2014 Executive Bonus Plan for CEO and CFO
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Summary
This agreement outlines the 2014 bonus plan for the company's CEO and CFO. It specifies that each executive is eligible for a bonus equal to 20% of their base salary, with the CEO eligible for up to $30,000 and the CFO up to $23,000. Bonuses are based on achieving specific financial and operational targets, including EBITDA, debt service, debt refinancing, yield or financial reporting, compliance, and net income milestones. The plan details the percentage and dollar amounts tied to each performance metric, with certain deadlines and compliance requirements.
EX-10.85 8 a1085-2014bonusplanforceoa.htm EXHIBIT 10.85 - 2014 Bonus Plan for CEO and CFO
CEO Executive Bonus | |||
base salary | $150,000 | ||
bonus potential | 20 | % | |
$30,000 | |||
1. EBITDA | 3% | ||
Budgeted | 1% | $1,500 | |
plus 10% | 1% | $1,500 | |
plus 20% | 1% | $1,500 | |
2. Debt Service | 3% | ||
Budget plus 5% | 1% | $1,500 | |
plus 10% | 1% | $1,500 | |
plus 15% | 1% | $1,500 | |
3. Debt refinance | 2% | ||
by 3-15-2014 | $3,000 | ||
4. Yield | 1% | ||
Ethanol 2.88 | 0.5% | $750 | |
2.9 | 0.5% | $750 | |
5. Compliance | 1% | $1,500 | |
no violations | |||
6. Income | 10% | ||
Criteria | |||
Net Income Portion | Profitability | ||
Net Income (Book) | Percent | ||
$3.0 - $3.5 MM | 1% | $1,500 | |
$3.5 - $4.0 MM | 1% | $1,500 | |
$4.0 - $4.5 MM | 1% | $1,500 | |
$4.5 - $5.0 MM | 1% | $1,500 | |
$5.0 - $5.5 MM | 1% | $1,500 | |
$5.5 - $6.0 MM | 1% | $1,500 | |
$6.0 - $6.5 MM | 1% | $1,500 | |
$6.5 - $7.0 MM | 1% | $1,500 | |
$7.0 - $7.5 MM | 1% | $1,500 | |
$7.5 - $8.0 MM | 1% | $1,500 | |
TOTAL | $30,000 | ||
CFO Executive Bonus | |||
base salary | $115,000 | ||
bonus potential | 20 | % | |
$23,000 | |||
1. EBITDA | 3% | ||
Budgeted | 1% | $1,150 | |
plus 10% | 1% | $1,150 | |
plus 20% | 1% | $1,150 | |
2. Debt Service | 3% | ||
Budget plus 5% | 1% | $1,150 | |
plus 10% | 1% | $1,150 | |
plus 15% | 1% | $1,150 | |
3. Debt refinance | 2% | ||
by 3-15-2014 | $2,300 | ||
4. Financial Reports | 1% | $1,150 | |
5. Audit/SEC Compliance | 1% | $1,150 | |
6. Income | 10% | ||
Criteria | |||
Net Income Portion | Profitability | ||
Net Income (Book) | Percent | ||
$3.0 - $3.5 MM | 1% | $1,150 | |
$3.5 - $4.0 MM | 1% | $1,150 | |
$4.0 - $4.5 MM | 1% | $1,150 | |
$4.5 - $5.0 MM | 1% | $1,150 | |
$5.0 - $5.5 MM | 1% | $1,150 | |
$5.5 - $6.0 MM | 1% | $1,150 | |
$6.0 - $6.5 MM | 1% | $1,150 | |
$6.5 - $7.0 MM | 1% | $1,150 | |
$7.0 - $7.5 MM | 1% | $1,150 | |
$7.5 - $8.0 MM | 1% | $1,150 | |
TOTAL | $23,000 | ||
