Employment Letter for Chief Sales Officer Position between Online Resources and Eric Labiak dated May 1, 2011
This letter confirms Eric Labiak's promotion to Chief Sales Officer at Online Resources, effective May 1, 2011. Eric will receive a new annual salary of $225,000, with eligibility for a bonus plan starting July 1, 2011, targeting a 50% payout based on sales and company performance metrics. He will also participate in the company's Long Term Incentive Program with a pro-rated grant. As a senior executive, Eric is eligible for separation benefits under the company's severance policy. The offer may require a new credit and criminal check if the role is more sensitive.
Exhibit 10.4
May 1, 2011
Eric Labiak
1348 Jacob Drive
Yardley, PA 19067
Dear Eric,
Congratulations on your promotion to the position of Chief Sales Officer for the Sales organization, reporting to Joe Cowan, President and Chief Executive Officer, effective May 1, 2011. The promotion details are described below.
Your new salary will be $225,000.00 per annum, paid semi-monthly at $9,375.00, less applicable deductions.
You will continue to earn commission on your current plan through the end of June. Starting July 1, 2011, you will be eligible to participate in the company’s bonus plan. Your targeted payout for your level is 50% of salary for an annual total target bonus of $112,500. Bonus achievement will be determined as follows:
| 1. | $84,375 of the targeted amount (75%) is based on achievement of sales metrics. |
| 2. | $28,125 of the target amount (25%) is based on achievement of company performance metrics. |
Further details regarding the sales and company performance metrics will be provided in a separate document. The actual bonus payout will depend on achievement of these metrics and will be pro-rated based on time in position.
Your participation in Online Resources’ Long Term Incentive (LTI) Program for 2011 will be a grant value of $132,917 (75% of your new base salary, pro-rated based on time in position at this level). Additional details will be outlined in plan documents and communicated at the time of the grant
As a valued member of the senior management team, you will be considered a “Named A Level Executive” for eligibility and determination of separation benefits as defined in our Company’s Severance Pay Policy, dated May 6, 2009.
As a condition of this change, completion of a new credit and criminal check may be required if you are moving into a more sensitive area.
Again, congratulations! If I can be of further assistance to you as you settle in to your new position, please let me know.
| WWW.ORCC.COM | 4795 Meadow Wood Lane, Suite 300, Chantilly, VA 20151 P: 703 ###-###-#### F: 703 ###-###-#### |
Sincerely,
Sheri Mullin
Vice President, Human Resources & Training
| Accepted by: | | Date: | 8/1/11 |
