Veramark Technologies, Inc. 2010 Incentive Plan for Anthony C. Mazzullo

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the 2010 incentive plan for Anthony C. Mazzullo at Veramark Technologies, Inc. Incentives are based on achieving targets for orders, revenue, and net income, with rewards in both restricted stock and cash bonuses. Bonuses are earned proportionally once 85% of targets are met, and additional cash bonuses are available for exceeding targets by set percentages. The plan specifies the number of shares and cash amounts tied to each performance measure.

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EX-10.1 2 c97434exv10w1.htm EXHIBIT 10.1 Exhibit 10.1

Exhibit 10.1

Veramark Technologies, Inc.
2010 Incentive Plan for Anthony C. Mazzullo

Incentives will be based on a weighted point system using three (3) target measures, as follows:

  •   Orders, 40%

  •   Revenue, 50%

  •   Net Income, 10%

Restricted Stock Bonus

  •   Total at target including rollover  133,333 shares

  •   Restricted shares will be earned based on the weighted point system as follows:

  •   Orders, 40%:  53,333 shares at target

  •   Revenue, 50%: 66,667 shares at target

  •   Net Income, 10%:  13,333 shares at target

  •   Restricted shares begin to be earned pro-rata when 85% of a target is achieved.

Cash Bonus

  •   Total at target:  $60,000

  •   Bonus amounts will be based on a weighted point system as follows:

  •   Orders, 40%:  $24,000 at target

  •   Revenue, 50%:  $30,000 at target

  •   Net Income, 10%:  $6,000 at target

  •   Cash bonus amounts begin to be earned pro-rata when 85% of a target is achieved.

Additional Cash Bonus for Exceeding a Target

  •   Additional cash bonus for exceeding plan will be based on a weighted point system of each target as follows:

  •   Achieve 110% of target on a target, add additional weighted share of $20,000 cash bonus (Orders:  $8,000, Revenue:  $10,000, Net Income:  $2,000)

  •   Achieve 120% of target on a target, add additional weighted share of $20,000 cash bonus (Orders:  $8,000, Revenue:  $10,000, Net Income:  $2,000)

  •   Achieve 130% of target on a target, add additional weighted share of $20,000 cash bonus (Orders:  $8,000, Revenue:  $10,000, Net Income:  $2,000)

  •   Additional cash bonuses will not be pro-rated

Veramark Technologies, Inc. ž www.veramark.com
Corporate: 3750 Monroe Avenue ž Pittsford, NY 14534 ž Tel: 585 ###-###-#### ž Fax: 585 ###-###-####