Onvia, Inc. 2009 Management Incentive Plan Agreement
Contract Categories:
Human Resources
›
Bonus & Incentive Agreements
Summary
Onvia, Inc. established this 2009 Management Incentive Plan for its senior executives, including the Senior VP of Products, CFO, Chief Solutions Officer, General Counsel, Senior VP Sales, and Executive VP Corporate Sales. The plan rewards participants with bonuses based on achieving company goals for subscription sales, net income, and cash flow. Bonus amounts are tied to base salary or set amounts, with additional rewards for exceeding targets. Payment depends on meeting both company-wide and individual goals, and all results must be certified by the Compensation Committee.
EX-10.10 2 mip2009.htm 2009 MANAGEMENT INCENTIVE PLAN mip2009.htm
Exhibit 10.10
| Onvia, Inc. 2009 Management Incentive Plan | ||
| Participants | Senior VP Products, Technology & Information Chief Financial Officer Chief Solutions Officer General Counsel Senior VP Sales (also participates in Sales Incentive Plan) Executive VP Corporate Sales (also participates in Sales Incentive Plan) | |
| 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 Measures | Achievement of Board defined goals around Bookings from subscription sales, Net Income, and Cash Flow | |
| Overachievement | An additional pool of 5% of Bookings above target will be accrued and distributed to one or more participants based on recommendation of CEO and approved by the Compensation Committee within its sole discretion. | |
| Bonus Target | · Sr. VP Products, Technology & Information 33% of Base Salary · Chief Financial Officer 33% of Base Salary · Chief Solutions Officer 33% of Base Salary · General Counsel 11% of Base Salary · Sr. VP Sales $25,000 · Exec. VP Bus. Dev. $25,000 | |
| Terms of Funding and Payment | · Bonus pool is funded upon achievement of all three achievement measures · For Sr. VP Products, Technology & Information, 100% of the Bonus Target will be paid upon achievement of all three achievement measures described above · For all participants other than the Sr. VP Products, Technology & Information, 50% of the Bonus Target will be paid upon achievement of all three achievement measures described above and the remaining 50% will be paid upon achievement of individual performance goals · Bonus pool to be funded and targets paid upon certification of measures achieved by the Compensation Committee | |
