Document:

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                                                                   EXHIBIT 10.34
[BELL MICROPRODUCTS LOGO]

                            BELL MICROPRODUCTS, INC.
                      MANAGEMENT INCENTIVE PLAN DESCRIPTION
                                    YEAR 2005

The Management Incentive Plan, ("Plan), is established to provide key management
personnel with a financial incentive to meet and exceed financial and strategic
objectives. The following is a description of the Plan.

1.  PARTICIPATION:
    The Compensation Committee of the Board of Directors, ("Committee"), upon
    the recommendation of the Chief Executive Officer, is responsible to
    designate participants in the Plan, approve Plan goals and establish target
    incentives.

2.  PERFORMANCE TARGETS:
    Performance goals are normally established at the beginning of the year
    based on the Annual Operation Plan, and consist of one or more of the
    following:
     a.  Earnings Per Share, Net Income, Pretax Profit (PTP) or Operating
         Contribution.
     b.  Return on Equity (ROE), or Return on Working Capital (ROWC)
     c.  Individual Objectives (MBOs)

     Note:
     ROE is derived by dividing net income for accounting period by common
     shareholder equity. ROWC is derived by taking business unit pretax profit
     and dividing it into total working capital (A/R +Inventory -- AP).

3.  PAYMENT OF INCENTIVES:
     a.  Quarterly Advance Payments
         At the end of each fiscal quarter following the financial audit,
         financial performance for the quarter will be compared to the financial
         plan for the quarter and participants will be paid an advance of their
         annual incentive based on the payment schedule shown below in paragraph
         3c below, except that there shall be no advance payments for
         achievement above 100% of plan. Incentives will be paid after quarter
         end financial results are finalized, and the Committee has approved the
         payments. The amount of target incentive assigned to each quarter is
         generally based on the amount of planned corporate profit for each
         quarter vs. the total year, and is as follows:

          <Table>
          <Caption>
                                        Q1 04     Q2 04      Q3 04      Q4 04
          --------------------------- --------- --------- ---------- ----------
<S>       <C>                         <C>       <C>       <C>        <C>
          Quarterly Percentage           20%       20%        25%        35%
          --------------------------- --------- --------- ---------- ----------
          </Table>

     b.  Year End Payments
         After the financial audit and close of the year, financial performance
         for the year will be compared to the financial plan for the year to
         determine the amount of incentive the participant

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Management Incentive Plan Description
Year 2005
Page 2

         earned due to financial performance. In addition, the accomplishments
         of the participants individual MBOs to determine the amount of
         incentive earned for MBO accomplishment. The total incentive earned
         for the year, less the amount of quarterly advances will be paid
         following approval of the Committee.

     c.  Payout of incentives for profit and ROE/ROWC goals is based on the
         following metric.

              <Table>
              <Caption>
                   % Of Plan Achieved             % Of Incentive Earned
              ------------------------------ ---------------------------------
<S>           <C>                            <C>
                          <80%                              0%
              ------------------------------ ---------------------------------
                           80%                             25%
              ------------------------------ ---------------------------------
                           90%                             50%
              ------------------------------ ---------------------------------
                          100%                             100%
              ------------------------------ ---------------------------------
                         >100%                  Same % as overachievement
              ------------------------------ ---------------------------------
              </Table>

              Use straight-line interpolation between metrics for calculations
              below 100% achievement

     d.   Objectives (MBOs):

          Objectives must be in writing and approved at the beginning of the
          year by the Chief Executive Officer. The written objectives must
          include a statement of the objective, the delivery date, and the
          expected result (i.e., a definition of how the accomplishment is to be
          measured). If there is more than one objective, each will be weighted
          equally, unless the objective states otherwise. For 2005, the
          objectives must be linked to account base growth and penetration,
          increasing volume for strategic partners, adding strategic suppliers,
          leadership, and/or

          Because the actions taken to accomplish most objectives will generally
          span several quarters, and payment of the incentive is for
          accomplishment of the objective, not accomplishment of individual
          actions steps, payout will generally be on an annual basis. However,
          if in the judgment of the CEO it is clear that an objective is
          accomplished before year-end, the incentive attributable to that
          objective may be paid following the quarter during which it was
          accomplished.

4.  The target incentive for Plan participants who become participants after the
    start of the fiscal year will be prorated for the period of time as a
    participant.

5.  Participants must be employees of the company on the date incentives are
    paid to be eligible for the quarterly or year-end MIP payments.

6.  The Company, in its sole discretion has the authority to change this plan
    at any time, including but not limited to increasing incentive payouts
    above target in the event of superior performance; in the event of
    significant over-achievement of goals, adjusting payouts to prevent
    unwarranted "windfalls", and make other changes in the Plan or Plan targets
    that are in the best interests of the Company.

7.  In the event that the company raises new equity funds during the year,
    thereby eliminating interest charges, the financial plan may be adjusted
    accordingly.

8.  In the event of an acquisition or divestiture, the Committee will make a
    determination as to the impact on the financial plan and may modify the Plan
    accordingly.

9.    The Company, in its sole discretion has the authority to make incentive
      payments in cash, restricted stock units or a combination thereof.exv10w28

 

EXHIBIT 10.28

July 13, 2005

Ms. Cynthia Lucchese

10473 Windemere

Carmel, IN 46032

Dear Cindy:

On behalf of Thoratec Corporation, I am pleased to confirm the following offer of employment to you
as Sr. Vice President, Chief Financial Officer. The following should summarize the salient points
of our offer. This offer supersedes any previous offers of employment.

Position: Sr. Vice President, Chief Financial Officer reporting directly to the President
and Chief Executive Officer. Your offer of employment will be contingent upon successful
completion of the pre-employment drug screening and a background investigation. A start date upon
completion of the above will be mutually determined.

Salary: Your salary will be $10,000.00 paid bi-weekly, which is the equivalent to $260,000
annually. This is an position.

Bonus: In addition you will be eligible for a 60% bonus of your base salary. You will be
eligible to participate in the 2005 bonus program on a pro-rata basis at target, based on your hire
date. You will not be eligible for the “Over Achievement Award Opportunity/Performance
Accelerator” benefit until 2006. Please refer to the attached copy of the Executive Incentive
Plan.

Signing Bonus: The Company will pay to you a gross (taxable) bonus of $100,000 within 30
days of your hire date. In the event you voluntarily terminate your employment with Thoratec prior
to twelve months from the date of receipt of the bonus payment, the signing bonus will be
reimbursed to Thoratec.

Stock Options: Upon your date of hire, you will be granted Incentive Stock Options to
purchase 100,000 shares of common stock of Thoratec Corporation. The exercise price of these
options will be the fair market value of the stock at the date of the grant. These are 10-year
options with vesting over a three-year period at the rate of one-third vesting per year.

Your stock option grants will include a provision for immediate and accelerated vesting upon a
change in control of Thoratec.

	 	 	 	 	 
	Cindy Lucchese

	 	 	 	 
	Job Offer Letter
	 	 	 	 
	Page Two

	 	July 13, 2005	 	 

Restricted Share Grant: If the acquisition of Guidant Corporation by Johnson & Johnson
Corporation is completed by April 1, 2006, the Company will issue you a restricted stock grant of
25,000 shares. The restrictions on these shares will lapse in two increments. The first 15,000
shares will lapse upon your continued employment 90 days after the closing of the Guidant/J&J
merger, and the additional 10,000 shares will lapse upon your continued employment eighteen months
after your date of hire.

This restricted stock grant is intended to compensate you for the bonus you have advised us you are
eligible to receive if you stay at your current position until the consummation of the acquisition
of Guidant Corporation by Johnson & Johnson. If for any reason you receive all or any portion of
such bonus, then this grant of Company restricted shares will be reduced pro rata, by the
corresponding percentage. For example, if you receive 20% of the target bonus from Guidant
Corporation, then you will receive a total grant of 16,000 restricted shares, or 80% of the total
possible restricted stock grant.

In the event that your employment with the Company is terminated without cause (as such term is
defined in the “Separation Benefits Agreement” described below), this restricted stock grant will
vest immediately upon the effective date of such termination.

Temporary Housing: The Company will pay for the cost of a lease for furnished temporary
housing for one year after your hire date.

Relocation: The Company will reimburse you for all reasonable relocation costs, as long
as you relocate within 18 months of your hire date. This reimbursement will include the reasonable
costs incurred in transporting your personal belongings from your current

 

 

residence to one in the Pleasanton area. You will be reimbursed by Thoratec for reasonable and
customary realtors’ fees paid on the sale of your home in Indiana and one-time, non-recoverable
closing costs on a new house in Northern California. This includes the necessary gross-up costs to
cover all taxable relocation costs to you. All relocation costs must be approved ahead of time by
the Chief Executive Officer). In the event you voluntarily terminate your employment with
Thoratec prior to twelve months from the date of relocation, the relocation payment must be
reimbursed to Thoratec.

	 	 	 	 	 
	Cindy Lucchese

	 	 	 	 
	Job Offer Letter
	 	 	 	 
	Page Three

	 	July 13, 2005	 	 

The Company’s intent is for your relocation process to be timely and a smooth one. If for some
reason you experience difficulties in selling your home in Indiana in a timely fashion, we will
commit to revisiting the relocation assistance provided by Thoratec.

Additionally, as assistance for your need to maintain two homes and to travel back and forth to
Indiana during your first year of employment, we will pay you a monthly net stipend of $3,000 per
month for one year after your hire date. This amount will be grossed up to cover all income taxes.

     Severance: You will be eligible to participate in the Thoratec Corporation Executive
Severance Plan (the “Separation Benefits Agreement”). Your “Standard Severance” benefit, as
outlined in paragraph 2(a) will be calculated as one times your annual salary. Your “Change of
Control Severance” benefit, as outlined in paragraph 2(b) will be calculated as two times your
annual salary plus two times your bonus. Please review the enclosed Separation Benefits Agreement
for more specifics.

     For the first 24 months of your employment only, your Standard Severance benefit will be
adjusted to two times your annual salary.

Benefits: As a full-time employee, you will be eligible to participate in the Company’s
comprehensive group medical, dental, vision, short-term disability, long-term disability and life
insurance programs. Health coverage becomes effective the first of the month following date of
hire. Thoratec has several additional benefit programs such as a 401(k) plan, Executive Deferred

Compensation Program, Educational Assistance Program and a Flexible Spending Program. You will
immediately be eligible to accrue vacation at the equivalent of 160 hours per year.

Employment At Will: In consideration of employment, you agree to conform to the policies
of the Company and acknowledge that employment can be terminated for any reason, with or

without cause, at any time with or without notice at the option of Thoratec or the employee.
Failure to comply with company policies will necessitate disciplinary action, which may include
termination of employment.

 

 

	 	 	 	 	 
	Cindy Lucchese

	 	 	 	 
	Job Offer Letter
	 	 	 	 
	Page Four

	 	July 13, 2005	 	 

     Cindy, Thoratec has begun a very exciting time in its corporate life. We believe we can
provide you with a challenging and rewarding career and look forward to your joining the Thoratec
staff and both participating in and contributing to the success of the Company. We hope to have
you as part of the Thoratec Team, and we eagerly await your confirmation to our offer.

     Sincerely,

     /s/ D. Keith Grossman

     D. Keith Grossman

     President and Chief Executive Officer

Enclosures

I accept your contingent offer of employment, and will commence work upon passing the drug
screening test and the background investigation. I agree to the terms as outlined in this letter.

	 	 	 	 	 
	/s/ Cynthia Lucchese

	 	          August 1, 2005	 	 
	 

	 	 	 	 
	          Cindy Lucchese

	 	                  Date

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