Onvia, Inc. Management Incentive Plan for Executive Officers (Excluding Sales Executives)
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Summary
This agreement outlines the Management Incentive Plan for executive officers of Onvia, Inc., excluding sales executives. The plan rewards executives with a bonus based on the achievement of specific company performance goals set by the Board, such as bookings, net income, EBITDA, and cash flow. Bonus targets range from 22% to 80% of base salary, with potential for higher awards if performance exceeds targets. Bonuses are only paid if minimum goals are met and are subject to approval by the Compensation Committee.
EX-10.10 3 exh_1010.htm EXHIBIT 10.10 exh_1010.htm
Exhibit 10.10
Onvia, Inc. Management Incentive Plan | |
Participants | Executive Officers of Onvia, Inc., other than Sales Executives |
Objectives | · Achieve corporate performance that most reflect stockholder interests · Drive and reward unified performance across executive team · Focus on building trend for long-term, profitable growth |
Key Achievement Metrics | Achievement of Board defined goals including without limitation Bookings, Net Income, EBITDA and cash flow. |
Bonus Target | Between 22% - 80% of Base Salary for Participants |
Overachievement | If the Company’s performance against the Key Achievement Metrics exceeds the target goals established by the Board, the Board has established accelerators to modify the Participants’ award levels. |
Terms of Funding and Payment | · If the Company’s performance falls below the Key Achievement Metrics floor established by the Board, the bonus pool shall not be funded. · Bonus pool to be funded and targets paid upon certification by the Compensation Committee of metrics achieved by the Company. |