000-51598 | 77-0259335 | |
(Commission File Number) | (IRS Employer Identification No.) |
63 South Avenue, Burlington, Massachusetts | 01803 | |
(Address of Principal Executive Offices) | (Zip Code) |
(e) | On February 7, 2007, the Compensation Committee of the Board of Directors of iRobot Corporation (the Company) approved the Senior Executive Incentive Compensation Plan (the Plan) for, among others, the Companys principal executive officer, principal financial officer and named executive officers. The Plan provides for target bonus amounts based upon the attainment of performance targets that are established by the Compensation Committee and relate to financial and operational metrics with respect to the Company or any of its subsidiaries, including, but not limited to, the following: revenue, earnings per share, EBITDA and specific strategic milestones. Additionally, the plan provides that each executive eligible to receive a bonus under the Plan shall have a targeted bonus opportunity for each performance period, and that the maximum bonus payable under the Plan is 125% of such executives bonus opportunity. Pursuant to the Plan, performance goals will be measured at the end of each fiscal year following the release of the Companys financial reports, and bonus amounts, if any, will be paid within thirty (30) days thereafter, but not later than March 15. |
iRobot Corporation |
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February 8, 2007 | By: | /s/ Glen D. Weinstein | ||
Glen D. Weinstein | ||||
General Counsel and Secretary | ||||