2004 Executive Compensation Plan Agreement between ServiceWare Technologies and Kent Heyman

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement outlines the 2004 executive compensation plan for Kent Heyman, CEO of ServiceWare Technologies. It specifies a base salary of $225,000, an annual target bonus of $125,000 based on company EBITDA performance, and a grant of 800,000 stock options with a three-year vesting schedule. The plan also references an existing severance agreement and requires Mr. Heyman to sign a confidentiality, non-competition, and assignment of inventions agreement as a condition for receiving these benefits.

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EX-10.21 8 j0500301exv10w21.txt 2004 EXECUTIVE COMP. PLAN - KENT HEYMAN EXHIBIT 10.21 [SERVICEWARE TECHNOLOGIES LOGO] 2004 Executive Compensation Plan Kent Heyman CEO Components of Compensation: Base Salary Executive Bonus Incentive paid annually Stock Options Severance Agreement 2004 Plan Base Salary: $ 225,000 Target Executive Incentive: $ 125,000 --------- Total Cash Compensation $ 350,000 Current Equity (stock options you hold now) 1,300,000 Stock Options to be Granted in 2004*: 800,000 *Special vesting schedule 25% after 1 year, 50% after 2 years, 25% after 3 years 2004 Executive Cash Incentive Model: Paid annually Key Metric: EBIDTA Minimum threshold to begin earning incentive $700,000 Bonus caps at 150% of your target incentive at $3,000,000 EBIDTA. You will earn 8.152% of every dollar EBIDTA between $700,000 and capping at $3,000,000. Your cash incentive caps at 150% of your target executive incentive stated above. Stock Options: As part of your long term compensation for ServiceWare, you will receive a new grant of 800,000 options of ServiceWare stock that will vest over three years. Severance Agreement Your severance agreement will remain as stated in your employment agreement. In consideration for the foregoing severance agreement and incentive plan, and as a condition precedent to the granting thereof, you must sign a current ServiceWare Technologies, Inc. Confidentiality, Non-Competition and Assignment of Inventions Agreement, in the form attached hereto, and have it in our files. Please sign and return this agreement to Human Resources. Signature: _________________________________________________