Published on 23 Aug 2016 • USA (National/Federal) |
EMPLOYMENT AGREEMENT | Chief Executive Officer April 21, 2016 | Chief Executive Officer January 1, 2016 | Chief Executive Officer January 1, 2016 |
ANNUAL RATE OF BASE SALARY | $1,000,000, subject to increase, but not decrease, except in connection with across the board reductions that similarly apply to all senior executives. | $1,000,000, subject to adjustment from time to time. | $850,000, subject to adjustment from time to time beginning in 2017. |
ANNUAL BONUS AND CASH INCENTIVES | Target annual incentive (Annual Incentive) is $7,000,000, payable under the employer's annual incentive plan. 50% of the annual incentive is determined based on the employer's achievement of ROE targets, 25% is determined based on the achievement of EBITDA targets, and 25% is determined based on the achievement of other metrics determined by the board. The employment agreement provides for payment above and below target, from $0 to $14,000,000 ($4,900,000 for the cash component). The executive receives any earned but unpaid Annual Incentive for the fiscal year immediately preceding termination on termination by the employer without cause, termination by the executive for good reason, or termination due to death or disability. Any earned Annual Incentive paid in connection with such terminations of employment shall be paid entirely in cash. | Current annual target bonus is $3,000,000, payable based on the achievement of executive and employer performance targets. | Eligible to receive a bonus under the employer's incentive plan for the Chief Executive Officer, as determined by the board. |
ONGOING EQUITY GRANTS | Target Annual Incentive is $7,000,000, payable under the employer's annual incentive plan. 50% of the Annual Incentive is determined based on the employer's achievement of ROE targets, 25% is determined based on the achievement of EBITDA targets, and 25% is determined based on the achievement of other metrics determined by the board. | Eligible to receive discretionary equity grants from time to time. | Eligible to receive equity awards under the employer's stock incentive plans, as determined by the board for the Chief Executive Officer. |