonus accrual.

 

 

	•	 	Pro-rated for partial year participation.
	 
	•	 	Payout based on audited results, within 30 days of 2007 earnings release.exv10w66

 

EXHIBIT 10.66

2007 COMPENSATION INCENTIVE PLAN

VICE PRESIDENT, CARDIOLOGY SALES, NORTH AMERICA

     Your 2007 bonus compensation will consist of participation in the broader Management Incentive
Program (MIP) per guidelines of Program, and the individualized incentive plan as described herein.

     The 2007 incentive will be based on the revenue and gross profit dollar of the cardiology sales
channel for North America, as internally reported, for the year-ending December 31, 2007. The 2007
sales and gross profit targets have been established by the Company’s Senior Vice President, Sales
and Marketing and approved by the CEO and board of directors.

     As the following tables indicate, at 90% of the both the sales and gross profit dollar targets you
will be eligible for incentive pay of 5% of your base salary at 12/31/07 for each. At between 90%
and 100% of the respective targets, the incentive pay percentage shall increase from 5% by an
additional 1% for each additional 1% of achievement up to 15% for each target. If gross profit
exceeds 100% of target, you will receive another 2% of your base salary for each percentage point
by which gross profit exceeds target.

	 	 	 	 	 	 	 	 	 
	Current	 	% of	 	 	 	 
	Base Salary	 	Target	 	Sales Bonus	 	Gross Profit Bonus
	$215,000

	 	 	90	%	 	5% of Base Salary
	 	5% of Base Salary
	 

	 	 	91	%	 	6% of Base Salary
	 	6% of Base Salary
	 

	 	 	92	%	 	7% of Base Salary
	 	7% of Base Salary
	 

	 	 	93	%	 	8% of Base Salary
	 	8% of Base Salary
	 

	 	 	94	%	 	9% of Base Salary
	 	9% of Base Salary
	 

	 	 	95	%	 	10% of Base Salary
	 	10% of Base Salary
	 

	 	 	96	%	 	11% of Base Salary
	 	11% of Base Salary
	 

	 	 	97	%	 	12% of Base Salary
	 	12% of Base Salary
	 

	 	 	98	%	 	13% of Base Salary
	 	13% of Base Salary
	 

	 	 	99	%	 	14% of Base Salary
	 	14% of Base Salary
	 

	 	 	100	%	 	15% of Base Salary
	 	15% of Base Salary
	 

	 	 	101	+%	 	 	 	+2% for each 1% over 100%

     The total bonus, if any, will be paid no later than 30-days following the conclusion of the audit
of the financial statements for the year ending December 31, 2007 and their filing with the SEC.
The audited financial statements will be used to assure the reasonableness of the revenue amount
used in computing the bonus. If the audit and filing with the SEC is not completed by March 31,
2008, the

 

 

incentive, if any, will be paid during the following month in conjunction with the normal
payroll practices.

     Separation of employment, by resignation or termination, prior to March 31, 2008 will result in the
forfeiture of the sales incentive payment.

     The Incentive Plan is not intended to create any contractual rights or agreement between the
employee and the Company, and as such does not modify, amend or supersede the “at will” nature of
employment with the company. The Incentive Plan and the award of incentive pay is at the sole
discretion of the board of directors, and the company reserves the right to modify, amend or cancel
the Incentive Plan without notice.

     Please sign as acceptance and return one copy to Lynda Melugin, Director, Human Resources, and
retain the other copy for your personal files.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	Allan Criss
	 	 	 	Darryl Lustig
	Senior Vice President
	 	 	 	Vice President,
Cardiology Sales, North America
	Sales, Marketing and Service, North America
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Dated:exv10w67

 

EXHIBIT 10.67

2007 COMPENSATION INCENTIVE PLAN

VICE PRESIDENT, INTERNATIONAL SALES

     Your base salary for 2007 will be adjusted to DKK 1,799,640, effective March 31, 2007.

     Your 2007 bonus compensation will consist of participation in the broader Management Incentive
Program (MIP) per guidelines of Program (targeted at 7.5% of your base salary if the Company makes
its budgeted pre-tax income target, with up an opportunity of up to 15% based on Company and
individual performance) and the individualized incentive plan as described herein.

     One component of your 2007 individualized incentive will be based on the 2007 revenue of the
International sales channel, excluding revenues generated by selling products to Nihon Kohden (AED
& monitoring) and GE Medical, as internally reported (referred to as “primary sales”). At above
95% of budgeted primary sales you will be eligible for incentive pay of 0.5% of your base salary
for each percentage point by which actual sales are above 95% of budgeted primary sales. In
addition, if actual primary sales meet or exceed budget, you will receive an additional lump sum
bonus of DKK 45,000. So, for example, at 110% of budget, this component of your bonus would be
equal to DKK 179,973 (7.5% of base salary for performance which is 15% above the 95% threshold, or
DKK 134,973, plus DKK 45,000).

     Another component of your individualized incentive will be based on gross profit relating to
defibrillation products sold to Nihon Kohden and GE (outside of the United States). You will
receive a bonus of 0.225% of the direct gross profit resulting from combined sales to GE and Nihon
Kohden (including both defibrillation and cardiac monitoring products).

     Any bonus amounts payable in accordance with the terms of this letter which is determined as a
percentage of your salary will be calculated in DKK, based on your salary as stated in DKK. The
bonus amount that will be determined based on gross profit from sales to Nihon Kohden and GE will
be calculated in US$ and then converted into DKK at a rate of DKK 8.40 to US $1.0.

     These incentive bonuses, if any, will be paid no later than 30-days following the conclusion of the
audit of the financial statements for the year ending December 31, 2007 and their filing with the
SEC. The audited financial statements will be used to assure the reasonableness of the revenue and
gross profit amounts used in computing the bonuses. If the audit and filing with the SEC is not
completed by March 31, 2008, the incentive, if any, will be paid during the following month in
conjunction with the normal payroll practices.

     It is a condition of payment of any bonuses that the executive has not left employment nor is under
notice or has given notice to terminate his employment on or before March 31, 2008. The Incentive
Plan and the award of incentive pay is at the absolute discretion of the board of directors, and
the company reserves the right to modify, amend or cancel the Incentive Plan with or without notice
to the Executive.

     The Incentive Plan is not intended to create any contractual rights or agreement between the
employee and the Company, and as such does not modify, amend or supersede the nature of employment
with the company.

 

 

     Please sign as acceptance and return one copy to Lynda Melugin, Director, Human Resources, and
retain the other copy for your personal files.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	John Hinson	 	 	 	Kurt Lemvigh
	Chief Executive Officer	 	 	 	VP, International
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Dated:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}]]