iRobot 2015 Annual Report Download - page 43

Proxy Statement
committee in the technology and robotics industries. The actual amount of the cash incentives paid to the named
executive officers, however, is subject to the assessment of the compensation and talent committee of our
performance in general and the achievement of specific goals.
For fiscal 2015, the threshold, target and maximum bonus awards under our Senior Executive Incentive
Compensation Plan for each of our named executive officers, as a percentage of base salary earned during the
fiscal year, are set forth in the table below. These target bonus amounts were set at levels the compensation and
talent committee determined were appropriate in order to achieve our objective of retaining those executives who
perform at or above the levels necessary for us to achieve our business plan, which, among other things, involved
growing the Company in a cost-effective way.
Incentive Bonus Award Opportunity Payout Scale (% of base salary)
Threshold
(25% of target opportunity)
(1) Target (100%)
Maximum
(200% of target opportunity)
(2)
Colin M. Angle 25.00% 100.00% 200.00%
Alison Dean 18.75% 75.00% 150.00%
Russell J. Campanello 15.00% 60.00% 120.00%
Christian Cerda 15.00% 60.00% 120.00%
Glen D. Weinstein 15.00% 60.00% 120.00%
(1) Cash incentive payments are made only after the Company has achieved specified Adjusted EBITDA
hurdle, excluding cash incentive compensation expense.
(2) This reflects the maximum incentive cash payout levels established under our Senior Executive Incentive
Compensation Plan for 2015 based on the specific targets established for fiscal 2015.
While the Senior Executive Incentive Compensation Plan is designed to provide short-term cash incentive
payments based upon objectively determinable formulas that tie cash incentive payments to specific financial
goals and strategic milestones, the compensation and talent committee retains the discretion to adjust cash
incentive payments under the Senior Executive Incentive Compensation Plan based upon additional factors.
The following tables summarize the 2015 performance measures, associated weightings and goals for each
of the named executive officers under the Senior Executive Incentive Compensation Plan. As discussed
previously, the payout opportunity ranges from 25% of the target incentive opportunity for achieving threshold
level of performance to 200% of the target incentive opportunity for achieving maximum level of performance.
For each of our named executive officers, the Senior Executive Incentive Compensation Plan targets for
2015 were:
Performance Goal
Performance Measure Weighting Threshold Target Maximum
Adjusted EBITDA, excluding cash
incentive compensation expense 50% $99.2 million $110.2 million $154.2 million
Revenue 50% $577.9 million $642.1 million $898.9 million
The compensation and talent committee chose this mix of financial targets for cash incentive compensation
because it believes that executive officers should be focused on a small set of critical, team-based financial and
operating metrics that reinforce the executive’s role and impact and company business strategy. Also, the
compensation and talent committee established a hurdle where the available total incentive compensation payout
for the entire employee base – including the named executive officers – would be reduced on a dollar-for-dollar
basis if Adjusted EBITDA, excluding cash incentive compensation expense, fell below $99.2 million (the
threshold for Adjusted EBITDA shown in the table above).
Notice of Annual Meeting of Stockholders and iRobot 2016 Proxy Statement
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