Onvia 2015 Management Incentive Plan for Executives
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Bonus & Incentive Agreements
Summary
This agreement outlines the 2015 Management Incentive Plan for Onvia executives, including Cameron Way and Naveen Rajkumar. The plan ties executive bonuses to company performance based on Bookings and EBITDA metrics. Bonuses are only paid if both minimum thresholds are met, with payouts increasing as performance improves. If targets are exceeded, a portion of excess EBITDA is allocated to a bonus pool, with allocations recommended by the CEO. The plan is designed to align management rewards with shareholder interests and company growth.
EX-10.12 3 exh_1012.htm EXHIBIT 10.12 exh_1012.htm
Exhibit 10.12
ONVIA 2015 MANAGEMENT INCENTIVE PLAN
Objectives
1. Align executive compensation with shareholder interests
2. Reward management for building shareholder value
Participants
Cameron Way
Naveen Rajkumar
Senior Vice President of Product
Structure of Plan
1. Two metrics for plan: Bookings and EBITDA
2. Floor Bookings and Floor EBITDA must both be achieved in order to activate the plan
3. There are two levels of achievement (Between the Floor and the Target and above the Target)
4. The two metrics are weighted as follows: Bookings (67%) and EBITDA (33%)
Plan Specifics
1. If either Bookings or EBITDA falls below floor, no bonus is paid.
2. If both Bookings and EBITDA floors are met, 25% of the Target Bonus is earned.
3. If performance of each metric falls between the Floor and the Target, the Bonus is prorated between 25 and 100% based upon the weighting for each metric.
4. The Over Target Bonus is indicated below.
Over 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.
