Document:

EXHIBIT 10.65

                                     FY2006
                           Variable Compensation Plan

                                  Richard Vogel

<PAGE>

OBJECTIVES
----------

The specific aim of the 2006 Variable Compensation Plan is to focus Sales and
Business Development on Immersion's revenue, operating profit, gross margin
goals and business objectives, and to reward achievement of those goals.

ELIGIBILITY
-----------

In addition to your base salary, you are eligible to receive quarterly payments
under Immersion's 2006 Variable Compensation Plan as set out in the attached
document titled Attachment A.

Eligibility will be subject to the review and approval of the Director of Human
Resources and both the CFO and CEO. The terms and conditions of this
Compensation Plan will supersede all prior Variable Compensation Plans with
respect to the subject matter herein.

COMMISSION ADMINISTRATION
-------------------------

The terms and conditions of this plan are effective from the beginning to the
end of the fiscal year. Immersion may cancel, suspend or revise these terms and
conditions for any reason at any time.

Payments will be made as payroll checks and will be subject to the usual
mandatory withholding of federal and state income and employment taxes. All
variable compensation payments will be paid approximately 45 days after the end
of each quarter, once the revenues have been finalized, the earnings have been
announced for that quarter, and synchronized with the next payroll period.

Nothing in this plan shall in any way diminish or limit the Company's right to
terminate the employment of any participant, at-will, at any time. All employees
of the company are employed on an "at-will" basis, which means that either the
employee or the company may terminate the relationship at any time with the
understanding that neither party has the obligation to base that decision on any
reason other than their intent not to continue the employment relationship.

For purposes of these plans, if for any reason the participant's employment with
Immersion terminates, the last day of work is defined as the last day on which
work duties are actually performed by the participant. Specifically excluded
from eligibility for commission determinations are all periods of pay in lieu of
notice, severance, or any other post-termination benefits or compensation
period.

EXECUTIVE'S DISCRETION
----------------------

The terms of the Variable Compensation Plan (VCP) do not form part of any
employee's contract of employment and no employee will have or become entitled
to any rights or damages or other compensation during or on the termination of
their employment in respect of the loss or alteration of any rights or
expectations they may have under this plan at any time. All VCP payments are at
the discretion of the executive staff, and the provisions of this plan can be
changed at any time, for any reason, including termination of the plan.

<PAGE>

VARIABLE COMPENSATION PLAN DEFINITIONS
--------------------------------------

Revenue is defined as sales that are recognizable by Immersion for the quarterly
period as reported in the quarterly audited financial statements. It is not
cash-in. Development contracts are usually recognized on a percentage complete
basis. Extended warranties and software maintenance contracts are usually
recognized over the life of the contract.

Cost of Goods Sold is the direct and allocated indirect production costs of
producing goods and services.

Gross Margin (GM) is determined by subtracting the Cost of Goods Sold (COGS)
from the actual sale price of the product. The net result is the GM.

Operating Profit (Loss) is Business Unit Operating Profit (Loss) less corporate
support costs, litigation expenses, intangible amortization and stock based
charges.

Business Unit Operating Profit (Loss) can be defined as the revenue less
departmental cost of goods sold and direct operating expenses for a business
unit. Direct operating expenses are the expenses directly charged to a business
unit including all variable compensation accruals and all allocated departmental
expenses.

MBO's can be defined as business objectives with specific milestones which must
be completed, in strict accordance with the stated terms and conditions
associated with each MBO, to the satisfaction of the GM, CFO and CEO.

Richard Vogel
-------------------------------------------               ----------------------
Name                                                      Date

/s/ Richard Vogel                                         April 18, 2006
-------------------------------------------               ----------------------
Business Unit Vice President                              Date

/s/ Stephen Ambler                                        April 19, 2006
-------------------------------------------               ----------------------
CFO                                                       Date

/s/ Victor Viegas                                         April 18, 2006
-------------------------------------------               ----------------------
CEO                                                       Date

/s/ Tino Silva                                            April 18, 2006
-------------------------------------------               ----------------------
Director of Human Resources                               Date

<PAGE>

Attachment A

VARIABLE COMPENSATION PLAN DESIGN

     Summary:

     Your commissions are paid based on actual business unit operating profit
     for the business segment of the company under your management, plus MBO's
     related to inventory and receivable levels.

     There is no cap or limit on how much commission can be earned. Commissions
     will be paid quarterly as follows:

Quarterly Gross Commissions
---------------------------

a. You will receive part of your commissions based on the 2006 Year-To-Date
(YTD) Medical Business Unit Operating Profit PRIOR to any accrual or expense
deduction for your 2006 commission.

The Medical Business Unit Operating Profit prior to any accrual or expense
deduction for your 2006 commission is multiplied by the Variable Compensation
Rate as set out below to calculate the Year-To-Date Payable Amount. The actual
payment for the quarter will be this Year-to-Date Payable Amount less all sums
paid in previous quarters, if any.

YTD Business Unit Operating Profit              Variable Compensation Rate (VCR)
----------------------------------              --------------------------------
Tier 1   $0 to $322,000                                     18.0%
Tier 2   > $322,000                                          3.0%

b. You will receive part of your commissions based on quarterly inventory levels
of the Medical Business Unit. Commission will be paid as set out below if the
Medical Business Unit gross (ie pre inventory reserve) inventory balances (as
included in the Company's financial statements) are below the following levels
at the quarter end date. No payment will be made for a quarter for this goal if
the Medical Business Unit gross inventory level is above the level set out
below.

Quarter end date           Gross inventory level          Commission payable
----------------           ---------------------          ------------------
March 31, 2006                  $2,000,000                      $6,500
June 30, 2006                   $1,850,000                      $6,500
September 30, 2006              $1,725,000                      $6,500
December 31, 2006               $1,600,000                      $6,500

c. You will receive part of your commissions based on the Medical Business
Unit's quarterly trade receivables levels as a ratio of the Medical Business
Unit's quarterly revenues, expressed in the form of Days Sales Outstanding
Levels (DSO). Commission will be paid as set out below if gross DSO is below the
following levels at the quarter end date. DSO is calculated as follows: the
Medical Business Unit's gross (pre bad debt reserve) receivable balance (as
included in the Company's financial statements), divided by the Medical Business
Unit's revenues for the quarter (as included in the Company's financial
statements), multiplied by the number of days in the quarter. No payment will be
made for a quarter for this goal if the DSO level is above the level set out
below.

Quarter end date                    DSO Level             Commission payable
----------------                    ---------             ------------------
March 31, 2006                      105 days                    $6,500
June 30, 2006                       100 days                    $6,500
September 30, 2006                  90 days                     $6,500
December 31, 2006                   85 days                     $6,500EXHIBIT 10.27

 

Shenandoah Telecommunications Company

2006 Management Compensatory Plans and Arrangements

Components of Executive Compensation 

In accordance with the Marketplace Rules of the National Association of Securities Dealers, all components of compensation for the Company’s chief executive officer and other executive officers are determined by the board of directors upon the recommendation of a majority of the Company’s directors who meet the independence requirements prescribed by those rules.  

The Company’s executive compensation program includes a base salary, annual cash bonuses and long-term incentive compensation in the form of stock option awards.  

Base Salary.  Base salaries of the Company’s executive officers are initially determined by evaluating the responsibilities of the position, the experience and knowledge of the executive, and the competitive marketplace for executive talent, including a comparison to base salaries for comparable positions at public companies considered to be in the Company’s peer group.  Base salaries for executive officers are reviewed annually by the independent directors based upon, among other things, individual performance and responsibilities.  Effective April 24, 2006, salaries for the executive officers were as follows:  Christopher E. French ($298,000), Earle A. MacKenzie ($254,000), David E. Ferguson ($165,000),  David L. Lasier, ($165,000) William L. Pirtle ($171,000),  David K. MacDonald ($167,000), Laurence F. Paxton ($149,000), Jeff Pompeo
($168,000), Jonathan Spencer ($171,000), and Nancy Stadler ($160,500).

Annual Cash Bonuses.  The Company pays annual cash bonuses to the executive officers under a cash incentive plan.  Under the cash incentive plan, each participant is assigned a “target bonus” expressed as a percentage of the participant’s regular salary.  For 2006, the target bonus for the chief executive officer of the Company is 30% of salary paid, the target bonus for the executive vice president of the Company is 25% of salary paid, and the target bonus for other executive officers is 20% of salary paid.  The maximum cash bonus payable to any executive officer in any fiscal year could be up to 200% of the target bonus.  Of the bonus amount payable to executive officers, 60% is based on the achievement of company-wide performance goals relating to net income and service measures (which include customer turnover or “churn,” and
service complaints) and 40% upon individual objectives established by management and, in the case of the chief executive officer and chief financial officer, the independent directors.  

 

 

 

 

Long-Term Incentive Compensation.  Stock option awards under the Company’s Stock Incentive Plan are based on a formula that takes into account each executive’s annual cash compensation.  

Other Compensatory Plans

The Company’s executive officers participate in the Company’s Retirement Plan, which is a noncontributory defined benefit pension plan that is qualified under Section 401 of the Internal Revenue Code, and the supplemental executive retirement plan, or SERP, which is an unfunded, nonqualified plan.  The annual pension benefit under the plans, taken together, is largely determined by the years of service multiplied by a percentage of the participant’s final earnings.

The purpose of the SERP is to provide retirement benefits in addition to those provided under the Retirement Plan.  Under the terms of the SERP, the normal form of benefits for executives who complete at least ten years of service is a monthly benefit for the life of the executive determined as follows:  50% for executives with 20 years or less of credited service, which is increased by 1% for each additional year of credited service up to a maximum of 70% with 40 years, times the executive’s final annual earnings, less the accrued monthly benefit payable at age 65 to the executive under the Retirement Plan on that date, less the executive’s estimated monthly Primary Social Security Benefit payable at age 65.

The Company’s executive officers also are eligible to participate in the Company’s 401(k) and Flexible Benefits Plans, each of which is available to all regular Company employees.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]