Local Corporation Retention Program Description as of January 16, 2013
Local Corporation established a Retention Program on January 16, 2013, offering a retention bonus to all employees, including named executive officers, who remain with the company through January 2, 2014. The bonus amount is based on each employee's semi-annual bonus target as of the program's start date. Certain executive officers will receive their bonuses as equity grants under the company's 2011 Omnibus Incentive Plan. The program aims to encourage employees to continue their service with the company during the specified period.
Exhibit 10.2
DESCRIPTION OF THE MATERIAL TERMS OF
LOCAL CORPORATION RETENTION PROGRAM
AS OF JANUARY 16, 2013
The Local Corporation Retention Program (the “Retention Program”) provides for the payment of a retention bonus to all employees of Local Corporation (the “Company”) and its subsidiaries as of January 16, 2013, including the Company’s currently employed named executive officers (the “NEOs,” as named in the Company’s most recently filed Form 10-K). On January 16, 2013, the Compensation Committee of the Company’s Board of Directors (the “Board”) established the Retention Program to reward employees who continue in service to the Company through January 2, 2014. The Retention Program provides employees with a bonus equal to their threshold semi-annual bonus target as of January 16, 2013.
The Company’s Named Executive Officers will be eligible to receive a bonus equal to the amounts set forth in the following table:
| Name and Title | Retention Bonus Potential | |||
| Heath B. Clarke, Chief Executive Officer | $ | 177,847 | ||
| Michael A. Sawtell, President and Chief Operating Officer | $ | 91,391 | ||
| Kenneth S. Cragun, Chief Financial Officer and Secretary | $ | 65,528 | ||
| Erick Herring, Sr. Vice President, Technology | $ | 58,427 | (1) | |
| Peter S. Hutto, Sr. Vice President Corporate Development | $ | 50,000 | (1) | |
| (1) | Amounts to be paid via an equity grant under the Company’s 2011 Omnibus Incentive Plan, as amended. |
