Document:

FY 2008 Executive Annual Incentive Plan

 Exhibit 10.24 
 

 
 FY 2008 Executive Annual Incentive Plan 
 (Amended as of May 1, 2007) 
  

					
		
	Job Category:	  	_____________________________________ (“Participant”)
		
	 Purpose:
	  	Provide critical focus on specific, measurable corporate goals and provide performance-based compensation based upon the level of attainment of such goals.
		
	 Bonus Target:
	  	The target incentive bonus for this executive position is [*] of the Participant’s annual base salary. The incentive bonus will be paid on a [semi-annual/annual] basis based
on the Participant’s actual base salary from time of eligibility under the Plan through the applicable fiscal period. Payments will be subject to applicable payroll taxes and withholdings.
		
	 Bonus Payments:
	  	The incentive bonus will be paid on a [*] basis. Payment will be made within two and one-half months of the financial close of the applicable fiscal period.
		
	 Components:
	  	The following performance metric(s) will be used to determine the amount of the incentive bonus:
			
	  	  	 Metric
	  	 Weighting

		  	[*]	  	[*]
		  		  	
		  		  	
	 Achievement Schedule:
	  	The achievement schedule for each metric and associated bonus associated with the achievement of such metric is set forth in Schedule 1 attached hereto.
		
	 Pro-ration:
	  	The calculation of the incentive bonus will be based on eligible actual base salary earnings for the applicable fiscal period and, subject to the eligibility requirements below,
will be pro-rated based on the number of days the Participant is employed as a regular, full-time employee of Serena during such fiscal period.
		
	 Eligibility:
	  	The Participant must be a regular, full-time employee of Serena at the end of the applicable fiscal period and remain actively employed through the date of the bonus payout in
order to be eligible to receive the incentive bonus. Similarly, the Participant must be a regular, full-time employee of Serena at the end of the fiscal year and remain actively employed through the date of the bonus payout in order to be eligible
to receive any payment for annual over-achievement or other annual adjustment. A Participant who leaves before the end of the applicable fiscal period or prior to the payment of the incentive bonus for such period will not be eligible to receive the
incentive bonus or any pro-ration thereof.
		
	 Acquisition:
	  	In the event of an acquisition or purchase of products or technology, the Administrator may adjust the applicable financial performance metrics to reflect the potential impact
upon Serena’s financial performance.

			
		
	 Plan Provisions:
	  	This Plan supersedes the FY07 Executive Annual Incentive Plan and all prior versions of the FY08 Executive Annual Incentive Plan, which are null and void as of the adoption of this
Plan.
		
		  	Participation in the Plan does not guarantee participation in other or future incentive plans. Plan structure and participation will be determined on an annual basis.
		
		  	The Plan will be administered by the Compensation Committee of the Board of Directors (the “Administrator”). The Administrator will have all powers and discretion necessary or
appropriate to administer and interpret the Plan, except to the extent that the Board reserves the right to approve matters related to the compensation of the Chief Executive Officer. The Administrator reserves the right to alter or cancel all or
any portion of the Plan for any reason at any time, and to exercise its own judgment with regard to company performance in light of events outside the control of management and/or the Participant.
		
		  	The Serena FY2008 Compensation Plan General Terms and Conditions are incorporated herein, except to the extent inconsistent with the terms hereof.

  

	*	See Schedule 1 attached hereto 

 SCHEDULE 1

 SERENA SOFTWARE, INC. 
 FY08 EXECUTIVE ANNUAL INCENTIVE PLAN 
 Effective May 1, 2007 
 Target annual cash incentive bonuses are equal to 100% of a participant’s annual base salary for our President and Chief Executive Officer, Senior Vice President,
Chief Financial Officer and Senior Vice President, Worldwide Field Operations, and 50% of a participant’s annual base salary for our other executive officers. The actual bonus amounts were subject to achievement of the following performance
metrics: (a) with regard to our President and Chief Executive Officer, Senior Vice President, Chief Financial Officer and Senior Vice President, Worldwide Field Operations, achievement of annual license revenue and EBITA (earnings before
interest, taxes and amortization) targets under our fiscal year 2008 operating plan, weighted at 60% and 40%, respectively; (b) with regard to our Senior Vice President, Worldwide Marketing, Partner Programs and SaaS Strategy and Senior Vice
President, Research and Development, achievement of annual license revenue and EBITA targets under our fiscal year 2008 operating plan and management objectives, weighted at 40%, 26.7% and 33.3%, respectively, and (c) with regard to our Senior
Vice President, General Counsel and Secretary, achievement of annual license revenue and EBITA targets under our fiscal year 2008 operating plan and management objectives, weighted at 30%, 20% and 50%, respectively. Incentive bonuses are calculated
and paid on an annual basis for our President and Chief Executive Officer, Senior Vice President, Chief Financial Officer, and Senior Vice President, Worldwide Filed Operations. Incentive bonuses are calculated and paid on a semi-annual basis for
our other executive officers, with the first semi-annual period based on achievement of Q2 FY 2008 financial metrics and management objectives and capped at 25% of the applicable annual target bonus amounts. Bonus payouts are capped at 200% of the
target bonus amounts applicable to the achievement of financial metrics and 100% of the target bonus amounts applicable to the achievement of management objectives.FY 2009 Executive Annual Incentive Plan

 Exhibit 10.25 
 

 
 FY 2009 Executive Annual Incentive Plan 
  

			
		
	Purpose:	  	The Executive Annual Incentive Plan is designed to motivate Executive Officers to focus on specific, measurable corporate goals and provide performance-based compensation to Executive Officers
based on the achievement of these goals.
		
	Eligibility:	  	The Plan Participants include Executive Officers of Serena. Executive Officers are officers of Serena at the level of Senior Vice President or above. A Plan Participant must be a regular,
full-time employee of Serena at the end of the applicable fiscal period and remain actively employed through the date of the bonus payout to be eligible to receive the bonus. A Plan Participant must be a regular, full-time employee of Serena at the
end of the fiscal year and remain actively employed through the date of the bonus payout to be eligible to receive payment for over-achievement of annual performance metrics or bonus adjustments.
		
	Target Bonus:	  	The target incentive bonus is based on a percentage [*] of the Plan Participant’s annual base salary as set forth in the Plan Summary. The Plan Participant’s annual base salary is
based on the amount of base compensation actually earned by the Plan Participant during the applicable fiscal period or such portion of the fiscal period that the Plan Participant is eligible to participate under the Plan.
		
	Bonus Payments:	  	The incentive bonus will be paid on either a semi-annual or annual basis [*] as set forth in the Plan Summary. Payment will be made within two and one-half months of the financial close of the
applicable fiscal period. Payments will be subject to applicable payroll taxes and withholdings.
		
	Performance Metrics:	  	The performance metrics and achievement schedule for each performance metric used to determine the amount of the incentive bonus to be paid to the Plan Participant are set forth in the Plan
Summary. [*] Bonus payments are capped at 200% of the portion of the target bonus applicable to the achievement of corporate financial metrics (e.g., consolidated license revenue and EBITA) and 100% of the portion of the target bonus applicable to
the achievement of management objectives.
		
	Proration:	  	The incentive bonus will be pro-rated based on the number of days that the Plan Participant is employed as a regular, full-time employee of Serena during the applicable fiscal period and
eligible to participate under the Plan. If the Plan Participant’s employment terminates before the end of the applicable fiscal period or prior to the payment of an incentive bonus for such fiscal period, the Plan Participant will not be
eligible to receive a prorated portion of the incentive bonus.
		
	Adjustments:	  	In the event of an acquisition or disposition of a business by Serena, the Plan Administrator may adjust the applicable financial performance metrics to reflect the potential impact on
Serena’s financial performance.
		
	Plan Provisions:	  	This fiscal year under this Plan commences on February 1, 2008 and ends on January 31, 2009. This Plan supersedes the FY 2008 Executive Annual Incentive Plan, which is null and void as of the
adoption of this Plan.

  

	*	See Schedule 1 attached hereto 

			
		
		  	The Plan does not represent an employment contract or agreement between Serena and any Plan Participant. Participation in the Plan does not guarantee participation in other or future incentive
plans. Plan structure and participation will be determined on an annual basis.
		
		  	The Plan will be administered by the Compensation Committee of the Board of Directors. The Plan Administrator will have all powers and discretion necessary or appropriate to administer and
interpret the Plan and Plan Summaries, except that actions related to the compensation of Serena’s Chief Executive Officer must be approved by a majority of the non-executive directors of the Board of Directors. The Plan Administrator reserves
the right to modify or terminate the Plan and/or Plan Summaries for any reason at any time, and to exercise its own judgment with regard to determining the achievement of performance metrics. Modifications to the Plan and any Plan Summary are valid
only if approved by the Plan Administrator or, in the case of Serena’s Chief Executive Officer, a majority of the non-executive directors of the Board.

 SCHEDULE 1 
 SERENA SOFTWARE, INC. 
 FY09 EXECUTIVE ANNUAL INCENTIVE PLAN 
 Effective February 1, 2008 
 Target annual cash
incentive bonuses are equal to 100% of a participant’s annual base salary for our President and Chief Executive Officer, Senior Vice President, Chief Financial Officer and Senior Vice President, Worldwide Field Operations, and 50% of a
participant’s annual base salary for our other executive officers. The actual bonus amounts are subject to achievement of the following performance metrics: (a) with regard to our President and Chief Executive Officer, Senior Vice
President, Chief Financial Officer and Senior Vice President, Worldwide Field Operations, achievement of consolidated annual license revenue and EBITA (earnings before interest, taxes and amortization) targets under our fiscal year 2009 operating
plan, weighted at 60% and 40%, respectively; (b) with regard to our Senior Vice President, Worldwide Marketing, Partner Programs and SaaS Strategy and Senior Vice President, Research and Development, achievement of annual license revenue and
EBITA targets under our fiscal year 2009 operating plan and management objectives, weighted at 40%, 26.7% and 33.3%, respectively, and (c) with regard to our Senior Vice President, General Counsel and Secretary, achievement of annual license
revenue and EBITA targets under our fiscal year 2009 operating plan and management objectives, weighted at 30%, 20% and 50%, respectively. Incentive bonuses are calculated and paid on an annual basis for our President and Chief Executive Officer,
Senior Vice President, Chief Financial Officer, and Senior Vice President, Worldwide Filed Operations. Incentive bonuses are calculated and paid on a semi-annual basis for our other executive officers, with the first semi-annual bonus payment based
on achievement of financial metrics and management objectives during the first half of fiscal year 2009. Bonus payouts are capped at 200% of the target bonus amounts applicable to the achievement of financial metrics and 100% of the target bonus
amounts applicable to the achievement of management objectives.

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