Document:

Form of Notice to Executive Officers

 Exhibit 10.1 
 FORM OF NOTICE TO EXECUTIVE OFFICERS (WHO ARE BUSINESS UNIT HEADS) 

Analogic Corporation 
 Annual Incentive Plan for Fiscal Year 2011 
  

									
	  

Employee:
	 	 	 	 	 	  

Supervisor:
	 	 
	Title:	 		 		 	Business Unit:	 	
	 Plan Year:        8/1/2010 -
7/31/2011
  
	 	 	 	 Target Level (% of salary):

 

 Congratulations!
Analogic Corporation (the “Company”) has selected you to participate in its Annual Incentive Plan (the “Plan”) for fiscal year 2011. A summary of the terms of the Plan, as it applies to you, is shown below1: 

 

	1.	Eligibility to Earn an Award 

 You will be eligible to earn an award under the Plan if all of the following conditions apply: 
  

	 	(a)	Analogic achieves at least 50% of its Non-GAAP Earnings per Share (EPS) budget for fiscal year 2011; 

 

	 	(b)	 you are an employee of the Company on the date of the payment of the award,2 or your employment is terminated involuntarily on or after February 1, 2011 and you are eligible for
Severance Benefits. 

  

	2.	Performance Factors (see attachment) 

 The Target Level for your award is listed above. Your actual award may be greater or less than the Target Level, depending on the Company’s results and your Business Unit’s performance for the
Plan year. If you are eligible to receive an award, your final award amount will be determined based upon the following performance factors: 
  

	 	(a)	Analogic Non-GAAP EPS - 50% of your award shall be determined by Analogic’s year-end results for Non-GAAP EPS relative to budget for fiscal year
2011. 

  

	 	(b)	Business Unit Direct Profit - 25% of your award shall be determined by your Business Unit’s Direct Profit relative to budget for fiscal year 2011.

  

	 	(c)	Business Unit Revenue - 25% of your award shall be determined by your Business Unit’s year-end results for Revenue relative to budget for fiscal year 2011.

  

	3.	Determining Your Award 

  

	 	(a)	Your award will be equal to your Target Level multiplied by your Eligible Base Earnings, adjusted for the actual performance measures relative to budget attained for
2011. “Eligible Base Earnings” means total base salary payments (including vacation, sick, and holiday pay) made through Company payroll for the Plan year. Payments made to employees during approved medical leaves of absence are excluded.

  

	 	(b)	Actual awards will range from 0 to two (2) times the Target Level for the performance factors. For Corporate VP’s and General Managers, amounts in excess of
the Target Level will be paid 50% in cash and 50% in stock. 

  

	 	(c)	If you are not eligible for an award for the entire 2011 fiscal year or if your Target Level changes during the Plan year, your award will be prorated based on the
number of months that you were eligible to receive the award. 

 This document is not an employment agreement, and terms of
employment are unaffected because of this document. The Company reserves the right to adjust awards up or down in its discretion based on exceptional circumstances. If Analogic Non-GAAP EPS is less than 50% of budget, no awards will be earned under
this Plan. 
 My signature represents my receipt of the terms and understanding of this plan. 

 

							
	 Name
	 		 	 Date
	 	

  

	1	 For more information concerning the Plan, please contact the Human Resources Department. 

	2	 Because payment of an award under the Plan is determined in part upon the Company’s performance during the 2011 Fiscal Year, the payment date of
any award will be after the completion of fiscal year 2011, as determined in the sole discretion of the Company’s Compensation Committee. 

 Analogic Corporation 

Annual Incentive Plan for Fiscal Year 2011 
  

					
	Target Level (% of Salary):	  		  	Annual Salary as of:
			
		  		  	Target Bonus as of:
	 Performance Factors
	  		  	
			
	 Analogic Non-GAAP EPS:
	  	50%	  	Target Amount as of:
			
	 Business Unit Adj. Direct Profit:
	  	25%	  	Target Amount as of:
			
	 Business Unit Revenue:
	  	25%	  	Target Amount as of:

 If you are eligible to receive an
award under the Plan, the following charts describe how the amount of your award will be determined based upon the Company’s and your Business Unit’s financial performance. 

 

	a.	Analogic Non-GAAP Earnings per Share vs. Fiscal Year 2011 Budget 

  

																	
	 % of Budget
	  	< 80% of
Budget	 	  	80% of
Budget	 	  	100% of
Budget	 	  	3123% of
Budget	 
					
	 % of Target
	  	 	0%  	  	  	 	25%  	  	  	 	100%  	  	  	 	200%  	  
					
	 Award Amount
	  				  				  				  			

  

	b.	Business Unit Adjusted Direct Profit vs. Fiscal Year 2011 Budget 

  

																	
	 Adjusted Direct Profit
	  	 	 	 	 	 	 	 	 	 	 	 
					
	 % of Target
	  	 	0	%   	 	 	25	%   	 	 	100	%   	 	 	200	%   
					
	 Award Amount
	  				 				 				 			

  

	c.	Business Unit Revenue vs. Fiscal Year 2011 Budget 

  

																	
	 Revenue
	  	 	 	 	 	 	 	 	 	 	 	 
					
	 % of Target
	  	 	0	%   	 	 	25	%   	 	 	100	%   	 	 	200	%   
					
	 Award Amount
	  				 				 				 			

  

	•	 	 Amounts earned in excess of the year-end Target Bonus will be paid 50% in cash and 50% in stock. 

 

	•	 	 Intermediate results on above financial measures will be interpolated. 

 

	•	 	 If Analogic Non-GAAP EPS is <50% of budget, no awards will be earned under this plan. 

 

	•	 	 Your target bonus, and all variations thereof, are based on a full fiscal year in your current position and will be prorated to reflect the actual
amount of time you are in your current role during fiscal year 2011. See Section 3(c) of this document.Letter Agreement between Ms. Faltas and Company

 Exhibit 10.2 
 March 31, 2010 
 Ms. Mervat Faltas 

15 Bridgewood Court 
 Kirkland, Quebec, Canada
H9J-2T8 
 Dear Mervat: 
 I am
delighted to offer you a promotion into the position of Senior Vice President and General Manager, OEM Medical Group for Analogic Corporation (the “Company” or “Analogic”). I am excited about the prospect of your joining us in
Peabody and look forward to your leadership in helping build a strong future for our Company. 
 The following provides the terms and conditions
of your promotion offer set forth in this letter Agreement (the “Agreement”): 
  

	 	1.	Start Date. Your new position will commence on or before May 1, 2010. 

 

	 	2.	Reporting Relationship. You will continue to report directly to me, James Green, President and CEO. 

 

	 	3.	Base Salary. Your annualized base salary (the “Base Salary”) will be $275,000 (US Dollars) per year. Your review will occur as part of the normal
year-end Company process for fiscal year 2010. Salary will be paid bi-weekly in accordance with the Company’s normal payroll practices. 

  

	 	4.	Annual Performance Bonus. You currently participate in the Company’s annual bonus program for Anrad and have a target award of 30% of salary. Beginning upon
your Start Date through the end of the fiscal year, you will be eligible for a target award (the “Target Bonus”) equal to 45% (and a “Maximum Bonus” of 90%) of your base salary. Awards will be paid in accordance with the
provisions of the Analogic Annual Incentive Plan (AIP). Any amounts earned in excess of the Target Bonus will be paid 50% in cash and 50% in shares of Analogic stock. 

 

	 	5.	Long Term Incentives. Subject to the approval of the Analogic Compensation Committee, you will be awarded 148 additional Target performance contingent restricted
stock units under the FY2010 Long-Term Incentive Plan (in addition to the 4,649 total target performance shares/units you have received to date during this fiscal year) for each full month remaining in the fiscal year after your Start Date.
Specifically, you will be awarded an additional 74 Target EPS-based Restricted Stock Units and an additional 74 Target Relative TSR-based Restricted Stock Units for each full month remaining in the fiscal year after your Start Date. These additional
target awards are calculated based on your new Base Salary, a current Analogic stock price of $42.73 and assuming a total target long-term incentive award equal to 100% of salary, and then prorated for the remaining portion of the fiscal year after
your Start Date. They will carry the identical provisions of the restricted stock units you received earlier this fiscal year. 

  

	 	6.	Benefits. You will be eligible to participate in the Company’s standard benefit program generally applicable to similarly situated executives which includes
medical, dental and life insurance, short and long-term disability protection, participation the Company’s 401(k) plan, and in the Analogic Non-qualified Deferred Compensation Plan. The full range of benefits for you and your family is
summarized in the enclosed Employee Benefits Summary for 2010. Note that the Company reserves the right to change or amend its benefit plans it offers to employees at any time. 

	 	7.	Vacation. You will be entitled to accrue up to four (4) weeks of paid vacation each year of employment plus sick leave on the same basis as all other
executives of the Company. 

  

	 	8.	Relocation. You will be eligible for Analogic’s executive relocation program to assist your move from Canada to Massachusetts, including:

	 	a.	two house hunting trips for you and your spouse; 

	 	b.	temporary housing while transitioning from Canada; 

	 	c.	reasonable transportation and shipping costs; 

	 	d.	reasonable closing costs and/or legal fees related to the sale of your current home and the purchase of a new home; 

	 	e.	guaranteed buyout program based on the current appraised value of your home; 

	 	f.	imputed income will be grossed up for income tax purposes; and 

	 	g.	one month’s salary for incidental expenses associated with your relocation. 

 Should you voluntarily terminate your employment within two years of your Start Date with the Company, you will be required to pay back the cost of your relocation on a pro-rated basis based on the number
of full months served. 
  

	 	9.	Restrictive Covenants. Severance payments will be conditioned on your signing of a general waiver and release of claims, and your agreement not to solicit
employees or customers for the severance period, and not disparage the Company nor disclose trade secrets or confidential information. 

  

	 	10.	Prior Agreements. You represent and warrant that you are not bound by any agreement with a previous employer or other party that you would breach by accepting
employment with the Company or performing your duties as an employee of the Company. You further represent and warrant that, in the performance of your duties with the Company, you will not utilize or disclose any confidential information in breach
of an agreement with a previous employer or any other party. 

  

	 	11.	Entire Agreement. This Agreement constitutes the entire agreement between you and the Company with respect to the subject matter hereof, and it supersedes all
previous communications, representations, or agreements, either oral or written. There are no representations or warranties other than those contained in this Agreement, and in entering into this Agreement, you acknowledge that you have not relied
on any representations, statements, or warranties not expressly set forth in this Agreement. No addition to or modification of this Agreement shall be binding unless made in writing and signed by you and a duly authorized Company representative.

  

	 	12.	Nature of Employment. Your employment with the Company is on an “at-will” basis, meaning that either you or the Company may terminate the employment
relationship at any time, for any reason, with or without Cause and with or without notice, subject to the severance provisions described above. As used in this Agreement, “Cause” means (a) any intentionally dishonest, illegal, or
insubordinate conduct which is materially injurious to Analogic or any of its subsidiaries or which results in an improper substantial personal benefit, (b) material breach of any provision of any employment, nondisclosure, non-competition, or
similar agreement to which you are a party or by which you are bound, (c) material nonperformance or gross dereliction of duty, (d) conviction of a felony, or (e) commission of an action involving moral turpitude.

 Mervat, I certainly hope that you will accept this challenging opportunity and I enthusiastically look forward to working with
you in your new role at Analogic. 

 Sincerely, 
 Analogic Corporation 
 /s/ Jim
Green                                        
                          
 Analogic Corporation 
 Accepted and agreed to on this 29 day of April, 2010. 

/s/ Mervat
Faltas                                        
                     
 Ms. Mervat
Faltas

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