DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
EX-10.2 3 c48390exv10w2.htm EX-10.2 EX-10.2
Exhibit 10.2
SENIOR MANAGEMENT BONUS PLAN
Effective January 1, 2009
The Senior Management Bonus Plan (the Plan) provides bonuses to certain members of the Companys senior management team. Such bonuses are based 50 percent upon the Companys annual gross revenues and 50 percent upon the Companys EBITDA123R / (loss), which is calculated based upon the Companys accounting practices, consistently applied and upon GAAP standards applicable to the Company.
The Companys Compensation Committee will identify eligible members of senior management and establish gross revenue and EBITDA goals for the upcoming plan year on an annual basis. The Companys Board of Directors and the Compensation Committee of the Board reserve the right to modify, terminate or suspend this plan at any time in the Board or Committees sole discretion.
Percentage of | |||||
Annual Gross | |||||
Revenue and | |||||
Percentage of Goal Annual | EBITDA123R/ | ||||
Gross Revenue and | (Loss) portion of | ||||
EBITDA123R / (Loss) | Target Bonus | ||||
Less than 75% | 0 | % | |||
75% to < 85% | 20 | % | |||
85% to < 100% | 50 | % | |||
100% to < 110% | 100 | % | |||
110% to < 120% | 110 | % | |||
120% to < 130% | 120 | % | |||
130% to < 140% | 130 | % | |||
140% to < 150% | 140 | % | |||
150% to < 160% | 150 | % | |||
160% to < 170% | 160 | % | |||
170% to < 180% | 170 | % | |||
180% to < 190% | 180 | % | |||
190% to < 200% | 190 | % | |||
Over 200% | 200 | % |