Executive Compensation Plan (2006) for Steve VanTassel – SoftBrands Hospitality Division

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the 2006 compensation plan for Steve VanTassel at SoftBrands, specifying an annual base salary of $230,000 and a performance incentive bonus of $75,000 for the nine-month period from January to September. The bonus is paid quarterly and is based entirely on achieving operating profit targets for the Hospitality division. Eligibility for bonus payments requires meeting at least 90% of revenue goals, with partial bonuses for near-target performance. Any unpaid bonuses are forfeited if the executive leaves the company for any reason.

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EX-10.1 2 a06-5453_1ex10d1.htm MATERIAL CONTRACTS

 

Exhibit 10.1

EXECUTIVE COMPENSATION PLAN

Plan Year 2006 January through September — Amended 2-16-06

Steve VanTassel

 

I.                                         Annual Base Salary:  $230,000

 

II.                                     Performance Incentive Bonus (IB): $75,000 for nine month period.  Your 2006 Incentive Bonus will be paid quarterly based on the following criteria:

 

100% of the Performance Incentive bonus is based on the achievement of the  operating profit targets for the Hospitality division of SoftBrands.

 

 

 

 

 

Operating Profits

 

Payment Eligibility

 

 

Q2

(Jan — Mar 06

)

2nd Quarter Target

 

33

%

 

Q3

(Apr —Jun 06

)

3rd Quarter Target

 

66

%

 

Q4

(Jul — Sep 06

)

Nine month Goal

 

100

%

 

 

 

Performance Incentive Payments — An advance of 1/3 of your bonus will be paid quarterly based on the attainment of the operating profit metric.   Payments from prior quarters (Q2 and Q3) that were not achieved will be paid if the six or nine month targets are achieved.

 

Threshold for Operating Profit Goal — Hospitality must achieve 90% of the targeted quarterly revenue goal to be eligible for the bonus payments.  If Hospitality achieves 90% of the targeted goal, you will be eligible for 50% of your targeted incentive bonus.   For achievement of each percentage above 90%, you will receive an additional 5% of your target to a maximum of 100%.

 

III.                                 Should you leave the company for any reason; any bonus “not yet received” will be forfeited.