Document:

Exhibit 10.1

 

Summary of 2010 Management Incentive Plan

 

The
2010 management incentive plan (the “Plan”) of Heelys, Inc. (the “Company”)
is not formalized in any definitive plan document.  Set forth below is a summary of the material
provisions of the Plan, as adopted by the Board of Directors of the Company
(the “Board”).  These provisions serve as
the criteria for payments of cash bonuses to the Company’s executive officers
for service in fiscal 2010.

 

The
Plan assigns a specific target bonus to each participant.  The target bonus for the Company’s Chief
Executive Officer is 50% of his base salary, and the target bonus for the
Company’s Chief Financial Officer is 30% of his base salary.

 

Under
the Plan, bonus payout amounts generally will be a percentage of each
participant’s respective target bonus, and will vary depending on the Company’s
financial performance during fiscal 2010. 
The Plan divides the Company’s financial performance into three
levels:  At the “threshold” level, the
participant will be eligible for 50% of his target bonus; at the “target”
level, the participant would be eligible for 100% of his target bonus; and at
the “maximum” level, the participant would be eligible for 200% of his target
bonus.  Bonus payout opportunities at
each level (i.e., threshold, target, and maximum) are based 25% on the Company’s
net revenue and 75% on its profit before tax. 
The Board may, in its discretion, adjust the payout opportunities at
each level to exclude one-time, non-operating items that may occur during
fiscal 2010.

 

All
bonus payout amounts are subject to prior approval by the Board.  The Board retains discretion to vary the
bonus payout amounts up to 20% (higher or lower), based on its subjective
assessment of the participant’s performance and contribution to achieving the
Company’s financial performance level. 
Each bonus payout amount will be made in a single, lump sum payment
during the period commencing January 1, 2011 and ending March 15,
2011 and is conditioned on the recipient being employed by the Company on the
bonus payment date.

 

The
amounts payable under the Plan are not determinable at present.  However, if, during fiscal 2010, the Company’s
financial performance reaches the threshold level, the maximum bonuses
available to our Chief Executive Officer (Thomas C. Hansen) and Chief Financial
Officer (Craig D. Storey), will be $107,500 and $30,000, respectively.  If the Company’s financial performance
reaches the target level, the maximum bonuses available to Messrs. Hansen
and Storey will be $215,000 and $60,000, respectively.  If the Company reaches the maximum level, the
maximum bonuses available to Messrs. Hansen and Storey will be $430,000
and $120,000, respectively.  All of the
foregoing amounts are before the discretionary subjective assessment that the
Board may make — which can vary the bonus payment amounts — up to 20% higher or
lower.Exhibit
10.1

 

AMENDMENT NO.1

TO THE

2005 OMNIBUS STOCK AND INCENTIVE PLAN

FOR

THOMAS GROUP, INC.

 

Thomas
Group, Inc., a Delaware corporation (the “Company”), hereby adopts the
following Amendment No.1 to the 2005 Omnibus Stock and Incentive Plan for Thomas
Group, Inc. (this “Amendment”), effective August 13, 2010 (the “Effective
Date”).

 

WHEREAS,
on December 20, 2005, the Board of Directors of the Company (the “Board”)
adopted the 2005 Omnibus Stock and Incentive Plan for Thomas Group, Inc.
(the “Plan”), subject to approval of the Stockholders of the Company, which
approval was obtained on December 12, 2006; and

 

WHEREAS,
effective as of the Effective Date, the Company has effected a reverse stock
split of the Company’s Common Stock, par value $.01 per share (“Common Stock”),
at a ratio of one-for-five shares (the “Reverse Stock Split”), pursuant to the
authority granted to the Board by the Stockholders of the Company at the
Company’s 2010 Annual Meeting of Stockholders; and

 

WHEREAS,
the Board desires to amend the Plan to adjust the number of shares of Common
Stock reserved for issuance under the Plan in order to reflect the Reverse
Stock Split, as contemplated by Section II of the Plan; and

 

WHEREAS,
the Board has the power to amend the Plan pursuant to Section 21 thereof,
and the Board has approved this Amendment and authorized it for execution on
behalf of the Company;

 

NOW,
THEREFORE, the Plan is hereby amended as follows:

 

1.                                       Amendment.
Section 3 of the Plan is hereby deleted it in its entirety and replaced
with the following:

 

“3.                                 Award of
Reserved Shares.

 

(a) The
number of Reserved Shares is Two Hundred Thousand (200,000) Shares. To the
extent any Award shall terminate, expire or be canceled, the Reserved Shares
subject to such Award (or with respect to which the Award is measured), shall
remain Reserved Shares. Where an Award is settled on a basis other than the
issuance of Reserved Shares, the Reserved Shares which measured the amount of
such Award settlement shall be canceled and no longer considered Reserved
Shares.

 

(b) Notwithstanding
any provision in this Plan to the contrary, in order to insure that Performance
Awards are performance-based compensation within the meaning of Section 162(m) of
the Code, no person whose compensation may be subject to the limitations on
deductibility under Section 162(m) of the Code shall be eligible for
a grant during a single calendar year of an Award with respect to, or measured
by, more than One Hundred Forty Thousand (140,000) Reserved Shares. The
limitation under this Section 3(b) shall be construed so as to comply
with the requirements of Section 162(m) of the Code.”

 

2.                                       Defined Terms.
Unless otherwise stated herein, each capitalized term used in this Amendment
shall have the same meaning as provided for such capitalized term in the Plan.
From and after the date hereof, all references in the Plan, as amended by this
Amendment, to the “Plan” shall mean the Plan, as amended by this Amendment.

 

3.                                       Ratification.
As expressly amended by this Amendment, the Plan shall continue in full force
and effect in accordance with its terms and is hereby confirmed and ratified in
all respects.

 

IN WITNESS WHEREOF, the
Company has caused this Amendment to be executed by a duly authorized officer
on October 11, 2010, to be effective as of the Effective Date.

 

	
  Effective
  Date: August 13, 2010

  	
   

  	
  /s/ FRANK W. TILLEY

  
	
   

  	
   

  	
  Frank W. Tilley

  
	
   

  	
   

  	
  Chief Financial Officer and Vice President

  
	
   

  	
   

  	
  Principal Financial OfficerExhibit
10.2

 

AMENDMENT NO.1

TO THE 2008 OMNIBUS STOCK AND INCENTIVE PLAN

FOR

THOMAS GROUP, INC.

 

Thomas
Group, Inc., a Delaware corporation (the “Company”), hereby adopts the
following Amendment No. I to the 2008 Omnibus Stock and Incentive Plan for
Thomas Group, Inc. (this “Amendment”), effective August 13, 2010 (the
“Effective Date”).

 

WHEREAS,
on March I, 2008, the Board of Directors of the Company (the “Board”)
adopted the 2008 Omnibus Stock and Incentive Plan for Thomas Group, Inc.
(the “Plan”), subject to approval of the Stockholders of the Company, which
approval was obtained on June 26, 2008; and

 

WHEREAS,
effective as of the Effective Date, the Company has effected a reverse stock
split of the Company’s Common Stock, par value $.01 per share (“Common Stock”),
at a ratio of one-for-five shares (the “Reverse Stock Split”), pursuant to the
authority granted to the Board by the Stockholders of the Company at the
Company’s 2010 Annual Meeting of Stockholders; and

 

WHEREAS,
the Board desires to amend the Plan to adjust the number of shares of Common
Stock reserved for issuance under the Plan in order to reflect the Reverse
Stock Split, as contemplated by Section II of the Plan; and

 

WHEREAS,
the Board has the power to amend the Plan pursuant to Section 21 thereof,
and the Board has approved this Amendment and authorized it for execution on
behalf of the Company;

 

NOW,
THEREFORE, the Plan is hereby amended as follows:

 

1                                          Amendment. Section 3
of the Plan is hereby deleted it in its entirety and replaced with the
following:

 

“3.                                 Award of
Reserved Shares.

 

(a)                                  The number of Reserved
Shares is Two Hundred Thousand (200,000) Shares. To the extent any Award shall
terminate, expire or be canceled, the Reserved Shares subject to such Award (or
with respect to which the Award is measured), shall remain Reserved Shares.
Where an Award is settled on a basis other than the issuance of Reserved
Shares, the Reserved Shares which measured the amount of such Award settlement
shall be canceled and no longer considered Reserved Shares.

 

(b)                                 Notwithstanding any
provision in this Plan to the contrary, in order to insure that Performance
Awards are performance-based compensation within the meaning of Section 162(01)
of the Code, no person whose compensation may be subject to the limitations on
deductibility under Section 162(m) of the Code shall be eligible for
a grant during a single calendar year of an Award with respect to, or measured
by, more than One Hundred Forty Thousand (140,000) Reserved Shares. The
limitation under this Section 3(b) shall be construed so as to comply
with the requirements of Section 162(01) of the Code.”

 

2.                                       Defined Terms.
Unless otherwise stated herein, each capitalized term used in this Amendment
shall have the same meaning as provided for such capitalized term in the Plan.
From and after the date hereof, all references in the Plan, as amended by this
Amendment, to the “Plan” shall mean the Plan, as amended by this Amendment.

 

3.                                       Ratification.
As expressly amended by this Amendment, the Plan shall continue in full force
and effect in accordance with its terms and is hereby confirmed and ratified in
all respects.

 

IN WITNESS WHEREOF, the
Company has caused this Amendment to be executed by a duly authorized officer
on October 11 2010, to be effective as of the Effective Date.

 

	
  Effective
  Date: August 13, 2010

  	
   

  	
  /s/ FRANK W. TILLEY

  
	
   

  	
   

  	
  Frank W. Tilley

  
	
   

  	
   

  	
  Chief Financial Officer and Vice President

  
	
   

  	
   

  	
  Principal Financial Officer

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