Onvia 2016 Management Incentive Plan Agreement
This agreement outlines Onvia's 2016 Management Incentive Plan for executives Hank Riner, Cameron Way, Naveen Rajkumar, Chris Woerner, Alberto Sutton, and Amber Ushka. The plan links executive bonuses to company performance, specifically bookings, EBITDA, and individual objectives. Bonuses are only paid if both bookings and EBITDA targets are met, with additional rewards for exceeding targets. The CEO recommends how any excess bonus pool is distributed, subject to Compensation Committee approval.
Exhibit 10.11
ONVIA 2016 MANAGEMENT INCENTIVE PLAN
Objectives
1. Align executive compensation with shareholder interests
2. Reward management for building shareholder value
3. Incentivize executives to drive key corporate initiatives
Participants
Hank Riner
Cameron Way
Naveen Rajkumar
Chris Woerner
Alberto Sutton
Amber Ushka
Structure of Plan
1. Three metrics for plan: Bookings, EBITDA and individual objectives for each executive that support corporate objectives
2. Target Bookings and Target EBITDA must both be achieved in order to activate the plan
3. There are two levels of achievement (At Target and Above the Target)
4. The two metrics are weighted as follows: Bookings and EBITDA (75%) and individual objectives (25%)
Plan Specifics
1. If either Bookings or EBITDA fails to hit target, no bonus is paid
2. If both Bookings and EBITDA targets are met, 75% of the Target Bonus is earned
3. If both Bookings and EBTIDA targets are met, 25% of the bonus becomes eligible based on achievement of the individual objectives
4. The Above Target Bonus is indicated below
Above Target Bonus
1. Both Target Bookings and Target EBITDA must be achieved
2. For every EBITDA dollar achieved over target, 10% will be placed in an over target bonus pool
3. CEO will recommend to the Compensation Committee the allocation of the over target bonus pool to plan participants
