|3 ||Eligibility || |
To be an eligible participant in the Plan, the individual must be employed by Buzztime on or before October 1, 2020, on active, full-time, paid status and not be a participant in any other Buzztime incentive compensation program and must serve as Buzztime’s Chief Executive Officer, Chief Financial Officer, SVP of Finance (as Chief Accounting Officer) or in another executive-level position as determined by the Committee. (All eligible employees are referred to in this Plan as “Participant(s)”). Only Participants may earn incentive compensation under this Plan.
Additionally, Participants must confirm they have read, understood, and agree to abide by the term and conditions in their respective Personal Incentive Memo and this Plan.
Any newly hired employee who becomes eligible to participate in the Plan during the Plan Period may be eligible to receive a prorated incentive amount.
Except as set forth in any agreement or arrangement between the Company and a Participant, this Plan supersedes any previous contractual agreements or prior incentive plans.
|4 ||Plan Design || |
(1) Prerequisites to Earning Incentive Compensation
To earn incentive compensation under this Plan, subject to Section 6 (Prorated Participation), the following criteria must be satisfied: (a) The Plan must be funded, based on the achievement of the Corporate Goals during the Plan Period, as outlined below; and (b) the Participant must be employed by Buzztime on the Payout Date.
(2) Corporate Goals
The Corporate Goals for the Plan Period are as set forth in each Participant’s Personal Incentive Memo.
If the Corporate Goals are exceeded, the Committee, at its sole discretion, may choose to pay out a larger pool amount.
(3) Target Payout
Each Participant will have a Target Payout, assigned by his/her position and job level, and will be paid, at the discretion and in the sole determination of the Committee, in either (i) cash, (ii) shares of the Company’s common stock (“Shares”) issued under the NTN Buzztime, Inc. 2019 Performance Incentive Plan (as amended from time to time, the “2019 PIP”), or any successor long-term incentive plan, or (iii) any combination of (i) and (ii), and expressed as a percentage of his/her annual base salary, excluding benefits, as of the time the applicable Corporate Goal is achieved.
If a Target Payout is settled in Shares, the value of such Shares at the time of settlement shall not, when combined with any cash paid to settle such Target Payout, exceed the maximum amount of such Target Payout. The Target Payout amount will be adjusted when warranted pursuant to Sections 5 (Payout Details) and 6 (Prorated Participation).