Exhibit 10.23
***Confidential Treatment Requested
Harris Stratex Networks, Inc. — 2008 Annual Incentive Plan
Provision | Details | |
Performance Targets | • Performance measures include revenue and operating income (non-GAAP) with measures weighted 60% and 40%, respectively. Threshold targets and payout slopes are shown in the table below. | |
Payout Range | • Threshold targets and payout slopes are shown in the table below: |
Bonus | Plan | |||||||
Performance | (as % of Target | Target | ||||||
(as % of Target) | Bonus) | ($Millions) | ||||||
Revenue (60%) | Threshold Target Maximum | 90% 100% 120% | 50% 100% 200% | [***] [***] [***] | ||||
Operating Income (non-GAAP) (40%) | Threshold Target Maximum | 80% 100% 125% | 50% 100% 200% | [***] [***] [***] |
• CEO to have +/- 20% discretion based on individual performance against objectives | ||
• Operating Income (non-GAAP) payout subject to achieving minimum cash flow of $[***] Million | ||
Award | • Award to be made in cash | |
Payout | • At 100%, total payout under the plan would be $4.4 Million |