FreeMarkets, Inc. 2002 Bonus Plan for Non-Sales Employees
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Summary
FreeMarkets, Inc. established a 2002 bonus plan for its non-sales employees, including executive officers. Under this plan, a bonus pool may be distributed if the company meets certain revenue and operating earnings goals, as determined by the Compensation Committee. However, bonuses are not guaranteed, and the Committee has full discretion to adjust payouts based on company and individual performance, as well as broader industry and economic factors, regardless of whether targets are met.
EX-10.13 7 j9926001exv10w13.txt 2002 BONUS PLAN Exhibit 10.13 SUMMARY OF 2002 BONUS PLAN In April 2002, the Compensation Committee of the Board of Directors of FreeMarkets, Inc. (the "Compensation Committee") adopted a bonus plan for the Company's non-sales employees in 2002. The plan provides for the creation of a bonus pool that is available to be allocated to the Company's non-sales employees, including the Company's executive officers, if, in the judgment of the Compensation Committee, the Company achieves specific revenue and operating earnings objectives in 2002. The plan does not guarantee a bonus to any employee, even if the specific objectives are met. In addition, the Compensation Committee has discretion to modify the pay-outs having regard to Company and individual performance and general industry and economic conditions, irrespective of whether the revenue and earnings targets are satisfied or exceeded.
