Description of Fiscal 2006 Incentive Bonus Plan for Employees and Executive Officers
This agreement outlines the Fiscal 2006 Incentive Bonus Plan for certain employees and executive officers of the company. Under the plan, participants may receive restricted stock units if specific financial goals set by the Board of Directors are met. The awards can be worth up to 70% of an individual's base salary and typically vest over one year, with the possibility of faster vesting if further financial milestones are achieved. The total value of awards for executive officers is capped at approximately $870,000.
EXHIBIT 10.24
Description of Fiscal 2006 Incentive Bonus Plan
Pursuant to the Fiscal 2006 Incentive Bonus Plan, certain employees and executive officers of the Company would be granted restricted stock units based upon the achievement of certain financial milestones approved by the Board of Directors. The amount of restricted stock units awarded would constitute up to 70% of the base salary of the employee or executive officer. The restricted stock unit awards would have a one year vesting period, which would be accelerated upon the achievement of additional financial milestones approved by the Board of Directors. The aggregate value of the restricted stock units that may be granted to executive officers pursuant to the Fiscal 2006 Incentive Bonus Plan is approximately $870,000.
