2011 Executive Compensation Plan Agreement between Operational Equipment & Logistics Solutions and Bruce Dressel
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Summary
This agreement outlines the 2011 executive compensation plan for Bruce Dressel at Operational Equipment & Logistics Solutions. It specifies an annual base salary, quarterly and year-end bonus opportunities based on company performance, and states that bonuses are not guaranteed and may change at the company's discretion. The plan is retroactive to January 1, 2011, requires signing a new NDA, and confirms employment is at-will. To receive bonuses, Bruce must be employed at the time of payment. Compensation details are confidential, and sharing them may result in disciplinary action.
EX-10.17 6 y03683a1exv10w17.htm EX-10.17 exv10w17
Exhibit 10.17
 | Operational Equipment & Logistics Solutions |
March 3, 2011
To: | Bruce Dressel | |
From: | Dan Clarkson/Luke Hillier | |
Re: | 2011 Compensation Plan Details |
Bruce:
Below are the details for your 2011 Executive Compensation Plan. This plan will be retroactive to January 1, 2011. All executives will be required to sign a new NDA prior to this plan taking effect.
Annual Base Salary
$12,474.78 paid bi-weekly, annualizes to $324,344.30
$12,474.78 paid bi-weekly, annualizes to $324,344.30
Annual Bonus Opportunity
$246,993
$246,993
Bonuses will be paid as a combination of quarterly achievement bonuses and a year-end EBITDA bonus.
| • | Quarterly Bonus Goal: $73,000 — $l8,250/quarter | ||
| • | Year-End EBITDA Bonus Goal: $173,993 (at 100% EBITDA) |
Please note, there will be no cap to the EBITDA portion of this bonus plan. Should the company surpass its EBITDA goal, bonus payout will multiply by the same percentage at which this goal is exceeded. (i.e., if company EBITDA exceeds plan by 20%, the EBITDA bonus target will be 120% of stated bonus goal)
Total Target Earnings (annualized) | ||||
Quarterly Bonus | $ | 73,000.00 | ||
EBITDA Bonus | $ | 173,993.00 | ||
Base Salary | $ | 324,344.30 | ||
TOTAL | $ | 571,337.30 | ||
Please note — this plan provides an annualized target for earnings and is not guaranteed. Compensation plans are subject to change at the sole discretion of the company. Please be advised that business needs may require occasional shifts in territories and personnel. All commission payments will be disbursed under the terms of the ADS Commission Policy, located on the Company Intranet. This document in no way implies a contract for continued employment. Employment is At-Will.
Compensation information is private and confidential and for your sole use. Any employee found to be sharing compensation information may be subject to disciplinary action up to and including termination.
You must be employed at the time of payment in order to be eligible for any bonus payments.
/s/ Bruce Dressel | 3/4/2011 | /s/ Like Hillier | 3/4/11 | |||
Bruce Dressel | date | Like Hillier | date | |||
