Exhibit 10.1
Summary of Executive Compensation
The following is a summary of the compensation of Adept's executive officers for fiscal 2008.
| Current Executive Officers | Annual Base Salary | | Bonus Plan Target Compensation (aggregated basis) | | Bonus Plan Range of Compensation (aggregated basis | Other Annual Compensation |
John Dulchinos President and Chief Executive Officer | $ | 285,000 | | 50%(1) | | 25-100%(2) | Group term life insurance excess premiums |
| | | | | | | | |
Lisa M. Cummins Vice President of Finance and Chief Financial Officer | $ | 220,000 | | 40%(1) | | 20-80%(2) | Group term life insurance excess premiums |
| | | | | | | | |
Gordon Deans Vice President, Business Development and General Manager - Canada | CDN$ | 238,000 | | 25%(1) | | 12.5-50%(2) | Life and disability insurance |
| | | | | | | | |
Joachim Melis Vice President of Worldwide Sales | EUR | 140,000 | | 0.50-1.5 % of revenue (1) | | Median 0.17% | Group term life insurance excess premiums |
| | | | | | | | |
Dave Pap Rocki Chief Technology Officer | $ | 197,300 | | 25%(1) | | 12.5-50%(2) | Group term life insurance excess premiums |
| (1) | All non-sales executive officers may earn a percentage of base salary in cash bonus payments and grants of restricted stock as determined pursuant to Adept’s Fiscal 2009 Executive Bonus Plan, upon attainment of certain corporate targets specified therein, subject to approval and discretion of the Compensation Committee of the Board. Mr. Melis is not eligible for cash performance bonuses under the 2009 Executive Bonus Plan bonus component but is eligible to receive commission payments based on individual performance against specific revenue targets. This discussion does not include any option grant compensation. The percentage noted cites the amount of compensation with may be earned upon the Company performing at plan. |
| (2) | Reflects the anticipated range in amount of bonus as a percentage of salary which may be payable upon attainment of certain operating income and revenue amounts for fiscal 2009 at a threshold basis, plan to overachieve basis. All awards are subject to Compensation Committee determination and discretion. |
Mr. Joachim Melis, Adept's Vice President, Worldwide Sales, may receive quarterly commissions in cash under the Plan based on Adept's consolidated revenue for each fiscal quarter in the year ended June 30, 2009. The Plan provides for sliding scale commissions ranging from 0.5% to 1.5% of Adept's revenue.
