iRobot 2012 Annual Report Download - page 28

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22
generally, including life, health, disability and dental insurance, as well as participation in our 401(k) plan. We have also
entered into executive agreements with our executive officers that provide for certain severance benefits upon termination of
employment, including a termination following a change in control of the Company.
Annual Cash Compensation
Base Salary. The compensation committee believes that our executive officers, including our chief executive officer, are
paid salaries in line with their qualifications, experience and responsibilities. Salaries are structured so that they are within the
range of salaries paid by the peer companies reviewed by the compensation committee in the technology and robotics industry.
We begin our review of base salaries for each of our executives between the 40th and 60th percentiles in the technology and
robotics industry and also take into consideration many additional factors (described below) that we believe enable us to attract,
motivate and retain our leadership team in an extremely competitive environment. Salaries are reviewed generally on an annual
basis.
The compensation committee reviewed the base salaries for each of our executive officers, taking into account an
assessment of the individual's responsibilities, experience, individual performance and contribution to our performance, and
also generally takes into account the competitive environment for attracting and retaining executives consistent with our
business needs. With respect to each of our executive officers, other than Mr. Angle, Mr. Angle provided a detailed evaluation
and recommendation related to base salary adjustments, if any.
In light of the considerations discussed above, the base salaries of our named executive officers were not increased for
fiscal year 2012 as follows, with the exception of Mr. Beck and Mr. Weinstein who were each promoted during the year:
2011 Base Salary % Increase 2012 Base Salary
Colin M. Angle $525,000 —% $525,000
John J. Leahy $375,000 —% $375,000
Jeffrey A. Beck $350,000 17.1% $410,000
Glen D. Weinstein $302,000 7.6% $325,000
Joseph W. Dyer $375,000 —% $375,000
Russell J. Campanello $300,000 —% $300,000
In February 2012, Mr. Beck was promoted to Chief Operating Officer. In conjunction with the promotion, Mr. Beck's
base salary was increased to $410,000.
In August 2012, Mr. Weinstein was promoted to Executive Vice President & Chief Legal Officer. In conjunction with the
promotion, Mr. Weinstein's base salary was increased to $325,000.
We determined not to increase the base salaries of our other named executives officers for 2012 because of identified
business challenges and desire to set an appropriate tone for the company as a whole.
In February 2013, as part of its annual review of compensation, the compensation committee increased Mr. Angle's base
salary to $625,000 to better align his base salary compensation with the peer companies. In addition, Mr. Beck's base
compensation was raised to $430,000 and his target bonus award under our non-equity incentive compensation plan was
increased to 75% of his base salary. Mr. Campanello and Mr. Weinstein had their base salaries increased to $325,000 and
$335,000, respectively.
We believe that the base salaries paid to our executive officers during our fiscal year 2012 helped to achieve our
executive compensation objectives. In addition, we believe that the base salaries of our named executive officers, which range
from 16% to 29% as a percentage of total compensation, are set at an appropriate level to keep a significant portion of
executive compensation at risk as part of our compensation philosophy.
Other Benefits and Perquisites
We also have various broad-based employee benefit plans. Our executive officers participate in these plans on the same
terms as other eligible employees, subject to any legal limits on the amounts that may be contributed or paid to executive
officers under these plans. We offer a 401(k) plan, which allows our employees to invest in a wide array of funds on a pre-tax
basis. We do not provide pension arrangements or post-retirement health coverage for our named executive officers or other