2004 Executive Compensation Plan for Scott Schwartzman (COO/CFO) – ServiceWare Technologies, Inc.

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement outlines the 2004 executive compensation plan for Scott Schwartzman, COO/CFO of ServiceWare Technologies, Inc. It specifies a base salary of $195,000, a target annual cash bonus of $100,000 based on company EBITDA performance, and a grant of 500,000 stock options with a special vesting schedule over three years. The plan also requires Mr. Schwartzman to sign a confidentiality, non-competition, and assignment of inventions agreement as a condition for receiving these benefits. Severance terms remain as previously agreed in his employment contract.

Read More Arrow
EX-10.22 9 j0500301exv10w22.txt 2004 EXECUTIVE COMP. PLAN - SCOTT SCHWARTZMAN EXHIBIT 10.22 2004 Executive Compensation Plan Scott Schwartzman COO/CFO Components of Compensation: Base Salary Cash Bonus Incentive Stock Options 2004 Plan Base Salary: $ 195,000 Target Cash Incentive: $ 100,000 --------- Total Cash Compensation $ 295,000 Current Equity (stock options held) 950,000 Stock Options to be Granted in 2004*: 500,000 *Special vesting schedule 25% after 1 year, 50% after 2 years, 25% after 3 years 2004 Cash Incentive Model: Paid annually Key Metric: EBIDTA Minimum threshold to begin earning some bonus $700,000 Bonus caps at 150% of your target incentive and is earned at $3,000,000 EBIDTA. You will earn 6.522% of every dollar for total year 2004 EBIDTA beginning at $700,000 and capping at $3,000,000. Your cash incentive caps at 150% of your target cash incentive stated above. 75% of the total earned will be paid regardless. 25% of this total will be awarded based on individual performance as determined by CEO. Cash incentive will be paid in Q1 2005 to employees who were employed through the end of FY2004. Stock Options: As part of your long term compensation for ServiceWare, you will receive a new grant of 500,000 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, make a copy for yourself and return to Human Resources. Signature: ____________________________________________________