Onvia, Inc. 2010 Management Incentive Plan
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Human Resources
- Bonus & Incentive Agreements
EX-10.10 2 mip2010.htm 2010 MANAGEMENT INCENTIVE PLAN mip2010.htm
Exhibit 10.10
Onvia, Inc. 2010 Management Incentive Plan | |
Participants | Chief Financial Officer Chief Information Officer Chief Strategy Officer General Counsel & Corporate Secretary Senior VP Products, Technology & Information |
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 around Bookings and Net Income. |
Bonus Target | · Chief Financial Officer 33% of Base Salary · Chief Information Officer 33% of Base Salary · Chief Strategy Officer 18% of Base Salary · General Counsel & Corporate Secretary 22% of Base Salary · Senior VP Products, Technology & Information 33% of Base Salary |
Overachievement | If the Company’s performance against Bookings and Net Income 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 against Bookings or Net Income falls below the floor established by the Board, the bonus pool shall not be funded. · 50% of a participant’s share of the bonus pool will be based on the Company’s performance against Bookings and Net Income and 50% will be based on the participant’s individual goals. · 67% of a participant’s bonus payout will be in cash, the remaining 33% will be in the form of restricted stock units, subject to a vesting period of one year. · Bonus pool to be funded and targets paid upon certification by the Compensation Committee of metrics achieved by the Company. |