Advent Software 2009 Executive Short-Term Incentive Plan Summary
Advent Software has established a 2009 Executive Short-Term Incentive Plan for its executive management team, including the Chief Executive and Financial Officer. The plan sets out cash bonus targets for each executive, ranging from $97,000 to $275,000, based on achieving specific annual contract value, revenue, and income from operations goals, as well as individual performance. The plan covers the 2009 fiscal year, with any earned bonuses paid in early 2010. The company may choose to renew the plan for future years.
Exhibit 10.1
Summary of Plan Terms for 2009 Executive Short-Term Incentive Plan
The Advent Software 2009 Executive Short-Term Incentive Plan (the “Plan”) is designed to motivate and reward the Executive Team for short-term achievement of annual contract value, revenue and income from operations milestones during the 2009 fiscal year. A summary of the terms follows:
· The Plan is applicable to the Chief Executive and Financial Officer and executive-level members of Advent’s Executive Management Team (the “Executives”)
· The individual plans establish various target amounts, performance measures and goals of the cash bonuses awarded under the Plan for each Executive.
· Current target amounts range from a total per individual of $97,000 to $275,000.
· Plan targets are based on annual contract value, recognized revenue, income from operations (excluding stock-based compensation, amortization and restructuring expenses) and individual executive performance relative to goals.
· The Plan is an annual plan and is effective for fiscal year 2009. Any bonuses earned will be paid in the first quarter of 2010.
· The Plan may be renewed at the election of the Company for future periods.
