Transcend Services, Inc. 2005 Executive Compensation Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Transcend Services, Inc. established a 2005 compensation plan for its executive officers, including the CEO, President/COO, CIO, CFO, and Chief Accounting Officer. The plan outlines each executive's annual salary and potential annual and quarterly bonuses. Annual bonuses are based on the company meeting or exceeding its 2005 net income targets, while quarterly bonuses depend on specific customer service groups achieving certain gross margin goals. Bonuses not earned in a quarter cannot be carried over. The plan was approved by the Board's Stock Option and Compensation Committee.

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EX-10.7 7 dex107.htm 2005 EXECUTIVE COMPENSATION PLAN 2005 Executive Compensation Plan

Exhibit 10.7

 

TRANSCEND SERVICES, INC.

2005 EXECUTIVE COMPENSATION PLAN

 

On December 8, 2004, the Stock Option and Compensation Committee of the Board of Directors of Transcend Services, Inc. (the “Company”) approved a 2005 compensation plan for management, including the executive officers of the Company as follows:

 

Name

  

Title

   

Potential

Annual

Bonus as

Percentage

of Annual

Salary *

    

Annual

Salary

(effective

1/1/2005)

   

Quarterly

Cash Bonus

Potential

Determined

at Each

Quarter-End

on a Year-

To-Date

Basis **

Gerdes, Larry G.

   Chief Executive Officer    50 %   $ 235,000    $ 0

Binion, Thomas C.

   President and Chief Operating Officer    40 %   $ 185,000    $ 7,500

Hawkins, Carl P.

   Chief Information Officer    40 %   $ 160,000    $ 5,000

Bleser, Joseph G.

   Chief Financial Officer, Treasurer and Secretary    40 %   $ 150,000    $ 0

Bateman, Jeanne N.

   Chief Accounting Officer, Controller and Assistant Secretary    25 %   $ 75,000    $ 0
* Based upon the Company achieving or exceeding the annual net income in the Company’s 2005 business plan approved by the Board of Directors on December 8, 2004.
** Based upon the assigned Customer Service Group(s) achieving or exceeding the CEO-approved gross margin for the applicable Group(s) determined at each quarter-end on a year-to-date basis in 2005. Quarterly bonus potential that is not earned in a given quarter cannot be earned in a subsequent quarter.