Executive Incentive Metrics Agreement between Tier Technologies, Inc. and CEO/CFO (FY Ending September 30, 2005)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Tier Technologies, Inc. has set incentive compensation plans for its Chief Executive Officer, James Weaver, and Senior Vice President and Chief Financial Officer, David Fountain, for the fiscal year ending September 30, 2005. Mr. Weaver can earn a bonus of up to 110% of his base salary based on performance in recruitment, compliance, income growth, and leadership. Mr. Fountain can earn up to 50% of his base salary, with the bonus tied to the company's financial performance. Bonuses are determined after the fiscal year ends by the Compensation Committee.

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EX-10.2 2 dex102.htm EXECUTIVE INCENTIVE METRICS Executive Incentive Metrics

Exhibit 10.2

 

Tier Technologies, Inc.

Executive Incentive Metrics for

CHIEF EXECUTIVE OFFICER

AND

SR. VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

For the Fiscal Year Ending September 30, 2005

(Approved by the Compensation Committee of the Board of Directors May 3, 2005)

 

On May 3, 2005, the Compensation Committee of the Board of Directors of Tier Technologies, Inc. (“Tier”), approved the participation of Mr. James Weaver, Chief Executive Officer, and Mr. David Fountain, Senior Vice President and Chief Financial Officer, in the Incentive Compensation Plan as described below:

 

James Weaver, Chief Executive Officer

 

Under the Incentive Compensation Plan, Mr. Weaver will be eligible for an annual bonus ranging from 0% to 110% of his annual base compensation ($0 to $605,000). The actual amount, if any, of Mr. Weaver’s bonus will be determined by the Committee after the close of fiscal year 2005 based on the Committee’s determination of Mr. Weaver’s performance in four specified areas (weighted as indicated): (1) successfully recruiting key personnel in the financial control area (30%); (2) satisfactorily addressing financial and accounting compliance issues (30%); (3) Tier’s attainment of specified organic net income growth targets (30%); and (4) providing strategic leadership for the Company (10%).

 

David Fountain, Senior Vice President and Chief Financial Officer

 

Under the Incentive Compensation Plan, Mr. Fountain will be eligible for an annual bonus ranging from 0% to 50% of his annual base compensation ($0 to $162,500). The level of the bonus payout is dependent upon Tier’s attainment of revenue, earnings per share, average share price and operating income figures.