Document:

Exhibit 10.44

 

EXECUTION VERSION

 

FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT

THIS FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT (this “Amendment”), is made and entered into as of March 7, 2016, by and among PRIMO WATER CORPORATION, a Delaware corporation (“Parent”), PRIMO PRODUCTS, LLC, a North Carolina limited liability company (“Products”), PRIMO DIRECT, LLC, a North Carolina limited liability company (“Direct”), PRIMO REFILL, LLC, a North Carolina limited liability company (“Refill”), PRIMO ICE, LLC, a North Carolina limited liability company (“ICE”), PRIMO REFILL CANADA CORPORATION, a British Columbia, Canada corporation (“Primo Canada”; together with Parent, Products, Direct, Refill and ICE, each a “Company” and collectively, the “Companies”), THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (“Prudential”) and PICA HARTFORD LIFE INSURANCE COMFORT TRUST (“PICA” and collectively with Prudential and their successors and assigns, the “Holders”).

W I T N E S S E T H:

WHEREAS, the Companies and the Holders are parties to that certain Note Purchase Agreement, dated as of June 20, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Note Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Note Agreement), pursuant to which the Holders have purchased Notes from the Companies;

WHEREAS, the Companies have requested that the Holders amend certain provisions of the Note Agreement and, subject to the terms and conditions hereof, the Holders are willing to do so;

 

NOW, THEREFORE, for good and valuable consideration, the sufficiency and receipt of all of which are acknowledged, each Company and the Holders agree as follows:

1.         Amendments to the Note Agreement.

(a)       Section 10.3(c)(iii) of the Note Agreement is hereby amended and modified by deleting the reference to “$250,000” in such clause and inserting “$750,000” in lieu thereof.

(b)       Section 10.8(m) of the Note Agreement is hereby amended and modified by deleting the reference to “$1,000,000” in such subsection and inserting “$4,000,000” in lieu thereof.

(c)       Section 10.9 of the Note Agreement is hereby amended and modified by deleting such Section in its entirety and inserting the following in lieu thereof:

 

Section 10.9    Dividends and Distributions. Each Company will not and will not permit its Subsidiaries to declare, pay or make any dividend or distribution or payment with respect to:

 

(a)       any shares of the equity interests of any Company or any of their Subsidiaries (other than dividends or distributions payable in its equity interests permitted hereunder) or apply any of its funds, property or assets to the purchase, redemption or other retirement of any such equity interests; except, that, (i) in lieu of making tax payments directly, the Companies and their Subsidiaries may make dividends and distributions to Parent from time to time for the sole purpose of allowing Parent to, and Parent shall promptly upon receipt thereof use the proceeds thereof solely to, pay federal and state income taxes and franchise taxes solely arising out of the consolidated operations of Parent and its Subsidiaries, after taking into account all available credits and deductions; (ii) the Companies and their Subsidiaries may make dividends and distributions to any Company from time to time in respect of any equity interests owned by any Company; (iii) Parent may purchase and redeem its equity interests for the sole purpose of providing proceeds to Equity Interest Option Holders in order to permit such Equity Interest Option Holders to pay federal, state and provincial income taxes solely arising out of and relating to options and warrants owned by such Equity Interest Option Holders; provided, that, the aggregate amount of purchases and redemptions under this clause (iii) shall not exceed $3,000,000 during any fiscal year; and (iv) Parent may purchase or redeem its equity interests pursuant to a stock buyback program approved by its board of directors' provided that (A) the aggregate consideration for such purchases and redemptions in any fiscal year does not exceed (1) $7,500,000 in fiscal year 2016 and (2) $10,000,000 in any fiscal year thereafter, (B) both before and after giving pro forma effect thereto, no Default or Event of Default shall have occurred and be continuing or result therefrom, (C) after giving pro forma effect thereto, the Stock Repurchase Fixed Charge Coverage Ratio would not be less than 1.15 to 1.00 and (D) each Holder shall have received from Parent, not less than five (5) Business Days prior to such purchase or redemption, a certificate executed by a Senior Financial Officer certifying compliance with the financial covenants set forth in Section 10.6 and the Stock Repurchase Fixed Charge Coverage Ratio, together with calculations in reasonable detail of such compliance; and

(b)       any redemption, prepayment (whether mandatory or optional), defeasance, repurchase or any other payment in respect of any Subordinated Debt, or apply any of its funds, property or assets to the purchase, redemption or other retirement of any Subordinated Debt; except, that, mandatory payments may be made on Subordinated Debt to the extent expressly permitted in any subordination or intercreditor agreement executed by the Holders with respect thereto.

(d)       Schedule A of the Note Agreement is hereby amended and modified by inserting the following new definitions in the appropriate alphabetical order:

 

2

“Consolidated Stock Repurchase Fixed Charges” means, for Parent and its Subsidiaries on a consolidated basis for any period, the sum (without duplication) of (i) Consolidated Interest Expense paid in cash for such period, (ii) Capital Expenditures made during such period, excluding Capital Expenditures financed with Indebtedness or equity, (iii) income and franchise taxes paid in cash for such period and (iv) scheduled principal payments made on Indebtedness during such period, excluding scheduled principal payments financed.

“Stock Repurchase Fixed Charge Coverage Ratio” means, as of any date, the ratio of (i) (A) Consolidated EBITDA less (B) the aggregate amount of dividends, redemptions, purchases and distributions made in cash pursuant to Section 10.9(a), to (ii) Consolidated Stock Repurchase Fixed Charges, in each case measured for the four fiscal quarter period most recently ended for which financial statements have been delivered and giving pro forma effect to any dividends, redemptions, purchases and distributions being made under Section 10.9(a)(iv) in connection with the measurement of this ratio.

2.         Conditions to Effectiveness of this Amendment. Notwithstanding any other provision of this Amendment and without affecting in any manner the rights of the holders of the Notes hereunder, it is understood and agreed that this Amendment shall not become effective, and the Companies shall have no rights under this Amendment, until (x) the Holders shall have executed and delivered this Amendment and shall have  received executed counterparts to this Amendment from each Company and (y) the Holders shall have received reimbursement or payment of their reasonable out of pocket costs and expenses incurred in connection with this Amendment and the Note Agreement (including, without limitation, reasonable fees, charges and disbursements of King & Spalding LLP, counsel to the Holders).

3.         Representations and Warranties.  To induce the Holders to enter into this Amendment, each Company hereby represents and warrants to the Holder that:

(a)       Each Company has all requisite organizational power to execute and deliver this Amendment and perform its obligations hereunder.  The execution, delivery and performance of this Amendment have been duly authorized by all requisite action, and this Amendment has been duly executed and delivered by Responsible Officers of each Company and the obligations hereunder are valid obligations of each such Company, legally binding upon and enforceable against such Company in accordance with their terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

(b)       Neither the execution and delivery of this Amendment nor the transactions contemplated hereby will conflict with, or result in a breach of the terms, conditions or provisions of, or constitute a default under, or result in any violation of, or result in the creation of any Lien upon any of the properties or assets of any Company or Subsidiary pursuant to the organizational documents of any such Person, any award of any arbitrator or any agreement (including any agreement with equityholders of such Persons) or instrument to which such Person is a party, or order, judgment, decree, statute, law, rule or regulation to which such Person is subject.

 

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(c)       After giving effect to this Amendment, the representations and warranties contained in the Note Agreement and the other Note Documents are true and correct in all material respects, and no Default or Event of Default has occurred and is continuing as of the date hereof.

4.         Acknowledgment of Perfection of Security Interest. Each Company hereby acknowledges that, as of the date hereof, the security interests and liens granted to the Collateral Agent under the Note Agreement and the other Note Documents are in full force and effect, are properly perfected and are enforceable in accordance with the terms of the Note Agreement and the other Note Documents.

5.         Effect of Amendment.  Except as set forth expressly herein, all terms of the Note Agreement, as amended hereby, and the other Note Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of each Company to all holders of the Notes.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the holders of the Notes under the Note Agreement, nor constitute a waiver of any provision of the Note Agreement.  From and after the date hereof, all references to the Note Agreement shall mean the Note Agreement as modified by this Amendment.  This Amendment shall constitute a Note Document for all purposes of the Note Agreement.  Each Company reaffirms each term of the Note Agreement, as amended hereby, and the other Note Documents to which it is a party.

6.        Governing Law.   THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE INTERNAL LAW OF THE STATE OF NEW YORK, EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

7.         No Novation.  This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the Note Agreement or an accord and satisfaction in regard thereto.

8.         Costs and Expenses.  Each Company, jointly and severally, agrees to pay on demand all costs and expenses of the Holders in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the reasonable fees and out-of-pocket expenses of outside counsel for the Holders with respect thereto.

 

9.         Counterparts.  This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, each of which shall be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument.  Delivery of an executed counterpart of this Amendment by facsimile transmission or by electronic mail in pdf form shall be as effective as delivery of a manually executed counterpart hereof.

 

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10.       Binding Nature.  This Amendment shall be binding upon and inure to the benefit of the parties hereto, any other holders of Notes from time to time and their respective successors, successors-in-titles, and assigns.

11.       Entire Understanding.  This Amendment sets forth the entire understanding of the parties with respect to the matters set forth herein, and shall supersede any prior negotiations or agreements, whether written or oral, with respect thereto.

[remainder of page intentionally left blank]

 

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the date first written above.

 

	 	
COMPANIES:

	 	 
	 	
PRIMO WATER CORPORATION

	 	 	 
	 	
By:

	
/s/Mark Castaneda

	 	 	
Name: Mark Castaneda

	 	 	
Title: CFO

	 	 	 
	 	
PRIMO PRODUCTS, LLC

	 	 	 
	 	
By:

	
/s/Mark Castaneda

	 	 	
Name: Mark Castaneda

	 	 	
Title: CFO

	 	 	 
	 	
PRIMO DIRECT, LLC

	 	 	 
	 	
By:

	
/s/Mark Castaneda

	 	 	
Name: Mark Castaneda

	 	 	
Title: CFO

	 	 	 
	 	
PRIMO REFILL, LLC

	 	 	 
	 	
By:

	
/s/Mark Castaneda

	 	 	
Name: Mark Castaneda

	 	 	
Title: CFO

	 	 	 
	 	
PRIMO ICE, LLC

	 	 	 
	 	
By:

	
/s/Mark Castaneda

	 	 	
Name: Mark Castaneda

	 	 	
Title: CFO

 

[Signature Page to First Amendment to Note Agreement]

 

	 	
PRIMO REFILL CANADA CORPORATION

	 	 	 
	 	
By:

	
/s/Mark Castaneda

	 	 	
Name: Mark Castaneda

	 	 	
Title: CFO

 

[Signature Page to First Amendment to Note Agreement]

 

	 	
HOLDERS:

	 	 
	 	
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, as a Holder

	 	 	 
	 	
By:

	
/s/Ashley Dexter

	 	 	
Name:  Ashley Dexter

	 	 	
Title:  Vice President

 

[Signature Page to First Amendment to Note Agreement]

 

	 	
PICA HARTFORD LIFE INSURANCE COMFORT TRUST, as a Holder

	 	 
	 	
By:

	
The Prudential Insurance Company of America, as Grantor

	 	 	 
	 	
By:

	
/s/Ashley Dexter

	 	 	
Name:  Ashley Dexter

	 	 	
Title:  Vice President

 

[Signature Page to First Amendment to Note Agreement]EX-10.22.1

 Exhibit 10.22.1 

The Middlefield Banking Company 

Annual Incentive Plan 
 Potential
incentive award for 2016 performance: 
  

							
	 Officer
	    	 potential cash award as a percentage of
annual salary based on achievement of performance goals

	    	 minimum
	    	 midpoint
	    	 maximum

				
	 Tier 1:

[name of officer(s)]
	    	        10% of salary	    	    20% of salary	    	      30% of salary
				
	 Tier 2:

[name of officer(s)]
	    	        10% of salary	    	    15% of salary	    	      20% of salary
				
	 Tier 3:

[name of officer(s)]
	    	        7.5% of salary	    	    10% of salary	    	      12.5% of salary

 Award criteria / performance goals: 

For 2016 the performance goals and the weight assigned to each goal are – 

(1) GAAP net income for 2016 of $(confidential) (minimum), $(confidential) (midpoint), or $(confidential) (maximum)
– 60% weight, 
 (2) reduction of the classified asset coverage ratio to (confidential) (minimum), (confidential)
(midpoint), or (confidential) (maximum) – 10% weight. For this purpose classified assets means securities or loans graded substandard, doubtful, or loss, as well as other real estate owned. The classified asset coverage ratio is total
classified assets divided by the sum of Tier 1 capital and the allowance for loan and lease losses. The classified asset coverage ratio shall be determined by the Compensation Committee. The Compensation Committee’s determinations concerning
the classified asset ratio and concerning all other interpretive questions are final and binding, 
 (3) growth in total loans, of
$(confidential) (minimum), $(confidential) (midpoint), or $(confidential) (maximum) – 10% weight, 
 (4)
regulatory status – 20% weight. If this goal is achieved, the executive will be entitled to the maximum award attributable to this goal. If this goal is not achieved, this goal will account for no award. Regulatory status shall be determined by
the Compensation Committee, but it means the existence of or the vulnerability of Middlefield Banc Corp. and The Middlefield Banking Company to – 

	 	•	 	serious regulatory criticism expressed in Matters Requiring Attention1 set forth in reports of examination, 

 

	 	•	 	formal or informal regulatory enforcement action,2 

  

	 	•	 	being considered to be in troubled condition, as defined in FDIC rules at 12 C.F.R. 303.101(c),3 

 

	 	•	 	being considered not well managed, as defined in Federal Reserve Board rules at 12 C.F.R. 225.2(s),4 

 

	 	•	 	being subject to the golden parachute payment limitations of FDIC rules at 12 C.F.R. Part 359, 

  

	 	•	 	being requested or encouraged by a bank regulatory agency to withdraw an application or notice on account of the probability of the application or notice being acted upon unfavorably by the bank regulatory agency,

  

	 	•	 	being unable to take advantage of expedited processing at the holding company level because of failure to satisfy the well-capitalized criterion of 12 C.F.R. 225.14(c)(1) or the well-managed criterion of 12 C.F.R.
225.14(c)(2), or 

  

	 	•	 	being unable to take advantage of expedited processing at the bank level because of failure to satisfy the criteria of an eligible depository institution, as defined in 12 C.F.R. 303.2(r).5 

  
  

 
  
  

 

	1 	Matter Requiring Attention/Matter Requiring Board Attention (“MRA”) are issued by examiners, typically to a CAMELS 1 or 2 bank, when bank examiners find a deficiency or violation: (a) that has the
potential to become a serious problem if not addressed promptly, (b) that can be remedied with defined action, and (c) where examiners are comfortable that management has the ability and desire to address the problem successfully. Although
not enforceable, failure to successfully address the identified issues can lead to an enforcement action 

	2 	including a consent order, cease-and-desist order, formal written agreement, prompt corrective action order, memorandum of understanding, board resolutions requested by a federal or state bank regulatory agency, or
similar formal or informal regulatory enforcement actions applicable to the institution or holding company 

	3 	an institution (or holding company) is in troubled condition if it has a composite safety and soundness rating of 4 or 5, if it is subject to a formal enforcement action, or if the bank regulatory authority informs the
institution (or holding company) in writing that it is in troubled condition 

	4 	to be considered well managed the composite safety and soundness rating must be at least satisfactory and the management component rating also must be at least satisfactory 

	5 	under 12 C.F.R. 303.2(r) an eligible depository institution is one that has a composite safety and soundness rating of 1 or 2, has a CRA rating of satisfactory or better, has a compliance rating of 1 or 2, is well
capitalized, and is not subject to formal or informal regulatory enforcement 

 Serious regulatory criticism can include having or likely to have an unsatisfactory Bank Secrecy
Act or anti-money laundering rating, or having or likely to have an unsatisfactory rating for information technology. 
 For purposes of the
Annual Incentive Plan, regulatory status is determined not by actual examination ratings issued by applicable bank regulatory authorities, but is instead a judgment by the Compensation Committee of Middlefield Banc Corp.’s and The Middlefield
Banking Company’s ability to obtain prompt regulatory approval of or non-objection to regulatory applications or notice filings and the ability of Middlefield Banc Corp. and The Middlefield Banking Company to take advantage of business
opportunities, including but not limited to merger or other expansion opportunities, without significant regulatory obstacles (other than obstacles having to do with antitrust competitive considerations relating to a particular business
opportunity). 
 Assessment of performance: 

It is not necessary to achieve minimum performance or better for all goals in order to earn an incentive payment. An incentive payment is
earned as long as performance for at least one of the goals equals or exceeds the minimum level. Each performance goal is evaluated independently of the other performance goals, so an incentive payment can be earned based on achieving minimum or
better performance in one of the goals even if minimum performance is not achieved for the others. If performance for all goals is less than the minimum level, no incentive payment will be considered earned and no incentive payment will be made. If
performance for all goals instead exceeds the maximum, the maximum incentive payment will be considered earned and will be paid. The percentage achievement of the midpoint over the minimum and of the maximum over the midpoint will determine the
proportionate incentive payment earned and paid for each of the goals. The Compensation Committee of The Middlefield Banking Company has sole and absolute discretion to interpret and apply this Annual Incentive Plan statement of goals for 2016. The
Committee’s conclusions are final and binding. Net income, classified assets, Tier 1 capital, loan growth, allowance for loan and lease losses, and other financial measures will be determined by the Committee by reference to the audited,
consolidated year-end financial statements of Middlefield Banc Corp. and, in the Committee’s discretion, the quarterly Call Reports filed by The Middlefield Banking Company. 

 The following illustration is intended merely to clarify application of the performance goals and
goal weights. 
  

									
	 	  	 if actual performance is . . .
	    	 annual incentive payment earned by . .
..

	  	    	 Mr. A [tier 1 executive,
salary
$250,000]
	    	 Mr. B [tier 2 executive,
salary $175,000]
	    	 Mr. C [tier 3 executive,
salary $125,000]

					
	 net income –

60% weight
	  	at least minimum	    	 $15,000 [10% for achievement of the minimum goal, multiplied by the 60% weight, multiplied by salary]

 
	    	$10,500 [10% for achievement of the minimum goal, multiplied by the 60% weight, multiplied by salary]	    	$5,625 [7.5% for achievement of the minimum goal, multiplied by the 60% weight, multiplied by salary]
	  	 between minimum
 and midpoint
	    	 in proportion to the percentage achievement of the midpoint over the minimum

 
	    	in proportion to the percentage achievement of the midpoint over the minimum	    	in proportion to the percentage achievement of the midpoint over the minimum
	  	midpoint	    	 $30,000 [20% for achievement of the midpoint goal, multiplied by the 60% weight, multiplied by salary]

 
	    	$15,750 [15% for achievement of the midpoint goal, multiplied by the 60% weight, multiplied by salary]	    	$7,500 [10% for achievement of the midpoint goal, multiplied by the 60% weight, multiplied by salary]
	  	 between midpoint
 and maximum
	    	 in proportion to the percentage achievement of the maximum over the midpoint

 
	    	in proportion to the percentage achievement of the maximum over the midpoint	    	in proportion to the percentage achievement of the maximum over the midpoint
	  	maximum or better	    	 $45,000 [30% for achievement of the maximum goal, multiplied by the 60% weight,
multiplied by salary]
  
	    	$21,000 [20% for achievement of the maximum goal, multiplied by the 60% weight, multiplied by salary]	    	$9,375 [12.5% for achievement of the maximum goal, multiplied by the 60% weight, multiplied by salary]
	 classified asset

coverage ratio –
 10% weight
	  	  
 at least minimum
	    	  
 $2,500 [10% for achievement of the minimum goal,
multiplied by the 10% weight, multiplied by salary]
  
	    	  
 $1,750 [10% for achievement of the minimum goal,
multiplied by the 10% weight, multiplied by salary]
	    	  
 $938 [7.5% for achievement of the minimum goal,
multiplied by the 10% weight, multiplied by salary]

	  	 between minimum
 and midpoint
	    	 in proportion to the percentage achievement of the midpoint over the minimum

 
	    	in proportion to the percentage achievement of the midpoint over the minimum	    	in proportion to the percentage achievement of the midpoint over the minimum
	  	midpoint	    	 $5,000 [20% for achievement of the midpoint goal, multiplied by the 10% weight, multiplied by salary]

 
	    	$2,625 [15% for achievement of the midpoint goal, multiplied by the 10% weight, multiplied by salary]	    	$1,250 [10% for achievement of the midpoint goal, multiplied by the 10% weight, multiplied by salary]
	  	 between midpoint
 and maximum
	    	 in proportion to the percentage achievement of the maximum over the midpoint

 
	    	in proportion to the percentage achievement of the maximum over the midpoint	    	in proportion to the percentage achievement of the maximum over the midpoint
	  	maximum or better	    	 $7,500 [30% for achievement of the maximum goal, multiplied by the 10% weight,
multiplied by salary]
  
	    	$3,500 [20% for achievement of the maximum goal, multiplied by the 10% weight, multiplied by salary]	    	$1,563 [12.5% for achievement of the maximum goal, multiplied by the 10% weight, multiplied by salary]
					
	 loan growth –
 10%
weight
	  	at least minimum	    	 $2,500 [10% for achievement of the minimum goal, multiplied by the 10% weight, multiplied by salary]

 
	    	$1,750 [10% for achievement of the minimum goal, multiplied by the 10% weight, multiplied by salary]	    	$938 [7.5% for achievement of the minimum goal, multiplied by the 10% weight, multiplied by salary]
	  	 between minimum
 and midpoint
	    	 in proportion to the percentage achievement of the midpoint over the minimum

 
	    	in proportion to the percentage achievement of the midpoint over the minimum	    	in proportion to the percentage achievement of the midpoint over the minimum
		  	midpoint	    	 $5,000 [20% for achievement of the midpoint goal, multiplied by the 10% weight, multiplied by salary]

 
	    	$2,625 [15% for achievement of the midpoint goal, multiplied by the 10% weight, multiplied by salary]	    	$1,250 [10% for achievement of the midpoint goal, multiplied by the 10% weight, multiplied by salary]

									
	 	  	 if actual performance is . . .
	    	 annual incentive payment earned by . .
..

	  	    	 Mr. A [tier 1 executive,
salary
$250,000]
	    	 Mr. B [tier 2 executive,
salary $175,000]
	    	 Mr. C [tier 3 executive,
salary $125,000]

		  	between midpoint and maximum	    	 in proportion to the percentage achievement of the maximum over the midpoint

 
	    	in proportion to the percentage achievement of the maximum over the midpoint	    	in proportion to the percentage achievement of the maximum over the midpoint
	 	  	maximum or better	    	 $7,500 [30% for achievement of the maximum goal, multiplied by the 10% weight,
multiplied by salary]
  
	    	$3,500 [20% for achievement of the maximum goal, multiplied by the 10% weight, multiplied by salary]	    	$1,563 [12.5% for achievement of the maximum goal, multiplied by the 10% weight, multiplied by salary]
	  
 regulatory status –

20% weight
	  	  
 did not achieve goal
	    	  
 0

 
	    	  
 0
	    	  
 0

	  	achieved goal	    	$15,000 [30% for achievement of the goal, multiplied by the 20% weight, multiplied by salary]	    	$7,000 [20% for achievement of the goal, multiplied by the 20% weight, multiplied by salary]	    	$3,125 [12.5% for achievement of the goal, multiplied by the 20% weight, multiplied by salary]

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