Addendum 1 to FY-2011 Executive Bonus Plan: Amendment to Corporate Performance Goals
This addendum amends the corporate performance goals in the company's Executive Bonus Plan for Fiscal Year 2011, following approval by the Board of Directors. It sets new targets for net bookings, revenue, ASF retention, EBITDA, and net cash use, which determine bonus payouts. All other terms of the original bonus plan remain unchanged. Employees are required to acknowledge and agree to these revised performance goals for the fiscal year.
Exhibit 10.11
[***] Indicates that information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.
ADDENDUM 1: Amendment to Corporate Performance Goals
9/27/2010
On August 11, 2010, the Board of Directors approved the Client Services Investment Package. As a result, the Board also amended the Corporate Performance Goals of the original FY-2011 Bonus Plan, as permitted by the Plan. All other plan elements and terms of the Plan remain as previously defined.
The amended goals for the FY-2011 Corporate Performance Component are as follows:
| Plan Targets | Actual Performance | Bonus % | ||||
| Net Bookings | Less than 90% | 0 | ||||
| 90% | $ [***] | 90% | 65% | |||
| 100% | $ [***] | 91% | 68% | |||
| 110% | $ [***] | 92% | 71% | |||
| Revenue | 93% | 74% | ||||
| 90% | $ 58,742,100 | 94% | 77% | |||
| 100% | $ 65,269,000 | 95% | 80% | |||
| 110% | $ 71,795,900 | 96% | 84% | |||
| ASF Retention | 97% | 88% | ||||
| 90% | 79.0% | 98% | 92% | |||
| 100% | 87.8% | 99% | 96% | |||
| 110% | 96.6% | 100% | 100% | |||
| EBITDA | 101% | 105% | ||||
| 90% | ($12,109,900) | 102% | 110% | |||
| 100% | ($11,009,000) | 103% | 115% | |||
| 110% | ($ 9,908,100) | 104% | 120% | |||
| Net Cash Use | 105% | 125% | ||||
| 90% | ($12,095,600) | 106% | 130% | |||
| 100% | ($10,996,000) | 107% | 135% | |||
| 110% | ($ 9,896,400) | 108% | 140% | |||
| 109% | 145% | |||||
| 110% | 150% | |||||
I have read, understood, and agree to the provisions of this Addendum to the Company’s Executive Bonus Plan for Fiscal Year 2011.
| EMPLOYEE: | ||||
| Name: | ||||
| Printed Name: | ||||
| Date: | ||||
