Schedule A-11 to Third Amended and Restated Executive Employment Agreement (CFO Compensation Terms)
This document is an addendum to an executive employment agreement between the company, its parent, and the Chief Financial Officer (CFO). Effective April 1, 2022, it outlines the CFO's position, annual base salary of $450,000, and eligibility for a performance-based bonus of $160,000, based on specific financial targets. The bonus is subject to company performance and employment status at year-end. The CFO is also entitled to standard company benefits and reimbursement for work-related expenses. The agreement is signed by both the company and the executive.
Exhibit 10.2
Schedule A-11
This Schedule A-11 dated March 9, 2022, is issued pursuant to the Third Amended and Restated Executive Employment Agreement by and among Company, Parent and Executive, dated March 20, 2019 (the Agreement), and shall be incorporated therein and governed by the terms and conditions of such Agreement. This Schedule A-11 is effective April 1, 2022, and is intended to replace any previously issued Schedule A.
1. Position: Chief Financial Officer. Executive shall report in such capacity to Companys Chief Executive Officer.
2. Base Salary: $450,000 per year.
3. Bonus: Executive will be entitled to an annual performance-based cash bonus of $160,000, for the achievement of certain financial and operational targets. These targets, and the bonus dollars tied to such targets, will be determined and communicated to you by the Chief Executive Officer on an annual basis. For the 2022 calendar year, your bonus will be based on the following performance measures:
a. | MHH Consolidated Revenue; |
b. | MHH Non-GAAP Diluted Earnings Per Share; and |
c. | MHH Consolidated Gross Profit Dollars. |
The target amount for each measure for the 2022 calendar year is set forth on Appendix 1 to this schedule. Should Company fail to achieve the target amount for the above performance measures, Executives annual performance-based bonus, if any, shall be based upon Companys evaluation of the percentage of the target amount achieved during the year. Conversely, should Companys performance exceed the target amount for the above performance measures, Executives annual performance-based bonus may exceed the bonus amount stated above, based upon Companys evaluation of the percentage of the over-achievement of such target amount(s). All bonuses will be paid by March 15, 2023, following the completion of Companys year-end audit. If Executive leaves Company voluntarily, or is terminated with Cause, before December 31, 2022, Executive will not be eligible for a bonus. If Executive is terminated by Company during 2022 without Cause, Executives bonus calculation will be based on Companys annual results (calculated as though Executive were still an employee) and a prorated bonus will be paid considering the days in 2022 in which Executive was employed by Company divided by 365.
4. Benefits: Executive is eligible for standard company benefits in the same manner as other executives of Company.
5. Expenses: Company will reimburse all properly documented expenses reasonably related to Executives performance of Executives duties hereunder.
BY: | /s/ Vivek Gupta 3/9/22 | BY: | /s/ John J. Cronin, Jr. 3/9/22 | |||||
Company / Date | Executive / Date |