Senior Management Incentive Plan for CEO and President

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines an incentive plan for the Chief Executive Officer and President, increasing their annual salaries to $250,000 as of January 1, 2001. It provides for annual cash bonuses and stock option grants based on meeting or exceeding specific financial performance goals. The amount of bonus and number of options increase with higher performance levels. All payments and grants are subject to approval by the Compensation Committee after confirming the performance targets are met.

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EX-10.8 4 d04350exv10w8.txt EX-10.8 SENIOR MANAGEMENT INCENTIVE PLAN EXHIBIT 10.8 SENIOR MANAGEMENT INCENTIVE PLAN The incentive compensation program outlined in this summary is designed to reward exceptional performance. The components of the program involve salary, cash bonus and option grants. The participants are the Chief Executive Officer and the President. 1. SALARY Annual salary for each participant shall be increased to $250,000, effective as of January 1, 2001. 2. PERFORMANCE INCENTIVE SCHEME Annual incentive bonuses and option grants will be determined as set forth below:
Incentive Compensation ---------------------- Performance Goal Bonus Options ---------------- ----- ------- Meet Wall Street Guidance $100,000 0 Meet USAi Budget $150,000 25,000 Exceed USAi Budget by 10% $200,000 50,000 Exceed USAi Budget by 20% $300,000 75,000 Exceed USAi Budget by 30% $400,000 100,000 Exceed USAi Budget by 40% $500,000 150,000
Payment of bonus and grant of options shall be subject to approval by the Compensation Committee of the Board of Directors, upon confirmation of the satisfaction of the applicable Performance Goal.