Transcend Services, Inc. 2006 Executive Compensation Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Transcend Services, Inc. established a 2006 compensation plan for its executive officers, including the CEO, Executive Vice President of Operations, CFO, and Chief Accounting Officer. The plan outlines each executive's annual salary and potential bonus as a percentage of salary, contingent on the company exceeding its 2006 net income target. Some bonuses are partially guaranteed or tied to specific objectives. The plan was approved by the Board's Stock Option and Compensation Committee on December 21, 2005.

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EX-10.12 3 dex1012.htm 2006 EXECUTIVE COMPENSATION PLAN 2006 Executive Compensation Plan

Exhibit 10.12

TRANSCEND SERVICES, INC.

2006 EXECUTIVE COMPENSATION PLAN

On December 21, 2005, the Stock Option and Compensation Committee of the Board of Directors of Transcend Services, Inc. (the “Company”) approved a 2006 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 1/1/2006)

Gerdes, Larry G.

    Chief Executive Officer    50 %   $ 235,000

Munoz, Juan Alejandro (“Alex”)

    Executive Vice President - Operations    50 %**   $ 200,000

Cornell, Lance

    Chief Financial Officer, Treasurer and Secretary    50 %***   $ 160,000

Bateman, Jeanne N.

    Chief Accounting Officer, Controller and Assistant Secretary    25 %   $ 80,000
* Based upon the Company exceeding the annual net income in the Company’s 2006 business plan approved by the Board of Directors on December 21, 2005.
** $50,000 of this bonus potential is guaranteed for Mr. Munoz.
*** In addition Mr. Cornell is eligible for a bonus of up to $10,000 based on the achievement of certain objectives during the first quarter of 2006.