Exhibit 10.20 Confidential Memorandum innovation at work Confidential treatment has been requested for portions of this Exhibit. The copyfiled 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.
Contract Categories:
Human Resources
- Confidentiality Agreements
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
