Employment Agreement for Tom Manley as Senior Vice President, Finance and Administration and CFO (FY05)
This agreement outlines the compensation plan for Tom Manley, who will serve as Senior Vice President, Finance and Administration, and Chief Financial Officer at Cognos for the fiscal year from March 1, 2004, to February 28, 2005. It specifies his annual base salary, incentive targets, and the method for converting compensation to Canadian dollars. The incentive award depends on company performance and requires Mr. Manley to remain employed through the end of the fiscal year to be eligible for payment.
Exhibit 10.29
Tom Manley
Senior Vice President, Finance and Administration and Chief Financial Officer
FY05 Compensation Plan
Effective Date: March 1, 2004 to February 28, 2005
Compensation Elements (All In US $)
| Annual Base Salary | $300,000 | ||||
| Annual Incentive @ 100% | $200,000 | ||||
| Annual Total Target Income @ 100% | $500,000 |
General Terms
This package contains the details of your compensation plan for FY05. All compensation amounts are in US dollars
| 1) | The Human Resources Committee of the Cognos Board of Directors approved these terms on April 7, 2004. |
| 2) | Your actual FY05 incentive award will be determined by multiplying your annual incentive amount by the final FY05 approved corporate factor as determined by the Share in Success (SIS) company performance results. A copy of the FY05 approved SIS executive grid is attached. |
| 3) | For payroll purposes your approved annual base salary will be converted to Canadian dollars using the month-end foreign exchange rate for February 2004. This rate is US $1 = CDN $ 1.3401. Therefore, your payroll rate will be CDN $402,030 for FY05. |
| 4) | Your FY05 incentive award will be calculated in US dollars and, for payment purposes, converted to Canadian dollars using the same standard foreign exchange rate used for your annual base salary conversion. |
| 5) | To be eligible to receive an FY05 incentive award you must remain employed by the company on February 28, 2005. |
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FY05 Executive Incentive Grid (Share in Success Plan)
The grid is designed to reward achievement of plan on both metrics (Pre-tax Profitability and Revenue), and to discourage the achievement of one metric at the expense of the other. If threshold performance is not achieved on either metric, the payout is nil. There is a cap of 400% on the overall level of payout.
PAYOUT AS PERCENTAGE OF TARGET INCENTIVEEXECUTIVE INCENTIVE GRID (DESCRIBED ABOVE) INTENTIONALLY DELETED
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