Document:

ex10_1.htm

    

    First
Amendment to

    Amended
and Restated

    Senior
Executive Agreement

    

    

    RECITALS

    

    On Assignment, Inc. (the “Company”) and Peter Dameris
(“Executive”) have
entered into an Amended and Restated Senior Executive Agreement dated December
11, 2008 (the “Employment
Agreement”).  The Company and Executive desire to amend certain
provisions of the Employment Agreement pursuant to this First Amendment to the
Amended and Restated Senior Executive Agreement (the “Amendment”), dated March 19,
2009.  For good and valuable consideration, receipt of which is hereby
acknowledged by both the Company and Executive, the Company and Executive hereby
amend the Employment Agreement as follows:

    

    AMENDMENT

    

    
      1.    
Section
1(b)(i) of the Employment Agreement is deleted and replaced in its entirety by
the following:

    

     

    
          (b)       Salary, Bonus and
Benefits.

    

     

    (i)           Salary
and Bonus. During the Service Term,
effective from and after August 1, 2006, the Company will pay Executive a base
salary (the “Annual
Base Salary”)
as the Board may designate from time to time, at the rate of not less than
$635,250 per annum; provided,
however, that
the Annual Base Salary shall be subject to review annually (beginning in the
third quarter of each fiscal year of the Company) by the Board for upward
increases thereon.  With respect to calendar year 2006 and
thereafter during the Service Period, Executive will be eligible to receive an
annual bonus in an amount of up to 120% of Executive’s Annual Base Salary for
each fiscal year, as determined by the Compensation Committee of the Board of
Directors (the “Compensation
Committee”) based upon the Company’s achievement of budgetary and other
objectives set by the Compensation Committee after review of a financial
performance plan that is prepared by Executive and recommended to the
Compensation Committee.  With respect to calendar years 2006, 2007 and
2008, such annual bonus opportunity shall be comprised of (A) a 60% bonus
opportunity applicable to achievement of plan targets that are a combination of
targets for revenue and EBITDA (“Component A”), and (B) an
additional 60% bonus opportunity (thereby making the total bonus opportunity
120% of Executive’s Annual Base Salary) for performance exceeding plan targets
based upon revenue and EBITDA performance (“Component B”).  With
respect to calendar year 2009, such annual bonus opportunity shall be comprised
of three separate, stand-alone bonus opportunities: (1) a  bonus
opportunity equal to 60% of Executive’s Annual Base Salary applicable to
achievement of an EBITDA target (“Bonus
A”), (2) a bonus opportunity of up to 42% of Executive’s Annual Base
Salary based on the Company’s attainment of an operating margin (defined as a
percentage expression of operating income plus interest, taxes, amortization,
depreciation and FAS 123(r) expense) within a range constituting ninety percent
(90%) to one hundred percent (100%) of an established operating margin target
(“Bonus
B”), and (3) a bonus opportunity of up to 18% of Executive’s Annual Base
Salary (with the exact amount between 0 and 18% to be determined in the
discretion of the Committee) based on the Company
attaining a specified cash generation target 

    
      
        
          

           

        

         

      

      
         

        
          

        

      

      
         

      

    

    and/or the Company entering into
an amendment to the existing credit facility, on terms acceptable to the
Board of Directors
of the Company (“Bonus
C”). Within 90 days of the
beginning of each calendar year during the Service Period, the Compensation
Committee will determine, after consultation with Executive, the targets
applicable to Executive based on the Company’s performance
plan.  All performance plan targets will be defined in terms
that exclude the effects of any nonrecurring charges, including without
limitation, charges related to goodwill write-offs, acquisitions, dispositions
or changes in accounting treatment.  The annual bonus, if any, shall
be due and payable to Executive, in cash, on or prior to March 15th of the
year immediately following that in which such annual bonus is earned (for the
avoidance of doubt, this deadline is intended to comply with the “short-term
deferral” exemption from the application of Section 409A).

    

    

    ******************

    

    The modifications to the Employment
Agreement contained in this Amendment shall, except as expressly provided
otherwise herein, take effect from and after the date of this
Amendment.  Except as expressly provided herein, all terms and
conditions of the Employment Agreement shall remain in full force and
effect.

    

    

    

    [SIGNATURE
PAGE FOLLOWS]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN WITNESS WHEREOF, Executive
and the Company have executed this Amendment as of the date first above
written.

     

    
      
        	 	EXECUTIVE	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/Peter
      Dameris	 
	 	 	PETER
      DAMERIS	 
	 	 	 	 
	 	 	 	 

      

    

    
      
        	 	ON ASSIGNMENT,
      INC.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/Jonathan
      Holman      	 
	 	 	JONATHAN
      HOLMAN	 
	 	 	Its:  CHAIRMAN
      OF COMPENSATION COMMITTEEex10_3.htm

    

    2009 CEO ANNUAL INCENTIVE
AWARD TARGETS

    

    The
following sets forth On Assignment, Inc.’s (the “Company”) annual incentive
awards (the “Bonus Program”) for Mr. Peter Dameris, the Company’s President and
Chief Executive Officer with respect to 2009 performance.  All awards
pursuant to this Bonus Program are granted under the On Assignment, Inc.
Restated 1987 Stock Option Plan (as Amended and Restated April 7, 2006) (the
“Plan”) and any awards made pursuant to Bonus Plan A and/or Bonus Plan B are
intended by the  Company’s Compensation Committee (the “Committee”) to
constitute “Performance or Annual Incentive Awards” under the Plan and
“qualified performance-based compensation” (“QPBC”) for purposes of Internal
Revenue Code Section 162(m) (“Section 162(m)”).  The Committee is
comprised solely of two or more “outside directors” within the meaning of
Section 162(m).  The Committee is establishing the performance goals
contained herein within the first ninety days of the 2008 performance period
applicable to the awards under this Bonus Program.

    

    Each
determination provided for in the Plan and/or the Bonus Program shall be made by
the Committee under such procedures as may from time to time be prescribed by
the Committee and shall be made in the sole discretion of the Committee,
consistent with the requirements applicable to QPBC under Section
162(m).   Any such determinations shall be final and conclusive
and binding on all interested parties.   Attainment of all
performance goals will be determined after taking into
consideration the impact of all bonuses to be paid under this Bonus Program,
meaning that if, after deducting any such bonus awards, the resulting number is
not at or above the target, the target has not been achieved and the affected
bonus will be reduced (if necessary, to zero) as required to cause the
attainment of such target. No payments shall be made under this Bonus Program
unless and until the Committee shall have certified in writing the attainment of
the applicable performance goals.

    

    For
purposes of this Bonus Program:

    

    “Adjusted
EBITDA” shall mean earnings before interest, taxes, depreciation and
amortization, but excluding gains, losses or expenses associated with all
Unusual Items (defined below).

    

    “Cash
Generation” shall mean operating cash flow, less capital expenditure, but
excluding gains, losses or expenses associated with all Unusual
Items.

    

    “Operating
Margin” shall mean a percentage expression of operating income, (excluding
gains, losses or expenses associated with Unusual Items), plus interest, taxes,
depreciation and amortization.

    

    “Unusual
Items” shall mean: (i) restructurings, discontinued operations, extraordinary
items or events, and other unusual or non-recurring charges as described in
Accounting Principles Board Opinion No. 30 and/or management’s discussion
and analysis of financial condition and results of operations appearing or
incorporated by reference in the Company’s Form 10-K for the applicable
year; (ii) a force majeure or other event either not directly related to the
operations of the Company or not within the reasonable control of the Company’s
management; (iii) litigation (including attorneys’ fees and other litigation
expenses), judgments, settlements; (iv) changes in tax laws or accounting
standards required by generally accepted accounting principles or changes in
other such laws or provisions affecting reported results; (v) expenses resulting
from severance arrangements with terminated employees; (vi) equity-based
compensation expenses; (vii) one-time gains or losses from the disposal or sale
of assets; and (viii) impairments of goodwill or other intangible
assets.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
       
2009
CEO Incentive Compensation

    

    
       
Bonus
Plan A

    

    

    Mr.
Dameris will earn an annual incentive bonus (“Bonus Plan A”) equal to 60% of his
annual base salary (e.g. $381,150 assuming an annual base salary of $635,250)
upon attainment of consolidated 2009 Adjusted EBITDA of no less than
$54,000,000.

    

    ***************************

    

    
       
2009
CEO Incentive Compensation

    

    
       
Bonus
Plan B

    

    

    

    Mr.
Dameris will earn an annual incentive bonus (“Bonus Plan B”) equal to of up to
42% of his annual base salary (i.e. $266,805 assuming an annual base salary of
$635,250) on a sliding scale, based on the Company’s attainment of an Operating
Margin of at least 7.65% (i.e. 90% of Board budget) up to a maximum of 8.5%
(i.e. 100% of Board budget).

    

    **************************

    

    
       
2009
CEO Incentive Compensation

    

    
       
Bonus
Plan C

    

    

    

    Mr.
Dameris will earn an annual incentive bonus (the “Bonus Plan C”) equal to of up
to 18% of his annual base salary (i.e. $114,345 assuming an annual base salary
of $635,250), with the actual award amount between 0% and 18% to be determined
at the Committee’s discretion based on the Company attaining 2009 Cash
Generation in excess of $28 million and/or the Company amending or replacing its
existing credit facility on terms acceptable to the Board of
Directors.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}]]