RoomStore Executive Incentive Plan for Fiscal Year Ending 2011
This agreement outlines the executive incentive plan for RoomStore Holdings for the fiscal year ending in 2011. It specifies bonus amounts for key executives, including the CEO, CMO, CFO, and SVP, based on the company's consolidated EBITDA performance. Bonuses increase in set tiers as performance targets are met or exceeded, with amounts prorated between tiers. If performance exceeds 120% of the plan, additional bonuses may be paid but could be reduced if such high performance is deemed easier to achieve. The plan is designed to reward executives for meeting or surpassing financial goals.
Exhibit 10.8
RoomStore Executive Incentive Plan FYE 2/2011
Consolidated RoomStore Holdings EBITDA
| Name | Position | as % of Plan==> | 90% plan | 95% of plan | PLAN | 105% | 110% | 115% | 120% | |||||||||||||||||||||||||||
| Curtis Kimbrell | CEO | $ | 150,000 | $ | 225,000 | $ | 300,000 | $ | 375,000 | $ | 450,000 | $ | 525,000 | $ | 600,000 | Performance above 120% of plan will continue to pay but can taper off if earnings in this category tend to be windfall situations or are not as difficult to attain once a high performance level is reached. | ||||||||||||||||||||
| Ned Crosby | CMO | $ | 61,000 | $ | 91,500 | $ | 122,000 | $ | 152,500 | $ | 183,000 | $ | 213,500 | $ | 244,000 | |||||||||||||||||||||
| Lewis Brubaker | CFO | $ | 40,000 | $ | 60,000 | $ | 80,000 | $ | 100,000 | $ | 120,000 | $ | 140,000 | $ | 160,000 | |||||||||||||||||||||
| John Hamilton | SVP | $ | 40,000 | $ | 60,000 | $ | 80,000 | $ | 100,000 | $ | 120,000 | $ | 140,000 | $ | 160,000 | |||||||||||||||||||||
| * incentive amounts prorated between tiers | ||||||||||||||||||||||||||||||||||||
