Document:

FORM OF WAIVER

Exhibit 10.2

WAIVER

In consideration for the benefits I will receive as a result of my employer’s participation in the
United States Department of the Treasury’s TARP Capital Purchase Program, I hereby voluntarily
waive any claim against the United States or my employer for any changes to my compensation or
benefits that are required to comply with the regulation issued by the Department of the Treasury
as published in the Federal Register on October 20, 2008.

I acknowledge that this regulation may require modification of the compensation, bonus, incentive
and other benefit plans, arrangements, policies and agreements (including so-called “golden
parachute” agreements) that I have with my employer or in which I participate as they relate to the
period the United States holds any equity or debt securities of my employer acquired through the
TARP Capital Purchase Program.

This waiver includes all claims I may have under the laws of the United States or any state related
to the requirements imposed by the aforementioned regulation, including without limitation a claim
for any compensation or other payments I would otherwise receive, any challenge to the process by
which this regulation was adopted and any tort or constitutional claim about the effect of these
regulations on my employment relationship.

	 	 	 	 	 
	 	 	 
	Date:                                         , 2008 	
 	 
	 	Signature 	 
	 	 	 
	 	
 	 
	 	Print Name 	 
	 	 	 
	 	
 	 
	 	TitleEX-10.1

Exhibit 10.1

LUMINEX CORPORATION

2008 LONG TERM INCENTIVE PLAN

Purpose and Administration of the Plan

The 2008 Long-Term Incentive Plan (the “LTIP”) has been established by Luminex Corporation (the
“Company”) to encourage and reward superior long-term performance from specified key executive
officers. Awards under the LTIP shall be treated as Performance Awards under the Luminex
Corporation 2006 Equity Incentive Plan (as the same may be amended from time to time, the “Plan”).
Subject to applicable law, all designations, determinations, interpretations, and other decisions
under or with respect to the LTIP or any award shall be within the sole discretion of the
Compensation Committee (the “Committee”), may be made at any time and shall be final, conclusive
and binding upon all persons. Designations, determinations, interpretations, and other decisions
made by the Committee with respect to the LTIP or any award hereunder need not be uniform and may
be made selectively among Participants (as defined below), whether or not such Participants are
similarly situated. All capitalized terms not otherwise defined herein shall have the meanings
ascribed to them in the Plan.

Participation

The Committee shall have the sole and absolute discretion to determine those officers of the
Company who shall be eligible to receive an award pursuant to the LTIP (each, a “Participant”).

Incentive Calculation and Payment of Awards

The Committee will make awards pursuant to the LTIP as set forth on Schedule A hereto, on
such terms as the Committee may prescribe based on the performance criteria set forth on
Schedule A hereto and such other factors as it may deem appropriate. The period over which
the performance shall be evaluated is the period beginning at the Effective Date of this LTIP and
ending on December 31, 2010 (the “Performance Period”). The Committee shall determine whether and
to what extent each performance goal has been met at the end of the Performance Period.

Awards pursuant to the LTIP will be paid in Restricted Share Units issued as follows: (a) upon the
effective date of this LTIP, a number of Restricted Share Units shall be issued to each Participant
equal to the number of Shares such Participant would earn if “Maximum Performance” in accordance
with Schedule A were achieved with respect to each performance goal, and (b) following the
close of the Performance Period, only the number of Restricted Share Units that equate to the
actual performance, as determined by the Committee pursuant to Schedule A, shall be
eligible to vest (the “Eligible Units”) and settle as Shares as further set forth in the applicable
Award Agreement for such Performance Award. The Committee shall make its determination under the
LTIP by March 15 of the year following the close of the Performance Period. The form of Award
Agreement for the Performance Award (in the form of a Restricted Share Unit Award Agreement) is
attached hereto as Schedule B. Except as set forth in the applicable Award Agreement or as
the Committee may otherwise determine in its sole and absolute discretion, termination of a
Participant’s employment prior to the end of the Performance Period will result in the forfeiture
of the Performance Award by the Participant, and no payments shall be made with respect thereto.

This LTIP is not a “qualified” plan for federal income tax purposes, and any payments are subject
to applicable tax withholding requirements.

 

 

Adjustments for Unusual or Nonrecurring Events

In addition to any adjustments enumerated in the definition of the performance goals set forth on
Schedule A hereto, the Committee is hereby authorized to make adjustments in the terms and
conditions of, and the criteria included in, awards in recognition of unusual or nonrecurring
events affecting any Participant, the Company, or any subsidiary or affiliate, or the financial
statements of the Company or of any subsidiary or affiliate; in the event of changes in applicable
laws, regulations or accounting principles; or in the event the Committee determines that such
adjustments are appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under the LTIP. The Committee is also authorized
to adjust performance targets or awards to avoid unwarranted penalties or windfalls.
Notwithstanding the foregoing, the Committee shall not have the discretion to increase any Award
payable to any Covered Officer in excess of that provided by the application of the terms and
conditions of Schedule A attached hereto.

Miscellaneous

No Right to Employment

The grant of an award shall not be construed as giving a Participant the right to be retained in
the employ of the Company or any subsidiary.

No Rights to Awards; No Trust or Fund Created

No person shall have any claim to be granted any award and there is no obligation for uniformity of
treatment among Participants. The terms and conditions of awards, if any, need not be the same
with respect to each Participant. The Company reserves the right to terminate the LTIP at any time
in the Company’s sole discretion. Neither the LTIP nor any award hereunder shall create or be
construed to create a trust or separate fund of any kind or a fiduciary relationship between the
Company or any subsidiary or affiliate and a Participant or any other person.

Interpretation and Governing Law

This LTIP shall be governed by and interpreted and construed in accordance with the internal laws
of the State of Delaware, without reference to principles of conflicts or choices of laws.

Effective Date

This LTIP shall be effective as of December 4, 2008 (the “Effective Date”).

 

 

Schedule A

2008 LTIP Performance Goal Weighting:

	 	 	 	 	 	 	 	 	 
	Participant	 	Share Price	 	OCF/S
	CEO
	 	 	50	%	 	 	50	%
	COO
	 	 	50	%	 	 	50	%

2008 LTIP Performance Targets:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Metric	 	Threshold Performance	 	Target Performance	 	Maximum Performance
	Share Price1

	 	$	24.79	 	 	$	28.17	 	 	$	44.73	 
	OCF/S2

	 	$	0.101	 	 	$	0.111	 	 	$	0.157	 

 

			
	1	 	For purposes of calculating performance, Share Price means the average of the Fair
Market Value of a Company Share for the 20 trading days immediately preceding the end of the
Performance Period (which 20 trading days shall include the last day of the Performance Period if
the same is a trading day). In determining whether the Share Price targets have been met, the
Committee shall adjust the targets to appropriately take into account any dividend or other
distribution (whether in the form of cash, Shares, other securities or other property, and other
than a normal cash dividend), recapitalization, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other
securities of the Company, issuance of securities or warrants or other rights to purchase Shares or
other securities of the Company, or other similar corporate transaction or event that affects the
Shares (collectively the “Share Events”).
	 
	2	 	For purposes of calculating performance, OCF/S means the Company’s average total
operating cash flows per diluted share for the 4 fiscal quarters ended December 31, 2010. “Total
operating cash flows” means the net cash provided by operating activities as reflected on the
Company’s financial statements for the 12 months ended December 31, 2010 included in its Annual
Report on Form 10-K for the period ended December 31, 2010. The diluted shares will be equal to
the “shares used in computing net income (loss) per share, diluted” for the 12 months ended
December 31, 2010 as reflected in the Company’s financial statements. In computing total operating
cash flows, diluted shares and OCF/S, (i) the Committee shall appropriately take into account any
Share Events and (ii) the effects of the following shall be excluded: (a) losses and gains related
to litigation (or claim) judgments or settlements, (b) acquisition costs required to be expensed
currently per FAS 141(R), (c) securitizing of accounts receivable, and (d) any extraordinary
non-recurring items as described in Accounting Principles Board Opinion No. 30 and/or in
management’s discussion and analysis of financial condition and results of operations appearing in
the Company’s annual report to shareholders for the applicable year, all as reasonably determined
in good faith by the Committee. In the event of a significant acquisition or disposition by the
Company during the Performance Period, total operating cash flows and OCF/S targets for various
levels of performance shall be proportionately adjusted by the Committee.

 

 

2008 LTIP Participant Opportunities:

Each Participant in the LTIP is assigned a target award amount expressed in dollars (the “Target
Amount”). The potential payout amounts are based on Threshold, Target and Maximum levels of payout
based on the aggregate weighted achievement of the corresponding performance targets for the LTIP
Participants as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Participant	 	Target Amount	 	Threshold	 	Target	 	Maximum
	CEO
	 	$	800,000	 	 	 	60	%	 	 	100	%	 	 	275	%
	 
	 	 	 	 	 	(22,378 shares)	 	(37,296 shares)	 	(102,564 shares)
	COO
	 	$	600,000	 	 	 	60	%	 	 	100	%	 	 	275	%
	 
	 	 	 	 	 	(16,783 shares)	 	(27,972 shares)	 	(76,923 shares)

The potential payout amounts are expressed above both as a percentage of the applicable Target
Amount and the number of shares eligible to be vested (determined by dividing the specified amount
of the Target Amount by the closing price of the Company’s common stock as reported by the Nasdaq
Stock Market on the grant date ($21.45)), in each case at the applicable weighted aggregate
performance level. Payouts between Threshold and Maximum for Participants shall be calculated by
the Committee in its sole discretion using straight-line interpolation. The finally determined
weighted aggregate share payouts shall be deemed to be the Eligible Units under the LTIP.

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