Dell Special Retention Bonus Program Overview for Executive Leadership and Senior Management
Dell has established a $91.112 million retention bonus program for its Executive Leadership Team, Vice-Presidents, and Executive Directors. The bonus amount is based on operating free cash flow performance and can range from 0% to 100% of base salary, paid on the same date as the FY14 Incentive Bonus Plan. Employees must be employed on the payout date to receive the bonus, unless terminated without cause, in which case they receive 75% of the maximum payout. The bonus is payable even if there is a change in control of the company.
Exhibit 10.1
Special Retention Bonus Program Overview
Bonus Pool: Aggregate bonus pool equal to $91.112M
Eligibility: Executive Leadership Team, Vice-Presidents, and Executive Directors
Performance Metrics: Operating free cash flow (OFCF) tied to the FY14 Incentive Bonus Plan (IBP)
Payout: Ranges from 0 to 100% of base salary based on OFCF performance and payable on the same the date as the FY14 IBP payout
Termination without Cause: Employees will forfeit right to retention bonus if the employee is not employed on the bonus payout date unless employee is terminated by Dell without cause which results in a payout equal to 75% of maximum payout amount.
Bonus Opportunity: Executive Leadership Team equal to 100% of base salary and all other executives based on increments of 25%, 50%, 75% or 100% of base salary
Change in Control: Retention bonus will be payable regardless of whether a change in control takes place or Dell remain a publicly traded company.
