Jupitermedia Corporation 2008 Cash Bonus Plan Agreement with Christopher Cardell
Jupitermedia Corporation and its Compensation Committee entered into a 2008 Cash Bonus Plan Agreement with Christopher Cardell, Chairman and COO. The agreement outlines Cardell's eligibility for an annual incentive bonus of up to $247,800, based on achieving specific revenue, EBITDA, and management objectives during 2008. Bonus amounts are tied to performance targets, with detailed schedules for payout levels. The incentive is subject to Compensation Committee approval after year-end and excludes acquisitions made in 2008.
Exhibit 10.9
Jupitermedia Corporation
Compensation Plan
For the Period from January 1 - December 31, 2008
| From: | Compensation Committee: | |
| Michael J. Davies | ||
| Gilbert Bach | ||
| John Patrick | ||
| William Shutzer | ||
| To: | Christopher Cardell | |
| Date: | March 7, 2008 | |
| Name: | Christopher Cardell | Base Salary (As of March 1, 2008) | $ | 354,000 | |||
| Title: | Chairman and COO | Maximum Annual Incentive | $ | 247,800 | |||
| (70% of Base) | |||||||
Annual Incentive Compensation:
Annual incentive compensation will be earned based on the following three objectives
| • | Achievement of Revenue Target - Maximum Incentive = $82,600 (See schedule A) |
| • | Achievement of EBITDA Target - Maximum Incentive = $82,600 (See schedule B) |
| • | Achievement of management objectives as described below - Maximum Incentive - $82,600 |
Total Maximum Incentive = $247,800
| Revenue Target 2008 (See Schedule A) | $ | 150,044,414 | ||||||||
| Amount Available For Annual Incentive | $ | 82,600 | ||||||||
| Percent of Target | Bonus % Earned | Bonus Amount Earned | ||||||||
| 115% | 100 | % | $ | 82,600 | (Maximum) | |||||
| 110% | 80 | % | 66,080 | |||||||
| 105% | 60 | % | 49,560 | |||||||
| 100% | 40 | % | 33,040 | |||||||
| 95% | 20 | % | 16,520 | |||||||
| 90% | 0 | % | — | |||||||
| EBITDA Target 2008 (See Schedule B) | $ | 31,960,867 | ||||||||
| Amount Available For Annual Incentive | $ | 82,600 | ||||||||
| Percent of Target | Bonus % Earned | Bonus Amount Earned | ||||||||
| 115% | 100 | % | $ | 82,600 | (Maximum) | |||||
| 110% | 80 | % | 66,080 | |||||||
| 105% | 60 | % | 49,560 | |||||||
| 100% | 40 | % | 33,040 | |||||||
| 95% | 20 | % | 16,520 | |||||||
| 90% | 0 | % | — | |||||||
| • | Achievement of restructuring both divisions so that they are more efficient and can perform better than in the previous year. Such restructuring includes reorganization of management staffing, improvement of workflow and acquisitions. |
| • | Achievement of conversion of financial reporting systems to Oracle Financials, launch of Jupiterimages Web site/software re-architecture and JupiterDigital.com. |
| • | Achievement of other management objectives based on the discretion of the Compensation Committee. |
| • | Elimination of the three significant accounting deficiencies by December 31, 2008 |
| Amount Available For Annual Incentive | $ | 82,600 | |||
| • | Annual Incentive is payable upon Compensation Committee approval after year end. |
| • | Annual Incentive excludes any acquisitions made in 2008 |
| ACCEPTED AND AGREED UPON BY THE UNDERSIGNED: |
|
|
| Signature |
| Christopher Cardell |
| President and COO |
