Altairnano 2007 Annual Executive Incentive Bonus Plan
Contract Categories:
Human Resources
›
Bonus & Incentive Agreements
Summary
This agreement outlines Altairnano's 2007 incentive bonus plan for its management team and executives. The plan sets company performance targets based on year-end cash and total revenue, with different bonus structures for two groups of employees. Employees at levels 2 to 8 receive bonuses based on both company and individual performance, while those at levels 9 to 13, including executives, are rewarded solely on company performance. Bonus payouts are calculated as a percentage of salary and depend on how well performance targets are met.
EX-10.20 22 altair_10k-ex1020.htm 2007 ANNUAL EXEC. INCENTIVE BONUS PLAN 2007 Annual Exec. Incentive Bonus Plan
Company Performance Incentive Bonus Payout = .75 X 115 + .25 X 121 = 116.5%
Exhibit 10.20
 | ||
| Confidential Memorandum | innovation at work |
Confidential treatment has been requested for portions of this Exhibit. The copy filed herewith omits the information subject to the confidentiality request.
Omissions are designated by ***. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.
| Date: | March 9, 2007 |
| To: | Altairnano Management Team |
| From: | Alan J. Gotcher |
| Subject: | Altairnano 2007 Incentive Plan |
The Board has approved the Altairnano 2007 Company Incentive Plan, which defines two groups of employees; the company performance targets and plan pay out against performance:
| · | The Company Performance target is comprised of two financial components: | |||
| § | Cash at Year End: | $*** | 75% weight | |
| § | Total Revenue: | $*** | 2% weight | |
| · | There are two groups of employees in the plan. Each group has its own incentive targets: | |||
| § | Employees at Levels 2 to 8 have 50% of Incentive Bonus based on Company Performance and 50% on Individual Performance; the Incentive Multiplier is capped at 150% for Company Performance and 110% for Individual Performance. | |||
| § | Employees at Levels 9 to 13 (including executive officers) have 100% of Incentive Bonus based on Company Performance; the Incentive Multiplier is capped at 150% of Company Performance. | |||
| · | Incentive Plan payout is based on performance versus variable Incentive Multiplier payout: | |||
Confidential Information
March 9, 2007
Page 2
Example 1. Company Performance is near Plan
| Criteria | Objective | Actual | % Performance | % Payout |
| Cash at Year End | $*** | $*** | 104% | 128% |
| Revenue | $*** | $*** | 100% | 120% |
Company Performance Incentive Bonus Payout = .75 x 104 + .25 x 100 = 103%
Payout = 126%
An employee at Level 2-8 with 100% Individual Performance would receive:
50% Incentive Bonus = Company Performance = 126% X .5 = 63% of target bonus
50% Incentive Bonus = Individual Performance = 100% X .5 = 50% of target bonus
If Target Bonus is 15%, then Total Bonus = 17% of salary
An employee at Level 9-13 would earn 126% of their Target Bonus
Example 2. Company Performance is above Plan
| Criteria | Objective | Actual | % Performance | % Payout |
| Cash at Year End | $*** | $*** | 115% | 150% |
| Revenue | $*** | $*** | 121% | 162% |
Company Performance Incentive Bonus Payout = .75 X 115 + .25 X 121 = 116.5%
Payout = 153%
Confidential Information
March 9, 2007
Page 3
An employee at Level 2-8 with 100% Individual Performance would receive:
50% Incentive Bonus = Company Performance = 153% X .5 = 76.5% of target bonus
50% Incentive Bonus = Individual Performance = 100% X .5 = 50% of target bonus
If Target Bonus is 15%, the Total Bonus = 19% of salary
An employee at Level 9-13 would earn 153% of their Target Bonus
Altairnano Senior Executive 2007 Incentive Plan Targets
| Altairnano Executive | |
| Target Bonus | |
| Steve Balogh Ed Dickinson Alan Gotcher Bruce Sabacky | $114,000.00 $114,000.00 $288,000.00 $114,000.00 |
Confidential Information
