Document:

Unassociated Document

    

    

    

    PDL  BIOPHARMA,
INC.

    

    2011
Annual Bonus Plan

    

    This 2011 Annual Bonus Plan (the “Plan”) is intended to enhance
stockholder value by promoting a connection between the performance of PDL
BioPharma, Inc. (the “Company”) and the compensation
of personnel of the Company and to promote retention of high performing
personnel.

    

    1.  All
employees of the Company working 30 hours per week or more (each, a “Participant”) are eligible to
receive annual bonuses for 2011 according to this Plan. The Plan will be
administered by the Compensation Committee of the Board of Directors of the
Company (the “Committee”).  The
Committee shall have all powers and discretion necessary to administer the Plan
and to control its operation and may delegate responsibilities to Company
officers as it deems appropriate. Participants are eligible to receive bonuses
based on their individual performance and/or the Company’s performance during
2011. A Participant who does not demonstrate satisfactory individual performance
(50% or higher), however, will not be eligible for any portion of his or her
bonus, including the portion based on Company performance.

     

    2.  Company
performance shall be determined by the Committee based on the Company’s ability
to meet or exceed corporate goals (“2011 Corporate Goals”) as
approved by the Board of Directors and set forth in Exhibit A. The Committee shall
review the 2011 Corporate Goals at mid-year to assure that they reflect the
priorities of the Company and recommend such changes that it deems appropriate
to the Board for its consideration. For clarification, the Committee may
determine in its sole discretion that the Company did not satisfactorily
complete enough goals and in that case, the Committee may determine that no
bonus shall be paid to Participants, regardless of individual performance
achievement.  Additionally, the Committee may adjust or modify the
2011 Corporate Goals to reflect changed Company
objectives.  Individual performance of the Company’s officers shall be
reviewed and recommended to the Committee by the Chief Executive Officer, except
for the performance of the Chief Executive Officer, which shall be determined by
the Committee based on the Company’s achievement of established Corporate Goals.
Individual performance of employees shall be reviewed by the appropriate manager
and approved by the Chief Executive Officer.  In all cases, individual
performance shall be based on 2011 Individual Goals which
have been approved by the Chief Executive Officer and are set forth as Exhibit B.

     

    3.  To be
eligible for a bonus, a Participant must be on payroll prior to October 1, 2011
and must by employed by the Company as of the date of payment of the bonus. A
Participant hired after April 1, 2011 shall be eligible for a pro-rated
bonus.

     

    4.  A
Participant who has taken an approved leave of absence pursuant to the Company’s
policies during 2011 shall receive a pro-rated bonus.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    5.  The
amount of a Participant’s bonus is based on a target percentage of such
Participant’s annual average W-2 throughout the 2011 calendar
year.  The target percentage for executives has been determined by the
Committee and for employees has been determined by the manager at the beginning
of the Plan Year.  The target percentage shall then be adjusted based
on the attainment of 2011 Corporate Goals and Individual Goals over the course
of the Plan Year to arrive at a final performance percentage.  For
each person, the target percentage and ratio of attainment of 2011 Corporate
Goals and 2011 Individual Goals is set forth as Exhibit C.

     

    6.  The
Company performance percentage and/or the individual performance percentage may
exceed 100% in the event the Company or the individual Participant exceeds
expected goals, provided that neither percentage may exceed 150%. For example,
assuming the Company has met 100% of its 2011 Corporate Goals, a Participant,
who has met 150% of his or her 2011 Individual Goals, has a target percentage of
25%, has a corporate-to-individual goal ratio of 50%/50% and a base pay rate of
$100,000 will receive a bonus of $31,250 (100% x 0.5 + 150% x 0.5 = 125%; and
125% x 25% = 31.25%; and 31.25% of Participant’s base pay rate of $100,000 =
$31,250).  All determinations and decisions made by the Committee
shall be final, conclusive and binding on all persons and shall be given the
maximum deference permitted by law.

     

    7.  This Plan
is effective for the Company’s 2011 calendar year beginning January 1, 2011
through December 31, 2011 (the “Plan Year”) and will expire automatically on
December 31, 2011.  Bonus payments will be made by February 15th,
2012.

     

    8.  The
Company shall withhold all applicable taxes from any bonus payment, including
any federal, state and local taxes.

     

    9.  Nothing
in this Plan shall interfere with or limit in any way the right of the Company
to terminate any Participant’s employment or service at any time, with or
without cause. Nothing in these guidelines should be construed as an employment
agreement or an entitlement to any Participant for any incentive payment
hereunder.

     

    10.  This Plan
and all awards shall be construed in accordance with and governed by the laws of
the State of Nevada, without regard to its conflict of law
provisions.

     

    11.  Payments
under this Plan shall be unsecured, unfounded obligations of the
Company.  To the extent a Participant has any rights under this Plan,
the Participant’s rights shall be those of a general unsecured creditor of the
Company.

     

    
      
         

      

      
        -2-Exhibit
10.16

     

    

    

    MANAGEMENT
INCENTIVE PLAN

    2009-2010

    

    
      	
              I.

            	
              Purpose

            

    

    The
objective of this plan is to reward excellent performance.

    

    
      	
              II.

            	
              Participants

            

    

    
      	
               
      

            	
              a.

            	
              Those
      employees whose contributions and decisions significantly and directly
      affect net profits and the future operations of the
  Company

            

    

    

    
      	
               
      

            	
              b.

            	
              The
      employees eligible may be changed or substituted from time to time by the
      President and will be reported to the Board of Directors.  No
      other change in the plan will be made without the authorization of the
      Board of Directors.  No additional positions will be added to
      the eligibility groups without authorizations of the Board of
      Directors.

            

    

    

    PARTICIPANTS

    

    SENIOR
VICE PRESIDENT

    CHIEF
FINANCIAL OFFICER

    DIRECTOR
OF COMPLIANCE AND SPECIAL PROJECTS

    VICE
PRESIDENT – LEMON OPERATIONS

    VICE
PRESIDENT - CONTROLLER

    DIRECTOR
OF SOUTHERN OPERATIONS

    DIRECTOR
OF NORTHERN FARMING OPERATIONS

    DIRECTOR
OF INFORMATION SYSTEMS

    DIRECTOR
OF MARKETING

    DIRECTOR
OF HUMAN RESOURCES

    DIRECTOR-GLOBAL
MARKETING, LEMON OPERATIONS

    HARVEST
MANAGER

    PROPERTY
MANAGER

    AGRITOURISM
OPERATIONS MANAGER

    SALES
MANAGER – LEMON OPERATIONS

    FOOD
SAFETY AND SUSTAINABILITY MANAGER

    
 

    
      	
              III.

            	
              Plan
      Funding

            

    

    The
management incentive plan (MIP) will be based on earnings before tax from
operating activities of the Limoneira Company.  Sixty (60) percent
will be based solely on earnings before tax with the remaining forty (40)
percent subject to completion of agreed upon individual objectives contained in
the Performance Management Program.

    

    The
amount of the incentive paid to each individual will be based on the
participant’s annual salary as of October 31, 2010.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              IV.

            	
              Payment

            

    

    Payment
will be made to all employees deemed eligible for the plan who are employees of
the Company at October 31, 2010.

    

    Payment
due under this plan, less applicable payroll taxes, will be made to participants
as soon after the close of the fiscal year as is practical, but in no case later
than January 15th
following the close of the fiscal year.  Payments will be subject to
any contractual agreements that may exist between the Limoneira Company and the
participants.  The schedule of payment will be reported to and
approved by the Compensation Committee of the Board of Directors and the full
Board of Directors.   Partial year participants deemed eligible
for the plan by the President (e.g. mid-year hires) would be funded based on
their period of eligible service to the total year in full
weeks.  Example:  A participant serves for 14 weeks of the
fiscal year.  The eligibility would be 14/52 of the funding level (see
Funding Level Exhibit A) in use.

    

    If a
participant dies, becomes disabled and unable to work, retires or is granted a
leave of absence by the President during the year, eligibility for the earnings
before tax based portion will be based upon the percentage of the year
worked.  Awarding of the performance portion of the plan will be at
the discretion of the President.

    

    If a
participant leaves the Company for any reason other than those listed above,
participation in the plan is forfeited for the fiscal year in which the
participant leaves.  A prior year bonus earned but not paid would not
be affected by departure from the Company.

    

    
      	
              V.

            	
              President
      and Chief Executive Officer

            

    

    The Board
of Directors has established a separate plan for the President and Chief
Executive Officer.  The annual additional compensation will be
established by the Board at their
discretion.  (Reference:  Board Minutes dated November 1,
1985, page 5)

    

    
      	
              VI.

            	
              Discontinuance

            

    

    The Board
of Directors may select to discontinue the plan for the following plan year by
giving notice to the President no later than the October Board Meeting of the
current year.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00183-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00183-of-00352.parquet"}]]