Executive Officer Bonus Plan for FY 2009 (Robert A. Eberle and Peter S. Fortune)
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Summary
This agreement outlines the 2009 bonus plan for executive officers Robert A. Eberle and Peter S. Fortune. Bonuses are based on company revenue and operating income, each weighted at 50%, with an additional portion tied to management objectives. The plan allows for quarterly payments up to 100% of base salary (120% for Mr. Eberle), subject to minimum performance thresholds and board discretion. Bonuses are typically paid within 90 days after the quarter ends, with specific deadlines for each fiscal period.
EX-10.1 2 ex101.htm FORM OF EXECUTIVE OFFICER BONUS PLAN FOR 2009 WITH RESPECT TO ROBERT A. EBERLE AND PETER S. FORTUNE, AS AMENDED ex101.htm
Exhibit 10.1
Form of Executive Officer Bonus Plan – FY 2009
| Assumptions: | |
| Focus | Operating Income weighted 50%; Revenue weighted 50%; 67% of overall bonus opportunity |
| Payment | Quarterly |
| Opportunity | 100% of Base Salary; 120% in case of Mr. Eberle |
| Quarterly Minimums | 80% of revenue and operating income plan |
| Board Discretion | This bonus table is for guideline purposes only – actual amounts may vary |
| Executive | Rob Eberle and Pete Fortune |
| % Revenue | Operating Income | ||||||
| Above 80% | Above 90% | 100% | Above 100% | Above 110% | Above 120% | ||
| 80% | 20% | 25% | 35% | 45% | 55% | 65% | |
| 85% | 25% | 30% | 45% | 55% | 65% | 75% | |
| 90% | 30% | 35% | 55% | 65% | 75% | 85% | |
| 95% | 35% | 45% | 65% | 75% | 85% | 90% | |
| 100% | 40% | 55% | 75% | 85% | 90% | 95% | |
| 105% | 45% | 65% | 85% | 90% | 95% | 100% | |
| 110% | 50% | 75% | 90% | 95% | 100% | 100% | |
In addition to the above table, 33% of overall quarterly bonus opportunity will be earned based on achievement of key management objectives established at the beginning of the fiscal year.
The Board may in its discretion award bonuses on a quarterly or annual basis based on operating performance, corporate events or other circumstances which in the Compensation Committee’s discretion is warranted. Notwithstanding the foregoing, bonuses will under normal circumstances be paid within 90 days of the end of the quarter in which they are earned provided however that bonuses earned in the first or second quarters of the Company’s fiscal year will be paid no later than September 15th of the calendar year following the calendar year in which the bonuses were earned, and bonuses earned in the third and fourth quarters of the Company’s fiscal year will be paid no later than March 15th of the calendar year following the calendar year in which the bonuses were earned.
