Confidential Materials omitted and filed seperately with the Securities and Exchange Commission. Double asterisks denote omissions.
| Confidential Materials omitted and filed seperately with the Securities and Exchange Commission. Double asterisks denote omissions. | Exhibit 10.2 |
EXHIBIT A
2013 FleetOne Integration Long-Term Incentive Program
Award Date:
March 15, 2013
Unit Allocation Ratio:
100% Performance Based Restricted Stock Units
Vesting Schedule:
50% of the award vests on March 15, 2014 based on achievement of the 2013 performance metrics listed below and 50% of the award vests on March 15, 2015 based on the achievement of the 2014 performance metrics.
2013 Performance-Based Restricted Stock Unit Calculations:
The number of PSUs vesting under this 2013 FleetOne Integration Grant Program is based on the following:
| Payout %(1)(5) | EBITDA (40%) (2) | PPG Adj Revenue Adj (30%)(3) | SYNERGIES (30%)(4) | |||||||||||||||||||||||||
| Perf Level(3) | $(,000) | Perf Level(3) | $(,000) | Perf Level(3) | $(,000) | |||||||||||||||||||||||
| Threshold | 25 | % | 85.0 | % | $ | [** | ] | 85.0 | % | $ | [** | ] | 80.0 | % | $ | [** | ] | |||||||||||
| Target | 100 | % | 100.0 | % | $ | [** | ] | 100.0 | % | $ | [** | ] | 100.0 | % | $ | [** | ] | |||||||||||
| Max | 200 | % | 120.0 | % | $ | [** | ] | 120.0 | % | $ | [** | ] | 200.0 | % | $ | [** | ] | |||||||||||
2014 Performance-Based Restricted Stock Unit Calculations:
| Payout %(1)(5) | EBITDA (40%) (2) | PPG Adj Revenue (30%) | SYNERGIES (30%)(4) | |||||||||||||||||||||||||
| Perf Level(3) | $(,000) | Perf Level(3) | $(,000) | Perf Level(3) | $(,000) | |||||||||||||||||||||||
| Threshold | 25 | % | 85.0 | % | $ | [** | ] | 85.0 | % | $ | [** | ] | 80.0 | % | $ | [** | ] | |||||||||||
| Target | 100 | % | 100.0 | % | $ | [** | ] | 100.0 | % | $ | [** | ] | 100.0 | % | $ | [** | ] | |||||||||||
| Max | 200 | % | 120.0 | % | $ | [** | ] | 120.0 | % | $ | [** | ] | 200.0 | % | $ | [** | ] | |||||||||||
| (1) | Threshold EBITA performance must be achieved for any PSUs to vest. |
| (2) | Adjusted EBITDA is defined as 2013 Deal Model EBITDA of $27.8M adjusted by synergy savings, synergy costs,and integration costs, totaling ($3.8M) for 2013 |
| (3) | PPG Adjusted Revenue Full-Year is reported 2013 Revenue for the Americas adjusted for the difference between reported 2013PPG and Board-approved budgeted 2013 PPG of $[**] US. |
| (4) | Synergy target for 2014 based on Deal Model and represents net synergy savings that are $3.0M incremental to 2013 |
| (5) | Shares granted are ratable between payout levels. |
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