Attached files
Exhibit 10.66
MEMORANDUM
TO: | Fred Moll | |
FROM: | Hansen Medical, Inc. Board of Directors | |
DATE: | June 24, 2010 | |
RE: | 2010 Incentive Bonus |
As discussed, this memo summarizes the terms of your 2010 incentive bonus opportunity as approved today by the Hansen Medical, Inc. (the Company) Board of Directors (the Board). You will be eligible to earn a 2010 incentive bonus of up to 40% of your base salary, beginning as of June 9, 2010 (in other words, your maximum bonus is equal to 40% of your base salary for the period June 9, 2010 through December 31, 2010). The goals and weightings applicable to your bonus are as follows:
| Meet or exceed the Companys revised 2010 operating plan 50% of total, 30% based on revenue and 20% based on net loss; |
| Design freeze for vascular product 10%; |
| File 510k for vascular product 10%; |
| Finalize commercial launch plan for vascular product 10%; and |
| Patient enrollment in IDE atrial fibrillation study of a number of patients to be determined by the Board 20%. |
With respect to any bonus criteria that are based on the Companys 2010 operating plan: (i) no bonus will be earned related to such bonus criteria unless the Company achieves at least 90% of the applicable bonus criteria, (ii) 75% of the related portion of the bonus will be earned upon achievement of 90% of the bonus criteria, (iii) 100% of the related portion of the bonus will be earned upon achievement of 100% of the bonus criteria, and (iv) in the event of achievement between 90-100% of the bonus criteria, the amount of the related portion of the bonus will be determined on a linear basis. All other bonus criteria are binary.
Any bonus will be paid within 2 1/2 months after the close of the 2010 fiscal year, but only if you are still employed by the Company at the time of payment.
The determinations of the Companys Board of Directors with respect to your bonus will be final and binding.