Document:

ex101jan2013.htm

 

 

 

 

Exhibit 10.1

Chyron Corporation

2013 Management Incentive Compensation Plan

Purpose of the Plan: The purpose of the 2013 Management Incentive Compensation Plan (the "Plan") is to incentivize the senior management of Chyron Corporation ("Chyron" or the "Company") to achieve the Company's short-term earnings objectives for the fiscal year ending December 31, 2013.  The Plan is a component of the Company's overall compensation objectives and components, including base salary, long-term incentive equity awards and other fringe benefits, that are designed to attract and retain the best possible management talent; to motivate its managers to enhance the Company's growth and profitability and increase shareholder value; to recognize individual initiative, leadership, achievement and other contributions; and to reward superior performance and contributions to the achievement of the Company's objectives.

Participants: Participants in the Plan include the Company's named executive officers consisting of the President & Chief Executive Officer, Senior Vice President & Chief Financial Officer, and Senior Vice President, Sales & Marketing and Professional Services as well as seven other senior management personnel of the Company. The Plan does not include any senior management personnel whose short-term incentive is in the form of sales-based commissions and bonuses.

Conditions: The Plan consists of two performance conditions and a service condition. The target performance conditions are: 1) budgeted GAAP-basis Revenues; and 2) budgeted Non-GAAP Cash Flows from Operating Activities adjusted to a pre-bonus basis, which we define as net income (loss) before taxes, depreciation, amortization, inventory reserve, rent differential, 401k Plan Company matching contribution paid in Company common stock, share-based compensation expense other than expense under the Incentive Plan, the portion of the performance-based award under the Incentive Plan that is payable in common stock of the Company, and any other non-cash operating expenses. The service condition is that in order to be eligible to receive a payout under the Plan, a Plan participant must be employed by the Company on the date of payout specified below (unless terms of any employment, severance or change in control agreements state otherwise).

Plan Incentive Targets: One-half of the target Plan incentive payout is based on achievement of a designated level of budgeted GAAP-basis Revenues target for fiscal 2013 and one-half is based on achievement of a designated level of budgeted Non-GAAP Cash Flows from Operating Activities adjusted to a pre-bonus basis target for fiscal 2013.

GAAP-Basis Revenues Target. Greater than 100% of the GAAP-basis Revenues target must be achieved for a payout to occur under that target.  The GAAP-basis Revenues portion of the award ranges from an award of 102% of target payout for achievement of 101% of the target performance condition, to a maximum award of 150% of target payout for achievement of 125% or more of the target performance condition. This is based on a formula whereby the incentive award achievement percentages grow in direct proportion to the achieved performance condition percentages from 101% to 125% of the performance condition target level.

 

  

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    Non-GAAP Cash Flow from Operating Activities Target adjusted to a pre-bonus basis. Greater than 100% of the Non-GAAP Cash Flow from Operating Activities adjusted to a pre-bonus basis target must be achieved for a payout to occur under the target.  The Non-GAAP Cash Flows from Operating Activities adjusted to a pre-bonus basis portion of the award ranges from an award of 102% of target payout for achievement of 101% of the target performance condition, to a maximum award of 150% of target payout for achievement of 125% or more of the target performance condition. This is based on a formula whereby the incentive award achievement percentages grow in direct proportion to the achieved performance condition percentages from 101% to 125% of the performance condition target level.

Form of Payout: Any award earned under the Plan will be paid in a combination of cash and common stock of the Company issued under the Company's 2008 Long-Term Incentive Plan. The cash portion of the award will equal the payroll and income tax withholdings required to be paid by the Company on the participant's earned award, and the balance of the total award will be paid in shares of common stock of the Company determined by the dollar value of the equity portion of the earned award divided by the closing price of the Company's common stock (on NASDAQ or any other exchange on which the Company's common stock might then be listed) on the date of payout as specified below.

Target Payout: The target payout for fiscal 2013 is set as a percentage of the participant's base salary to be earned for fiscal 2013.  For the President & Chief Executive Officer, this percentage is 70%, resulting in a projected target payout of $337,995 (at 100% achievement of both performance conditions), for the Senior Vice President & Chief Financial Officer is 60%, resulting in a projected target payout of $146,880 (at 100% achievement of both performance conditions), and for the Senior Vice President, Sales & Marketing and Professional Services it is 30%, resulting in a projected target payout of $81,000 (at 100% achievement of both performance conditions). The percentages for the other participants in the Plan range from 20% to 30% of the participant's base salary to be earned for fiscal 2013.

Date of Payout: The date of payout to all eligible participants will be the date that the Compensation Committee of the Board of Directors approves the achievement levels of the Plan financial performance conditions for fiscal 2013, such approval expected to be decided at their scheduled meeting in March 2014.

 

2VGR-1.15.2013 8K EX 10.1

Exhibit 10.1

Vector Group Ltd.
Equity Retention and Hedging Policy

Vector Group Ltd. (the “Company”) believes in aligning the long-term interests of Executive Officers with those of stockholders.  To further that goal and to serve as an example to employees throughout the Company, the Compensation Committee has adopted this Equity Retention and Hedging Policy (the “Policy”).  

Retention of Award Shares

Until  normal retirement age, each Executive Officer shall retain at least 25% (after taxes and exercise costs) of the shares of common stock acquired by such officer under an incentive, equity or option award granted to them after January 1, 2013 (the “Award Shares”).  

This Policy applies to awards occurring after January 1, 2013, as follows:
		
	•
	Restricted Stock - Commitment applies to the net shares issued to the Executive Officer after withholding taxes.  

		
	•
	Stock Options - Commitment applies to net option shares acquired upon exercise of stock options after withholding taxes.  

Normal retirement age shall be as defined in the Company’s Supplemental Retirement Plan.  

Hedging of Award Shares
Our Executive Officers are prohibited from hedging their ownership of the Award Shares, including trading in publicly-traded options, puts, calls or other derivative instruments related to the Company’s stock.Exhibit 10.1 ERPPlanfor8K (1)

Exhibit 10.1

INTEGRATED DEVICE TECHNOLOGY, INC. 
EXECUTIVE RETENTION PLAN

		
	1.
	Purpose

The purpose of this document is to set forth the terms and conditions applicable to the Integrated Device Technology, Inc. Executive Retention Plan (the “Retention Plan”) established by the Compensation Committee of the Board of Directors of Integrated Device Technology, Inc. (the “Company”).  The Retention Plan is intended to provide a means to reinforce objectives for sustained long-term performance and value creation by awarding selected key employees of the Company with payments in Company stock under the Company’s 2004 Equity Plan (the “Equity Plan”) based on the level of achievement of pre-established performance goals during a specified performance period.  Unless otherwise defined herein, capitalized terms used herein shall have the meanings assigned to such terms in the Equity Plan.  

		
	2.
	Effective Date

This Retention Plan shall be effective upon its adoption by the  Committee or the Board.  On the Effective Date, the Committee or the Board shall specify the performance period.

		
	3.
	Administration

This Retention Plan shall be administered by the Committee in accordance with Article 12 of the Equity Plan.

		
	4.
	Participation & Eligibility

Each of the President and Chief Executive Officer’s direct reports shall be participants in the Retention Plan (each, a “Participant”).

		
	5.
	Performance Stock Units

The Retention Plan shall be implemented through the grant of Performance Stock Units to each Participant.  The Performance Stock Units will vest in two equal installments and the number of shares issuable upon vesting of the Performance Stock Units shall be determined based upon the achievement of the performance goals, in each case, as described below.  The first installment of vesting shall occur on the Determination Date (as defined below) and the second installment of vesting shall occur on the first anniversary of the Determination Date.

		
	6.
	Performance Goals

The number of shares of Company common stock issuable upon vesting of the Performance Stock Units will be based upon the achievement of two performance goals – 

Exhibit 10.1

Non-GAAP Operating Margin (the “Operating Margin Goal”) and Revenue Growth over Peer Group Median (the “Revenue Goal”).  The Committee shall specify the targets for the Operating Margin Goal and the Revenue Goal at the time Performance Stock Units are granted.  Within thirty (30) days following the Board’s review of the Company’s year-end financial statements following the end of the performance period, the Committee will review and certify the achievement of the Operating Margin Goal and the Revenue Goal and establish a factor for each (the date of such certification, the “Determination Date”).  The “Operating Margin Goal Factor” will be calculated by multiplying the percentage achievement of the Operating Margin Goal (as determined in accordance with the action awarding the Performance Stock Units) times 0.60.  The “Revenue Goal Factor” will be calculated by multiplying the percentage achievement of the Revenue Goal (as determined in accordance with the action awarding the Performance Stock Units) times 0.40.

		
	7.
	Calculation of Shares Issuable Upon Vesting of Performance Stock Units

The number of shares of Company common stock issuable upon vesting of the Performance Stock Units on each vesting date shall be calculated as follows:

(Number of Performance Stock Units)
X
(Operating Margin Goal Factor + Revenue Goal Factor)
X
(50%)

		
	8.
	General Provisions

		
	A.
	Payment of Awards – Any shares issuable upon vesting of Performance Stock Units shall be issued within thirty (30) days following the vesting date.  

		
	B.
	Employment as a Condition Precedent – No Participant shall have a right to receive Performance Stock Units or shares of Company common stock under this Retention Plan unless the Participant remains continuously employed by the Company or any of its subsidiaries, affiliates or successors through the date the Performance Stock Units vest. 

Disputes – All disputes with respect to this Retention Plan will be resolved by the Committee, whose decision will be final.

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