Document:

exv10w16

 

EXHIBIT 10.16

PLUMTREE SOFTWARE, INC.

2004 EMPLOYEE BONUS PLAN

1. EFFECTIVE DATE; PURPOSE OF THE PLAN

     1.1 Effective Date. Plumtree Software, Inc. and its wholly-owned
subsidiaries (the “Company”) adopted the 2004 Employee Bonus Plan (the “Plan”)
effective as of January 1, 2004.

     1.2 Purpose. The purpose of the Plan is to increase stockholder value and
promote the success of the Company by ensuring that the efforts of key
employees are aligned with Company strategy and vision. By providing incentive
compensation for key employees, the Plan will enable the Company to attract,
retain and reward critical skills and high performing employees, thereby
leveraging and sustaining the Company’s competitive advantages.

2. ADMINISTRATION OF THE PLAN

     2.1 Administrator. The Plan will be administered by the Company’s Board
of Directors (the “Board,” and the “Plan Administrator”); provided, however,
that the Board may delegate to any officer or officers of the Company the
responsibility (in whole or in part) for Plan administration.

     2.2 Powers of the Administrator. The interpretation and construction of
the Plan and the adoption of rules and regulations for administering the Plan
will be made by the Plan Administrator. The Plan Administrator will have all
powers and discretion necessary or appropriate to administer the Plan and to
control its operation, including, but not limited to, the power to (1)
determine which employees will be granted bonuses, (2) prescribe the terms and
conditions of bonuses, (3) interpret the Plan and the bonuses, (4) adopt rules
for the administration, interpretation and application of the Plan as are
consistent therewith, and (5) interpret, amend or revoke any such rules.
Decisions of the Plan Administrator will be final and binding on all parties
who have an interest in the Plan.

     2.3 Modification, Suspension and Termination. The Company reserves the
right to modify, amend, suspend or terminate the Plan at any time and for any
reason. The amendment, suspension or termination of the Plan will not, without
the consent of any participant, alter or impair any rights or obligations under
any bonus already earned. No bonus may be awarded during any period of
suspension or after termination of the Plan.

3. DETERMINATION OF PARTICIPANTS

     3.1 Eligible Individuals. An individual employed by the Company who has
been notified by the Company’s HR department will be eligible to participate in
the Plan. Notwithstanding the foregoing, an individual will not be eligible to
participate in the Plan if the individual is on another incentive compensation
plan (including, but not limited to, a Company sales commission plan).
Individuals designated as participants will be referred to as “Participants.”

     3.2 Termination of Employee Status. For purposes of the Plan, and unless
otherwise determined by the Plan Administrator it its discretion, an individual
will be considered an employee for so long as such individual remains employed,
on a full-time basis by the Company.

4. DETERMINATION OF AWARDS

     4.1 Amount of Target Bonus. The Plan Administrator will determine each
Participant’s target bonus; provided, however, that the total amount of all
target bonuses may not exceed an amount determined by the Plan Administrator.

 

 

     4.2 Performance Goals. A portion (as determined by Plan Administrator) of
a target bonus will be earned by achieving individual or team goals (the
“Individual Performance Portion”). The remaining portion of a target bonus
will be earned if the Company meets Company-specific performance objectives
(the “Company Performance Portion”). The allocation of the target bonus among
the Individual Performance Portion and Company Performance Portion may be
established by the Plan Administrator for all eligible Participants or
individually for certain Participants.

          (a) Individual Performance Portion. Every Participant will develop and
establish quarterly goals in conjunction with the Participant’s manager. The
goals, recommended to be between three and five in number, must be approved by
the Participant’s manager, who will assign relative weights to each goal.

          (b) Company Performance Portion. Annual Company goals, based on revenue
and earnings per share and other criteria as may be determined by the Plan
Administrator will be set by the Plan Administrator; provided, however, that no
Company goal will be deemed achieved if pro-forma earnings per share is less
than an amount set by the Company at the beginning of each year. Company goals
may be amended or modified at any time (including the minimum threshold on
pro-forma earnings per share).

5. PAYMENT OF AWARDS

     5.1 Individual Performance Portion. The Individual Performance Portion of
a target bonus will be earned on a quarterly basis, based on the Participant’s
achievement of his or her specified goals and the weightings assigned to each
goal. A Participant must achieve a weighted average of at least 50% of his or
her quarterly goals, as determined by and in the discretion of the
Participant’s manager, to earn a payment. A Participant may earn no more than
100% of the Individual Performance Portion of his or her target bonus as a
result of meeting or exceeding individual goals.

     5.2 Company Performance Portion. The Company Performance Portion of a
target bonus will be earned on an annual basis, subject to the Company meeting
the performance criteria established by the Plan Administrator pursuant to
Section 4.2(b). A Participant may be entitled to payments in excess of target
bonus amounts if the Company’s performance exceeds targets. A Participant must
average at least a 50% rating with respect to his or her individual goals (over
the course of the annual Company performance period) to be eligible to receive
the Company Performance Portion.

     5.3 Pro-Rata Eligibility. Participants who become eligible during a
quarter must be employed for at least two (2) months during the quarter to
receive a quarterly bonus. Quarterly bonuses (the Individual Performance
Portion) will be pro-rated based on the amount of time the Participant was
bonus-eligible during the quarter. In addition, Participants who become
eligible during the annual period during which Company performance is measured
must have been an eligible individual for at least six (6) months prior to the
end of the annual period to receive an annual bonus. Annual bonuses (the
Company Performance Portion) will be pro-rated based on the amount of time the
Participant was bonus-eligible during the annual period.

     5.4 Timing and Form of Payment. Bonuses will be paid as soon as
administratively practicable after the end of the applicable period (quarterly
or annually). A Participant must be employed on the last day of the applicable
period to receive a payment. Payment will be made by payroll check, which is
separate from the Participant’s regular payroll check, and will be subject to
applicable federal, state and local tax withholding. Notwithstanding anything
in the Plan to the contrary, the Plan Administrator, in its sole discretion,
may decide at any time and for any reason, on a per-Participant basis, that
bonuses may be reduced or no bonuses will be paid.

6. GENERAL PROVISIONS

     6.1 Funding Obligations. No amounts awarded or accrued under this Plan
will actually be funded, set aside or otherwise segregated prior to payment.
The obligation to pay bonuses will at all times be an unfunded and unsecured
obligation of the Company. Participants will have the status of general
creditors and may look solely to the general assets of the Company for the
payment of their bonuses.

 

 

     6.2 Transferability. No Participant will have the right to alienate,
pledge or encumber his or her interest in this Plan, and such interest will not
(to the extent permitted by law) be subject in any way to the claims of the
Participant’s creditors or to attachment, execution or other process of law.

     6.3 Beneficiaries. A Participant may designate a beneficiary to receive
any bonuses earned up to the time of death. If such designation is not made,
the beneficiary named for regular employee benefit plans will be deemed to be
the name beneficiary.

     6.4 Continuing Employment Status. Neither the action of the Company in
establishing the Plan, nor any action taken under the Plan by the Plan
Administrator, nor any provision of the Plan itself will be construed to grant
any Participant the right to remain in the employ of the Company for any period
of specific duration. Each eligible employee will remain an “at-will”
employee, which means that either such eligible employee or the Company may
terminate the employment relationship at any time for any reason, with or
without cause.

     6.5 Integration. The Plan will be the full and complete agreement between
the eligible employees and the Company on the terms described herein.

     6.6 Validity. In the event any provision of the Plan is held illegal or
invalid for any reason, the illegality or invalidity will not affect the
remaining parts of the Plan, and the Plan will be construed and enforced as if
the illegal or invalid provision had not been included.

     6.7 Applicable Law. The granting of bonuses under the Plan will be
subject to all applicable laws, rules and regulations, and to such approvals by
any governmental agencies or national securities exchanges as may be required.
The Plan and all bonuses will be construed in accordance with and governed by
the laws of the State of California, without regard to the conflict of law
provisions.exv10w17

 

EXHIBIT 10.17

PLUMTREE SOFTWARE, INC.

2004 OUTSIDE DIRECTOR STOCK IN LIEU OF FEES PLAN

     1. Purposes of the Plan. The purpose of this 2004 Outside Director Stock
In Lieu of Fees Plan is to help align the interests of Outside Directors of the
Company with the interests of the Company’s stockholders by providing
additional means for Outside Directors to increase their ownership of Company
Common Stock.

     2. Definitions. As used herein, the following definitions shall apply:

          (a) “Board” means the Board of Directors of the Company.

          (b) “Code” means the Internal Revenue Code of 1986, as amended.

          (c) “Common Stock” means the common stock of the Company.

          (d) “Company”
means Plumtree Software, Inc., a Delaware corporation.

          (e) “Director” means a member of the Board.

          (f) “Employee” means any person employed by the Company
or any Parent or Subsidiary of the Company.

          (g) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          (h) “Fair Market Value” means, as of any date, the
value of Common Stock determined as follows:

                         (i) If the Common Stock is listed on any established stock exchange or a
national market system, including without limitation the Nasdaq National Market
or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value
shall be the closing sales price for such stock (or the closing bid, if no
sales were reported) as quoted on such exchange or system for the market
trading day on the time of determination (or if that is not a trading day, the
most recently concluded trading day) as reported in The Wall Street Journal or
such other source as the Administrator deems reliable;

                         (ii) If the Common Stock is regularly quoted by a recognized securities
dealer but selling prices are not reported, the Fair Market Value of a Share of
Common Stock shall be the mean between the high bid and low asked prices for
the Common Stock for the market trading day on the time of determination (or if
that is not a trading day, the most recently concluded trading day), as
reported in The Wall Street Journal or such other source as the Board deems
reliable; or

	 	(iii)	 	In the absence of an established
market for the Common Stock, the Fair Market Value
thereof shall be determined in good faith by the
Board.

          (i) “Outside Director” means a Director who is not an Employee.

          (j) “Parent” means a “parent corporation,” whether now
or hereafter existing, as defined in Section 424(e) of the
Code.

 

 

          (k) “Plan” means this 2004 Outside Director Stock In Lieu of Fees Plan.

          (l) “Share” means a share of the Common Stock, as
adjusted in accordance with Section 8 of the Plan.

          (m) “Subsidiary” means a “subsidiary corporation,” whether now or
hereafter existing, as defined in Section 424(f) of the Internal Revenue Code
of 1986.

     3. Stock Subject to the Plan. Subject to the provisions of Section 8 of
the Plan, the maximum aggregate number of Shares which may be sold under the
Plan is 250,000 Shares (the “Pool”). The Shares may be authorized, but
unissued, or reacquired Common Stock.

     4. Eligibility. Only Outside Directors may participate in the Plan. The
Plan shall not confer upon any Outside Director any right with respect to
continuation of service as a Director or nomination to serve as a Director, nor
shall it interfere in any way with any rights which the Director, the Company
or the Company’s stockholders may have to terminate the Director’s relationship
with the Company.

     5. Elections to Receive Stock In Lieu of Cash.

          (a) Election Procedure. Each Outside Director may elect to forego receipt
of all or a portion of the annual retainer, committee fees and meeting fees
otherwise due to the Outside Director in a specific calendar quarter in
exchange for Common Stock under this Plan. The number of Shares received by
any Outside Director shall equal the amount of foregone cash compensation
divided by the Fair Market Value of a Share on the last market trading day of
the calendar quarter in respect of which the cash compensation otherwise would
have been paid to the Outside Director, rounded down to the nearest whole
Share, with the dollar amount of any fractional shares to be credited to the
Outside Director’s next purchase under the Plan. Outside Directors may
participate by submitting a written or electronic election to the Chief
Financial Officer of the Company, in such form as the Company determines, at
least three months prior to the beginning of the calendar quarter to which the
election relates.

          (b) Standing Elections; Modification or Termination. Outside Directors
may submit standing written or electronic elections to apply to subsequent
calendar quarters (following the calendar quarter to which their initial
election relates), of up to two years’ duration. These standing elections may
only be modified or terminated by means of submitting a written or electronic
election to the Chief Financial Officer, in such form as the Company
determines, at least three months prior to the beginning of the calendar
quarter to which the modification or termination relates.

          (c) Insider Information. Any elections made by an Outside Director
hereunder shall be made (i) during an open trading window when the Outside
Director is not in possession of material non-public information, and (ii) in
accordance with the Company’s Insider Trading Policy.

          (d) Share Shortfalls. In the event that any election under the Plan would
cause the number of Shares required to be issued under the Plan to exceed the
Pool, then Outside Directors’ outstanding irrevocable elections shall be
disregarded, as determined by the Company in an equitable manner, to avoid
exceeding the Pool. No further elections shall be made or shall be valid until
such time, if any, as additional Shares become available for purchase under the
Plan.

     6. Term of Plan. The Plan shall become effective upon its adoption by the
Board. It shall continue in effect for a term of ten (10) years unless sooner
terminated under Section 9 of the Plan.

     7. Share Ownership. Until the issuance (as evidenced by the appropriate
entry on the books of the Company or of a duly authorized transfer agent of the
Company) of the stock certificate or authorization of a brokerage entry
evidencing such Shares, no right to vote or receive dividends or any other
rights as a shareholder shall exist with respect to Shares purchased hereunder.
A share certificate or authorized brokerage account entry for the number of

 

 

Shares so acquired shall be issued or made to the Optionee or to his or
her designated brokerage account as soon as practicable after the purchase
date. No adjustment shall be made for a dividend or other right for which the
record date is prior to the date the stock certificate is issued or authorized
brokerage account entry made.

     8. Adjustments Upon Changes in Capitalization. The number of shares of
Common Stock which have been authorized for issuance under the Plan shall be
proportionately adjusted for any increase or decrease in the number of issued
shares of Common Stock resulting from a stock split, reverse stock split, stock
dividend, combination or reclassification of the Common Stock, or any other
increase or decrease in the number of issued shares of Common Stock effected
without receipt of consideration by the Company; provided, however, that
conversion of any convertible securities of the Company shall not be deemed to
have been “effected without receipt of consideration.”

     9. Amendment and Termination of the Plan. The Board may at any time amend,
alter, suspend, or discontinue the Plan.

     10. Conditions Upon Issuance of Shares. Shares shall not be issued
hereunder unless the issuance and delivery of Shares pursuant hereto shall
comply with all relevant provisions of law, including, without limitation, the
Securities Act of 1933, as amended, the Exchange Act, the rules and regulations
promulgated thereunder, state securities laws, and the requirements of any
stock exchange upon which the Shares may then be listed, and shall be further
subject to the approval of counsel for the Company with respect to such
compliance.

     As a condition to a purchase hereunder, the Company may require the
Outside Director to represent and warrant at the time of any such purchase that
the Shares are being purchased only for investment and without any present
intention to sell or distribute such Shares, if, in the opinion of counsel for
the Company, such a representation is required by any of the aforementioned
relevant provisions of law.

     Inability of the Company to obtain authority from any regulatory body
having jurisdiction, which authority is deemed by the Company’s counsel to be
necessary to the lawful issuance and sale of any Shares hereunder, shall
relieve the Company of any liability in respect of the failure to issue or sell
such Shares as to which such requisite authority shall not have been obtained.

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