EXHIBIT 10.15

FY 2006 SurModics Bonus Plan-Executive Officers

I.  Consists of two parts

A.  Corporate objectives, and

B.   Business Unit or Department objectives

II.  Corporate Bonus Payout structure (stated as % of base salary)

CEO								FY 2006 Revenue
								Level I				Level II				Level III
FY				Level I					12	%			16	%			24	%
2006				Level II					16	%			28	%			32	%
EPS				Level III					24	%			32	%			40	%

 

Senior Staff								FY 2006 Revenue
(excluding CEO)								Level I				Level II				Level III
FY				Level I					9	%			12	%			18	%
2006				Level II					12	%			21	%			24	%
EPS				Level III					18	%			24	%			30	%

 

The Level I, Level II, and Level III performance levels are as set by the Organization & Compensation Committee for FY 2006.

III.  Business Unit or Department objectives

A.  Objectives identified by Senior Staff member and approved by CEO

B.  One objective for Business Units will be revenue

C.  All objectives must be detailed and measurable

IV.   No bonus payout unless both Revenue and EPS meet at least Level I corporate objective, whether or not Business Unit or Department objectives are met.

V.   Composition of Total Bonus Payout

1.   Senior Staff except CEO: 75% corporate + 25% Business Unit/Department

2.  CEO: will receive 100% corporate bonus only and no Business Unit/Department component

3.  Executive Chairman is not bonus eligible

Example:   If corporate Level II revenue and Level III EPS are met, then Senior Staff member gets 24% corporate bonus. If all Business Unit/Department goals are also met for such Senior Staff member, then that person gets an additional 8% bonus, for a total bonus payout of 32% (75% corporate, 25% Business Unit)