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Exhibit 10.23

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ALLIANCE DATA SYSTEMS CORPORATION

2003 Incentive Compensation Plan

(As Amended and Restated Effective January 1, 2003)

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Table of Contents

PLAN PHILOSOPHY   3
EFFECTIVE DATE
 
3
ELIGIBILITY
 
3
BASE COMPENSATION USED IN CALCULATING IC PAYOUT
 
4
DETERMINING IC TARGETS
 
4
IC COMPONENTS
 
4
STANDARD WEIGHTINGS CHART FOR IC COMPONENTS
 
5
DETERMINING PAYMENT CALCULATIONS
 
6
TIMING OF PAYMENT
 
6
STATUS CHANGES THAT MAY AFFECT IC TARGETS AND PAYOUTS
 
6
OTHER TERMS AND CONDITIONS
 
8
ATTACHMENT A—ASSOCIATE SATISFACTION INDEX (ASI) INFORMATION
 
A-1
ATTACHMENT B—EXAMPLE INDIVIDUAL EXPECTATIONS WORKSHEET
 
B-1
ATTACHMENT C—PERFORMANCE/PAYOUT TABLE FOR REVENUE, EBITDA AND INDIVIDUAL
EXPECTATIONS
 
C-1

2

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Plan Philosophy

        The intent of the Alliance Data Systems Incentive Compensation ("IC")
Plan ("Plan") is to:

•Provide IC to round out an eligible associate's total compensation package in
order to attract and retain high performing associates;

•Improve organizational performance by driving financial and individual
performance and increasing associate satisfaction;

•Improve the alignment between strategic imperatives and initiatives with the
Alliance Scorecard; and

•Provide an opportunity for associates to share in the success they help create.

        Participation in this Plan reflects the importance of an associate's
position and the impact that the associate's performance can have on the success
of the Company.

Effective Date

        The Plan Year is January 1, 2003 through December 31, 2003.

Eligibility

        Associates are covered by this Plan if they are:

•Employed by Alliance Data Systems Corporation or any of its subsidiaries
(collectively, the "Company").

•A member of the Alliance Senior Leadership Team, as defined by the title
Director through Chairman & CEO.

•In an Exempt position that is designated by Corporate Compensation as IC
eligible (currently jobs in pay grades 8-11, 21-23, and 32-35).

•Employed by Alliance before October 1, 2003.

•Newly hired associates or associates promoted into IC eligible pay grades for
the first time before October 1, 2003.

•On active status on the date of the award distribution or eligible under the
guidelines for retirement, disability or leave of absence.

•Part-time associates in one of the specified pay grades listed above and
working a schedule equal to a minimum of 25 hours per week.

        Associates are not eligible if they:

•Are participating in a sales commission or other incentive plan, unless
approved by the appropriate Executive Vice President of a Line of Business
("LOB") or of a Business Support Group ("BSG") and confirmed by the Senior Vice
President of Human Resources and Corporate Compensation.

•Are temporary or contract employees.

•Are hired on or after October 1, 2003 or are promoted into an IC eligible pay
grade on or after October 1, 2003.

•Are on a documented performance improvement plan as of the date of award
distribution.

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Base Compensation Used in Calculating IC Payout

        Annualized base pay as of October 1, 2003 will be used as part of the IC
calculation. The IC target percentage(s) will be applied to October 1, 2003 base
salary for purposes of calculating the dollar target amount.

Determining IC Targets

        Each participant has an IC target. The Compensation Committee of the
Board of Directors assigns IC targets for the Executive Committee members. IC
targets for other positions are determined by the participant's manager using
the guidelines established by Corporate Compensation in the following table:

Grade Level

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  IC Target

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Executive Committee Member   Determined by the Board's Compensation Committee
(Senior Vice President) 3   35% or 40% or 45% (Vice President) 4   25% or 30% or
35% (Director/Senior Director) 5   15% or 20% or 25% 8-10, 21-23, and 33-35  
10% or 15% 11 & 32   5% or 10%

        IC targets are set in 5% increments. When determining the appropriate
target, the following are considered:

•The associate's position relative to those of other participants in the
department;

•The associate's anticipated contribution to the organization's success; and

•Targeted total compensation package that is competitive with similar positions
in the appropriate labor market or industry.

        IC targets will be set at the beginning of the Plan year or at time of
hire. If the IC target percentage changes, the manager will explain how the
target will be prorated for payout purposes (if appropriate) and whether or not
the performance expectations and weightings will change for the current Plan
year.

IC Components

        All performance goals should be established and communicated to the
participant at the beginning of the Plan year or within 30 days of becoming a
participant in the Plan. The degree to which these performance goals are
accomplished have an impact on the actual incentive earned from the Plan.

        Alliance Revenue and EBITDA Targets:    The Revenue and Earnings Before
Interest, Taxes, Depreciation and Amortization ("EBITDA") targets make up
25%-75% of a participant's IC payment (see Standard Weightings Chart below). The
Board of Directors of the Company approves the Revenue and EBITDA targets.

        LOB Revenue and EBITDA Targets:    There are a number of financial
measures that can be used to determine success for a particular area or
individual. The appropriate Executive Vice President, along with the Senior Vice
President of Human Resources and Corporate Compensation will determine if
sub-measures will be used for a particular LOB or a particular individual.
However, it is intended that the Board of Directors approve the achievement of
LOB Revenue and EBITDA for payout purposes.

        Associate Satisfaction Index:    The annual administration of the
Associate Survey and the tracking of data (i.e., improvement expectations) are
designed to motivate ongoing attention to issues that affect

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quality of client service, as well as the development and retention of
associates. The Associate Satisfaction Index ("ASI") is a component of the
Associate Survey process. The ASI component is designed to recognize and incent
critical non-financial organizational factors that contribute to sustainable
business performance and provide a competitive advantage in recruiting,
developing and retaining high performing associates. Targets are set at the
beginning of each year along with a payout schedule. See Attachment A for more
information.

        Individual Expectations:    The Weightings Chart identifies those
participants that have 25%-50% of their IC payments based upon the achievement
of individual expectations or team strategic imperatives (or action steps to
accomplish the strategic imperatives) as determined between the participant and
his or her manager. A sample worksheet has been provided in Attachment B.

Standard Weightings Chart for IC Components

        IC objectives are weighted to drive financial and individual performance
and increase associate satisfaction. LOBs have the ability to use specific
components that closely reflect Alliance Scorecard measurements. In addition,
LOBs may adjust the standard components to include measurable financial drivers,
such as bad debt or specific client revenue goals, with review and approval by
the appropriate Executive Vice President, along with the Senior Vice President
of Human Resources and Corporate Compensation. The participant's grade/job level
as of October 1, 2003 will be used to determine the overall weightings.

2003 IC Plan
Standard Components and Weightings

 
   
  Senior Leadership Team1

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  Exempts with Direct Supervisory Responsibility

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  All Other Exempts2

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  LOB   LOB EBITDA   50 % 25 % 25 %     LOB Revenue   25 % 25 % 25 %    
Associate Satisfaction3   25 % 25 % 0 %     Individual Expectations4   0 % 25 %
50 %
BSG
 
Alliance EBITDA
 
50
%
25
%
25
%     Alliance Revenue   25 % 25 % 25 %     Associate Satisfaction3   25 % 25 %
0 %     Individual Expectations4   0 % 25 % 50 %

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1The LOB/BSG executive has some flexibility to establish targets—by
individual—that are important for the success of his or her respective area. The
Individual Expectations weighting should not be used for SLT members unless it
is used to drive financial performance. Any changes to the standard components,
weightings or payout tables should be sent to Corporate Compensation for
approval by the appropriate Executive Vice President, along with the Senior Vice
President of Human Resources and Corporate Compensation.

2The LOB/BSG has some flexibility in reassigning Revenue targets for those
associates who fall into an all other eligible exempt category or in unique
cases.

3Some participants, such as National Account Managers ("NAMs"), may have more
emphasis on client relationships than Associate Satisfaction. LOB/BSG executives
can determine how they want to distribute the weightings for these positions.

4Eligible exempt associates below the Director level should have Individual
Expectations that support strategic imperatives ensuring the success of their
LOB/BSG and the Company.

5

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Determining Payment Calculations

        Attachment A:    ASI Information

        Identifies the relationship between level of performance and the
percentage to be paid for achievement of 2003 Associate Satisfaction Survey
target results. For the ASI component to be paid over 100%, both the applicable
EBITDA and Revenue targets must be achieved at 100% or greater.

        Attachment B:    Example Individual Expectations Worksheet

        The sample form is provided to facilitate the setting of the Individual
Expectations. If a participant is being held accountable for a Company-level
strategic imperative (or an action item to accomplish the strategic imperative
for the LOB/BSG), that form may also be used. Regardless of the form used, an
overall percentage of achievement of the Individual Expectations will be
required at the end of 2003 in order to determine the dollar payment for this IC
component.

        Attachment C:    Performance/Payout Table for Revenue, EBITDA and
Individual Expectations

        Identifies the relationship between level of performance and the
percentage to be paid for the achievement of the Alliance Revenue & Alliance
EBITDA, LOB Revenue & LOB EBITDA, and Individual Expectations targets. A minimum
of 80% must be achieved for any payment to be received; performance of 120% or
greater receives the maximum payment of 150%. Percentages are rounded to the
nearer whole number.

        For BSGs, both the Alliance EBITDA and Alliance Revenue targets must be
achieved at 100% or greater in order for Individual Expectations to be paid
above 100% of target. For LOBs, both the LOB EBITDA and LOB Revenue targets must
be achieved at 100% or greater in order for Individual Expectations to be paid
above 100% of target.

Timing of Payment

        IC earned for the 2003 Plan year is paid in the first quarter of the
following year. A participant must be actively employed on the date payment is
made to receive his or her award. Any participant who is on an approved leave of
absence or disability but still on active status will receive his or her payment
even if he or she is not actively at work on the date payment is made.

Status Changes That May Affect IC Targets and Payout

        Status changes can affect the amount of incentive a participant
receives. Status changes include:

•Transfers;

•New Hires;

•IC Target Changes;

•Leaves of Absence; and

•Terminations.

        Transfers:    The LOB or BSG a participant is assigned to as of
October 1, 2003 will be used to determine any payments dependent upon LOB/BSG
level of performance (see Standard Weightings Chart). Year-end performance for
the LOB/BSG will be used to calculate the incentive amount to be paid for this
component. No prorating will be done for the amount of time spent in another
LOB/BSG over the Plan year without prior approval of the appropriate Executive
Vice President, along with the Senior Vice President of Human Resources and
Corporate Compensation.

6

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        For the ASI component, leaders who have moved or transferred during the
course of the year, and who could therefore have their compensation tied to
different reporting groups, will be reviewed as follows:

•Determine where the associate spent the most time during the action planning
cycle;

•Assess where the associate had the greatest opportunity to influence Associate
Satisfaction; and

•Before the end of December, the appropriate HR Executive makes a report
recommendation to Corporate Compensation, to be approved by the appropriate
Executive Vice President, along with the Senior Vice President of Human
Resources and Corporate Compensation.

        New Hires:    For associates hired between January 1 and September 30,
2003 into an IC eligible position, the base salary as of October 1, 2003 will be
used to calculate the IC dollar target. The dollar target will be prorated as
follows:

Hired Between These Dates

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  Prorated Amount

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  January 1 - March 31   100 % April 1 - June 30   75 % July 1 - September 30  
50 % October 1 - December 31   No IC  

        For example, if an associate is hired on March 12, the IC dollar target
will not be prorated. If an associate is hired on July 4, then the IC dollar
target will be prorated by 50%.

        IC Target Changes:    For current Alliance associates, if there is a
promotion or a grade level change during the Plan year but before October 1, and
this causes a change in IC target, the IC target will be prorated according to
the chart below depending on the associate's IC eligible effective date. Note:
changes in IC targets after October 1, 2003 will not be used to calculate IC
payout for the 2003 Plan year.

IC Eligible Effective Date Between These Dates

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  Prorated Amount For Old/New IC % Target

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January 1 - March 31   0% / 100% April 1 - June 30   25% / 75% July 1 -
September 30   50% / 50% October 1 - December 31   100% / 0%

        The base salary as of October 1 will be used to calculate the dollar
target, even if there is a corresponding change in base salary at the time of
the promotion or IC target change. For example, a grade level change in April
results in an IC target change from 5% to 10% and a base salary change from
$35,000 to $40,000. The base salary on October 1 is $40,000, so that is the
salary used in the calculation. The IC dollar target is then calculated using
the following formula:

 
  10/01 Base

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  IC

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  Target

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  Prorate

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  Subtotal

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Old   $ 40,000   5 % $ 2,000   25 % $ 500 New   $ 40,000   10 % $ 4,000   75 % $
3,000 TOTAL                       $ 3,500

        The participant's manager should communicate to the participant the new
weightings of financial and Individual Expectations (if applicable).

        Leaves of Absence:    If a participant takes a leave of absence in
excess of 30 consecutive days, either paid or unpaid, during the Plan year, he
or she may be eligible for a prorated award at the

7

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discretion of the appropriate Executive Vice President, along with the Senior
Vice President of Human Resources and Corporate Compensation.

        Terminations:    If a participant terminates his or her position
voluntarily or involuntarily during the Plan year, he or she will not be
eligible for an IC payment because he or she would not be on active status on
the date of the award distribution. If a participant retires, becomes disabled
or dies during the Plan year, he or she may be eligible for a prorated award at
the discretion of the appropriate Executive Vice President, along with the
Senior Vice President of Human Resources and Corporate Compensation. In the
event of death, any incentive award is made to the beneficiary named in the
Company-paid life insurance program.

Other Terms and Conditions

•All decisions by the Company will be final in the interpretation and
administration of the Plan and shall lie within the Company's sole and absolute
discretion. Decisions shall be final, conclusive and binding on all parties
concerned.

•Participant's rights under the Plan may not be assigned or transferred in any
way.

•The Alliance Data Systems 2003 IC Plan may be amended, modified, suspended or
terminated by the Company at any time, without prior consent by or prior notice
to associates. The Compensation Committee at its sole discretion may change
objectives at any time without prior consent by or prior notice to associates.

•The Plan shall be unfunded. The Company shall not be required to establish any
special or separate fund or to make other segregation of assets to assure the
payment of the amounts under the Plan. Rights to the payment of amounts under
the Plan shall be no greater than the rights of the Company's general creditors.

•Texas state law governs the validity, construction, interpretation,
administration and effect of the Plan and the substantive laws, but not the
choice of law rules of the State of Texas, shall govern rights relating to the
Plan.

•Generally, all applicable employment and tax deductions plus 401(k)
contribution deferrals will be withheld from the IC payout.

•No associate has the right nor is guaranteed the right to participate in the
Plan by virtue of being an associate or fulfilling any specific position with
the Company. Selection for participation in the Plan is solely within the
discretion of the Compensation Committee. The Company may offer participation in
the Plan to additional associates or terminate the participation of any
participant in the Plan at any time during the Plan Year.

•Revenues and earnings classified as "windfalls" or business losses may or may
not be excluded in whole or in part from the calculation of Revenue and EBITDA
at the discretion of the Compensation Committee.

•Notice to participate in the Plan shall not impair or limit the Company's
rights to transfer, promote or demote Plan participants to other jobs or to
terminate their employment, nor shall it create any claim or right to receive
any payment under the Plan or any right to be retained in the employ of the
Company.

•The Plan is established for the current fiscal year. There shall be no
obligation on the part of the Company to continue the Plan in the same or
modified form for any future years.

•In the event that a participant has a dispute concerning the administration of
this Plan, it shall first be submitted in writing to the Senior Director of
Compensation. In the event that the Senior Director of Compensation does not
provide a response satisfactory to the participant

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within 30 business days, the participant may submit the dispute in writing
within five business days thereafter to the Senior Vice President of Human
Resources, whose decision regarding the dispute shall be final and binding on
each participant or person claiming under the Plan.

•The Plan is effective January 1, 2003, and supersedes and replaces all previous
IC Plans. All such previous plans, unless earlier terminated, are terminated at
midnight, December 31, 2002. If not renewed by the Compensation Committee or
their designated representative, this Plan will automatically terminate on
December 31, 2003.

•In the event an eligible associate's performance falls below satisfactory
standards during the Plan year, the associate may receive a reduced IC payment,
at the discretion of the Company, regardless of the performance results of the
Company, LOB, BSG or the ASI results (if applicable).

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Attachment A

ASSOCIATE SATISFACTION INDEX (ASI) INFORMATION

        The Alliance Scorecard views associates as one of three key
constituencies (along with clients and stockholders). Research has demonstrated,
and Alliance believes, that satisfied associates provide higher levels of
service quality and value creation/delivery, cultivating client retention and
loyalty, and in turn providing greater profitability and growth. The degree to
which associates feel valued/satisfied has been shown to be a primary
determinant of long-term financial performance. The Associate Satisfaction
survey and the resulting ASI represent an accountability mechanism that puts
value on people and "walking the talk" when it comes to Alliance's company
values, as well as financials and EBIDTA.

        The ASI is intended to drive the Company towards Employer of Choice
levels of performance and to reward progress towards these levels and recognize
actual scores. Launched in 2001, the ASI is made up of 18 "core" items, asked
and tracked on each annual Associate Survey.

        The ASI consists of two main components: a progress calculation and
actual scores (current year mean percent favorable score on the 18 items).
Scores are evaluated against both progress made since the previous year (as
measured by "potential change") and current year scores. The final payout is
determined by equally weighing the two measures (see "Payout Table for Associate
Satisfaction Results").

Key elements of the ASI calculation:

        Progress Calculation—The progress target scores at the Company-wide
level and for all subgroups is set at 16% of potential change. Alliance has set
the maximum target score for any group at 75. In the ASI computation, change is
based on potential change, not absolute change. Computing scores based on
potential change recognizes the increased difficulty of making continued
progress as scores get higher. Regressions will be calculated in a similar
manner.

        Actual Score—For 2003, the goal at the Company-wide level is to achieve
an actual score of 71. Each subgroup's actual score will be measured relative to
the Company-wide goal of 71.

        Final Payout—Alliance recognizes the importance of both progress and
actual score relative to the Company-wide goals. The final payout is calculated
by equally weighing the payout achieved for a group's progress score and its
actual score.

        In addition, the payout calculation for 2003 is based on the following:

•Scores will be rounded to the nearer whole number.

•In 2003, the ASI reports reflect leaders' direct areas of influence and
accountability. In consultation with the appropriate LOB/BSG HR executive, an
individual leader's ASI component has been linked to reporting groups, as
defined in the 2003 Associate Survey report plan. The goal of these assignments
is to reflect both influence and accountability, and to enhance alignment
between the survey process and the ASI design. Prior to the administration of
Associate Survey 2003 (by end of July 2003), these assignments will again be
reviewed as part of the report planning process led by the appropriate HR
Executive. This final review will provide an opportunity to examine any special
cases (e.g., organizational changes) as needed. In any case of significant
organizational change that requires a redefinition of a reporting group, process
targets may change and will be re-communicated to leaders prior to survey
administration.

•These progress targets have not been set by using a flat percentage increase
over the average score of the same 18 items from the Associate Survey, but as a
percentage of the "potential for

A-1

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change." We have set a goal for Alliance to increase our associate satisfaction
by 16% of potential change each year. Each of the progress targets in this
attachment was calculated using this same growth percentage. As an example, the
formula used to determine the 2003 progress target for the Alliance consolidated
score of 71 is:

2002 Base Score* = 65

100 - 65 = 35
(100 - 2002 Base Score* = Potential for Change)

35 × 16% = 5.60
(Potential for Change × Alliance Organizational Improvement = Increase Needed)

65 + 6 = 71
(2002 Base Score* + Increase Needed = Target Percent Favorable Score for 2003
Survey)

*Average of 18 items selected to compute Associate Satisfaction Index.

A-2

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TARGET SCORES (PERCENT FAVORABLE MEAN) FOR 2003 ASSOCIATE SATISFACTION

Report Name

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  2003 Progress Target Score

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Alliance Data Systems Consolidated (Without FMI, NZ)   71 Transaction Services

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Transaction Services Consolidated (Without MB, FMI, NZ, Marketing)   69 Network
Services Consolidated   66 Network Services (Lenexa & Johnson City)   66 Network
Services (Lenexa)   74 Network Services (Johnson City)   60 Network Services
(Buffalo Grove)   68 Network Services (excluding Johnson City & Lenexa)   71
Utility Services Consolidated   71 Call Center Operations (Atlanta & Walnut St.)
  70 Call Center Operations (Atlanta)   64 Call Center Operations & Human
Resources—(Walnut St.)   72 Systems Development Consolidated (includes Seattle)
  73 Systems Development (Atlanta)   70 Systems Development (HQ2)   75 Systems
Development (Seattle)   67 Frequency Marketing   68 Mail Box Corp   65
Information Technology Solutions

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Information Technology Solutions Consolidated   71 Information Technology
Solutions (San Antonio)   70 Information Technology Solutions (Reynoldsburg)  
71 Information Technology Solutions (excluding San Antonio & Reynoldsburg)   71
Retail Services

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Retail Services Consolidated (With Marketing & Voorhees)   74 Marketing Services
  54 Bank Operations Consolidated   71 Other Operations Consolidated   71 Retail
Information Technology   75 Retail Services (Voorhees)   61 Retail Services
(Broad St.)   72 Retail Services (Westerville Call Center)   75 Retail Services
(Westminster)   74 Retail Services (Lenexa)   75 Retail Services (Reno)   75
Retail Services (Other)   75 Corporate Support Services, CFO and LCAS

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Corporate Support Services, CFO, LCAS   75

A-3

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PAYOUT TABLE FOR ASSOCIATE SATISFACTION RESULTS

        Payout for the ASI Component is a combination of Actual Score and the
Percent of Target Achieved.

1.Look up the Actual Score first and determine the payout percentage.

2.Then, look up Percent of Target Achieved and determine the payout percentage.

3.These two percentages are averaged to get the final ASI payout percentage.

Examples:

2002 Base Score:   66       2002 Base Score:   73     2003 Target:   71      
2003 Target:   75     2003 Results and Possible Payment   2003 Results and
Possible Payment Actual Score:   69   90% payout   Actual Score:   75   140%
payout Percent of Target Achieved:   97 % 70% payout   Percent of Target
Achieved:   100 % 100% payout Payment would be the average of the two = 80%  
Payment would be the average of the two = 120%*

Actual Score
(% Favorable Mean)

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  2003 Payout

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  Percent of Target
Achieved

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  2003 Payout

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  52 or Less   0 % 89% or Less   0 % 53   10 % 90%   10 % 54   15 % 91%   15 %
55   20 % 92%   20 % 56   25 % 93%   30 % 57   30 % 94%   40 % 58   35 % 95%  
50 % 59   40 % 96%   60 % 60   45 % 97%   70 % 61   50 % 98%   80 % 62   55 %
99%   90 % 63   60 % 100%   100 % 64   65 % 101%   105 % 65   70 % 102%   110 %
66   75 % 103%   115 % 67   80 % 104%   120 % 68   85 % 105%   125 % 69   90 %
106%   130 % 70   95 % 107%   135 % 71   100 % 108%   140 % 72   110 % 109%  
145 % 73   120 % 110% or more   150 % 74   130 %         75   140 %         76
or More   150 %        

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*Payout over 100% for the ASI Component is also contingent upon meeting both the
applicable EBITDA and Revenue targets.

A-4

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Attachment B

EXAMPLE INDIVIDUAL EXPECTATIONS WORKSHEET

Name:       Target IC (%):     Position Title:       Grade Level:    
 
 
 
 
 
 
 
 
   
   
  Ratings

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  (e)
Overall
Perf. Score
%
(c x d)

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(a)
Specific Expectations / Standards of Measure
(Deliverables to be Achieved)

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  (b)
Accomplishments / Results
(Actual Results Achieved in Performance Period)

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  (c)
Weighting %

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  (d)
Actual Perf. %

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1.                
2.
 
 
 
 
 
 
 
 
3.
 
 
 
 
 
 
 
 
4.
 
 
 
 
 
 
 
 
5.
 
 
 
 
 
 
 
 
 
 
 
 
100%
 
 
 
 
 
 
Total Score on Specific Expectations (add column "e") >
 
 

    

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Signed by: Associate       

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Manager

B-1

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Attachment C

PERFORMANCE/PAYOUT TABLE
FOR REVENUE, EBITDA AND INDIVIDUAL EXPECTATIONS

 
  % of Objective(s)
Achieved*

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  %
Payout*

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80% is the threshold for performance   79% or less   0%     achievements to
result in a payout.-->   80%   65%         81%   67%         82%   69%        
83%   70%         84%   72%         85%   74%         86%   76%         87%  
77%         88%   79%         89%   81%         90%   83%         91%   84%    
    92%   86%         93%   88%         94%   89%         95%   91%         96%
  93%         97%   95%         98%   96%         99%   98%         100%   100%
  <--100% is the target for performance     101%   102.5%   achievements to
receive 100% payout.     102%   105.0%         103%   107.5%         104%  
110.0%         105%   112.5%         106%   115.0%         107%   117.5%        
108%   120.0%         109%   122.5%         110%   125.0%         111%   127.5%
        112%   130.0%         113%   132.5%         114%   135.0%         115%  
137.5%         116%   140.0%         117%   142.5%         118%   145.0%        
119%   147.5%         120% or greater   150.0%   <--150% is the maximum payout
level.

        For business support groups, both Alliance EBITDA and Alliance Revenue
targets must be achieved at 100% or greater in order for Individual Expectations
to be paid above 100% of target. For lines of business, both LOB EBITDA and LOB
Revenue targets must be achieved at 100% or greater in order for Individual
Expectations to be paid above 100% of target.

C-1

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QuickLinks

Exhibit 10.23