Document:

adms_Ex10_2

		

			 

		

		
			Exhibit 10.2
		

		
			 
		

		
			
		

		
			 
		

		
			2016 Executive Cash Bonus Award Program
		

		
			 
		

		
			General
		

		
			 
		

		
			At Adamas Pharmaceuticals, our compensation practices are designed to:
		

			
	
			
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			Attract and retain top talent

			
	
			
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			Link compensation to organizational, project/team/department and individual performance

			
	
			
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			Align employees with stockholders 

			
	
			
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			Ensure internal fairness and support our core values and culture

		
			 
		

		
			This 2016 Cash Bonus Award Program, or “Bonus Program,” is a discretionary element of our compensation system that links compensation to the achievement of corporate goals, individual and project/team accomplishments, competencies, and how we live our values. Together these elements are key to our company’s success and strong culture.  
		

		
			 
		

		
			Each year, our Board of Directors will establish the corporate goals.  Each participant will have manager1-approved project goals, individual goals, and/or non-project/individual goals.  At the conclusion of each year, the Board of Directors in its sole discretion will determine whether and to what extent our corporate goals have been achieved, whether there will be cash bonus awards paid out, and the bonus pool amount that will be available to pay bonuses to participants in this Bonus Program. 
		

		
			 
		

		
			Performance for individuals will be assessed in the performance management process and will be a combination of goal achievement and overall performance. Any awards are subject to standard deductions and withholdings. 
		

		
			 
		

		
			Effective Date 
		

		
			 
		

		
			This Bonus Program covers the period of January 1, 2016, to December 31, 2016.  It contains the entire understanding between the employee and the Company on this subject, and supersedes all prior bonus compensation programs of the Company and all other previous oral or written statements to the employee regarding a potential cash bonus award. The Company reserves the right to modify any of the provisions of this Bonus Program at any time. This Bonus Program may be modified only in writing signed by a Company officer.
		

		
			 
		

		

		
			1In the case of executive officers, references to “manager” in this Bonus Program shall mean the Compensation Committee or the Board upon recommendation of the Compensation Committee.
		

		
			
		

		
			

		 

		

			 

		

 

		

			 

		

 
		

		
			Eligibility
		

		
			 
		

		
			All regular employees whose employment commenced prior to October 1 of 2016, and work at least 20 hours per week are eligible for participation in the Bonus Program pursuant to its terms.  Awards will be pro-rated for employees with a start date after January 1, 2016.  Temporary and part-time employees who work less than 20 hours per week and consultants are not eligible to participate.
		

		
			 
		

		
			Bonus Process
		

		
			 
		

		
			Each year, our Board of Directors (the “Board”) will approve the corporate goals for the entire Company.  Each year, each participant also will receive written objectives, including project goals, individual goals, and/or non-project/individual goals, from their manager.  It is the responsibility of both the participant and his or her supervisor to ensure such written objectives are set.  
		

		
			 
		

		
			After the conclusion of each calendar year, the Board will determine whether and to what extent our corporate goals have been achieved, whether there will be cash bonus awards paid out, and the pool that is available for potential distribution to employees under this Bonus Program.  
		

		
			 
		

		
			After the conclusion of each calendar year, performance for individuals will be assessed in the performance management process and will be a combination of goal achievement and overall performance.   Managers then will determine the amount of bonus awards, if any, for each of their direct reports who are participants in this Bonus Program and these payouts will be approved by the Board (or as delegated to the Compensation Committee). 
		

		
			 
		

		
			No cash bonus award is considered earned under this Bonus Program until the time that such award is approved by the Board (or as delegated to the Compensation Committee).  Further it is a precondition to earning any bonus under this Bonus Program that the participant has fully complied with all anti-trust laws, the Company’s ethical standards, and any other applicable Company policies; accordingly, if a participant is found to have violated any of these items, any cash bonus award previously paid hereunder is subject to recoupment by the Company.  
		

		
			 
		

		
			Threshold and Maximum Payouts
		

		
			 
		

		
			The Company must achieve 70% of corporate goals, as determined by the Board in their sole discretion, in order for any bonus pool to be created and approved by the Board.  The maximum payout will vary year-to-year but will be determined by the Board based on the Company’s goals and escalators in the case of accomplishment of stretch goals.
		

		
			 
		

		
			Target bonus percentages are based on job position in the context of the employment marketplace. (See table below).  The target award serves as a standardized reference point for the maximum percentage of base pay an employee potentially could receive as a bonus payment if: (1) the Board decides to create a bonus pool for the Company’s employees for that year; (2) the Board determines that 100% of corporate goals are met by the Company;  and, (3) individual performance for the employee as determined by their manager is 100%. It is understood that 
		

		
			
		

		
			

		 

		

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Company management will take the pool of money available for all cash bonus payouts for that year and apply performance-based discretion in allocating the cash bonus awards among participants, and that no participants are guaranteed to receive their target bonus even if the Company meets all of its goals and the participant’s performance is rated at 100% in the review process.  
		

		
			 
		

			
					
						Salary Band

					
					
						Target Award

					
						% of Base Pay

				
	
					
						CEO

					
					
						50%

				
	
					
						CMO

					
					
						40%

				
	
					
						C-Level/SVP

					
					
						30%

				

		
			 
		

		
			Performance Modifier Guidelines
		

		
			 
		

		
			The target bonus is intended to be first modified by corporate performance based on corporate goal achievement as determined by the Board, then by individual performance using the ranges below. The performance rating will be assessed as a combination of goal achievement and overall performance.  The Company shall decide each participant’s performance rating in its sole discretion.
		

		
			 
		

			
					
						Performance Rating

					
					
						Individual Performance Modifier

					
						Guidelines

				
	
					
						Exceeds Expectations

					
					
						110% - 150%

				
	
					
						Meets Expectations

					
					
						70% -110%

				
	
					
						Almost Meets Expectations

					
					
						0 - 50%

				
	
					
						Does Not Meet Expectations

					
					
						0

				

		
			 
		

		
			Timing of Awards
		

		
			 
		

		
			As described above, awards are determined each year based on corporate performance as determined by the Board and individual performance as assessed by managers in our performance management process.   Awards, if any, will typically be determined and paid by the end of March of the year following the end of the calendar year, subject to the discretion of the Board as noted above.    Any awards are subject to standard deductions and withholdings.
		

		
			 
		

		
			No bonus amounts are guaranteed and all bonuses must be earned in accordance with the terms of this Bonus Program. Whether and how much of a cash bonus award has been earned, is in the sole discretion of the Company.
		

		
			 
		

		
			Bonus Awards upon Termination of Employment
		

		
			 
		

		
			In the event that a Bonus Program participant’s employment has been terminated (either by the Company or by the employee) for any reason prior to the date any bonus is earned, the participant will not be entitled to any cash bonus award.
		

		
			
		

		
			

		 

		

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Bonus Award Disputes
		

		
			 
		

		
			The Company’s Chief Financial Officer, General Counsel and SVP of Human Resources will review and decide on any disputes arising under this Bonus Program. Any employee with an issue related to this Bonus Program shall provide a written request for review to the SVP, Human Resources within 15 days of the cash bonus award payout that is in dispute. All decisions made by the CFO, General Counsel and SVP, HR are final and binding.
		

		
			 
		

		
			Legal and Ethical Standards
		

		
			 
		

		
			No employee shall attempt to earn a cash bonus award by engaging in any conduct which violates any anti-trust laws, the Company’s ethical standards, or any other Company policies or practices.
		

		
			 
		

		
			An employee shall not pay, offer to pay, assign or give any part of his or her cash bonus award, compensation or anything else of value to any agent, customer, supplier or representative of any customer or supplier, or to any other person, as an inducement or reward for direct or indirect assistance in earning a cash bonus.
		

		
			 
		

		
			Any infraction of this policy or of recognized ethical standards, will subject the employee to disciplinary action up to and including termination of employment and revocation of any cash bonus award under this Bonus Program to which the employee otherwise would be entitled.
		

		
			 
		

		
			Nothing in this Bonus Program is intended to alter the at-will nature of the employee’s employment, that is, the employee’s right or the Company’s right to terminate the employee’s employment at will, at any time with or without cause, and with or without advance notice.
		

		
			 
		

		 

		

			4everi_Ex10_1

		
			EXHIBIT 10.1
		

		
			FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
		

		
			This First Amendment (“Amendment”) to the Employment Agreement (“Agreement”), by and between Everi Holdings Inc., a Delaware corporation (together with its successors and assigns, “Holdings”), Everi Payments Inc., a Delaware corporation (together with its successors and assigns, the “Company”, and together with Holdings being collectively the “Companies”), and Michael Rumbolz (“Executive”), is made as of May 10, 2016 (the “Effective Date”).
		

		
			R E C I T A L S
		

		
			A.The Companies desire assurance of the association and services of Executive in order to retain Executive’s experience, skills, abilities, background and knowledge, and are willing to engage Executive’s services on the terms and conditions set forth in this Agreement.
		

		
			B.The Companies have entered into the Employment Agreement with Executive to serve as Interim President and Chief Executive Officer of the Companies while the Companies have conducted a preliminary search to identify, recruit and hire a President and Chief Executive Officer.
		

		
			C.The Companies desire to amend Executive’s Agreement to provide that Executive shall continue to serve as President and Chief Executive Officer of the Companies on a non-interim basis on the terms and conditions set forth in the Amendment and Executive is willing to accept employment on the terms and conditions set forth in the Amendment.
		

		
			D.The Companies and Executive (together, the “Parties”) wish to enter into the Amendment.
		

		
			AMENDMENT
		

		
			NOW, THEREFORE, based on the foregoing recitals and in consideration of the commitments set forth below, the Parties agree as follows:
		

		
			1.Definitions and Interpretation.  Except as otherwise provided herein, capitalized terms used in this Amendment shall have the definitions set forth in the Agreement amended hereby.
		

		
			2.Terms of the Agreement.  Except as expressly modified hereby, all terms, conditions and provisions of the Agreement shall continue in full force and effect.
		

		
			3.Conflicting Terms.  In the event of any inconsistency or conflict between the Agreement and this Amendment, or the Stock Option Agreements and this Amendment, the terms and conditions of this Amendment shall govern and control.
		

		
			
		

		
			

		 

		

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4.Entire Agreement.  This Amendment and the Agreement constitute the entire and exclusive agreement between the parties with respect to the subject matter hereof.  All previous discussions and agreements with respect to the subject matter are superseded by the Agreement and this Amendment.  This Amendment may be executed in one or more counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. 
		

		
			5.Amendments.  
		

		
			Section 1.1 of the Agreement is deleted in its entirety and replaced with the following:
		

		
			1.1Position.  The Companies hereby employ Executive to render services to the Companies as President and Chief Executive Officer of each of the Companies, reporting solely and directly to the Board of Directors of Holdings (the “Holdings Board”) and the Board of Directors of the Company (the “Company Board”, and together with the Holdings Board, the “Boards”), as of the Effective Date.  The duties of these positions shall include all such duties and responsibilities customarily exercised by an individual serving in those positions at entities of the size and nature of Holdings and the Company, and such additional duties and responsibilities, consistent with the foregoing positions, as are reasonably assigned to Executive by the Boards.  Executive also agrees to serve in a similar capacity for the benefit of any of the Companies’ direct or indirect, wholly-owned or partially-owned subsidiaries.  Additionally, Executive shall serve in such other capacity or capacities, consistent with the foregoing positions, as the Boards may from time to time reasonably and lawfully prescribe.  However, Executive shall be assigned no duties or responsibilities that are materially inconsistent with, or that materially impair his ability to discharge, his duties as President and Chief Executive Officer of the Companies.  During his employment by the Companies, Executive shall, subject to Section 1.2, devote substantially all of his business time and efforts to the proper and efficient performance of his duties under this Agreement. 
		

		
			Section 2.2 shall be deleted in its entirety and replaced as follows:
		

		
			2.2Bonus.  For each calendar year that ends while Executive is employed under this Agreement, Executive shall receive an annual bonus in an amount of up to one hundred and fifty percent (150%) of his then current Base Salary, with a target amount equal to one hundred percent (100%) of his then current Base Salary (“Target Bonus”), the amount of such bonus to be determined by the Holdings Board based substantially on the degree to which quantitative metrics established by the Board during the first half of the calendar year for which bonus is to be paid, are satisfied. Except as otherwise provided in this Agreement, Executive shall only be entitled to an annual bonus for a calendar year if he is employed on the last day of the calendar year. Any annual bonus earned for a calendar year shall be paid in cash when annual bonus awards are paid to other senior executives of the Companies, but no later than March 15 of the following calendar year. 
		

		
			
		

		

		 

		

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						EVERI HOLDINGS INC.

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ E. Miles Kilburn

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						E. Miles Kilburn

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Chairman of the Board of Directors

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						EVERI PAYMENTS INC.

					
					
						 

					
					
						EXECUTIVE

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ E. Miles Kilburn

					
					
						 

					
					
						 

					
					
						/s/ Michael D. Rumbolz

					
					
						 

				
	
					
						 

					
					
						 

					
					
						E. Miles Kilburn

					
					
						 

					
					
						Michael D. Rumbolz

				
	
					
						 

					
					
						 

					
					
						Chairman of the Board of Directors

					
					
						 

					
					
						 

				

		
			 
		

		 

		

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