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Unassociated Document

  

  

  

Exhibit 10.7

ACXIOM CORPORATION

EXECUTIVE OFFICER

2014 CASH INCENTIVE PLAN

The Acxiom Corporation Executive Officer 2014 Cash Incentive Plan (the “Plan”) has been established by Acxiom Corporation (the “Company”) pursuant to the 2010 Executive Cash Incentive Plan of Acxiom Corporation (the “2010 Plan”) in order to encourage outstanding performance from its executive officers. Subject to applicable law, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any award shall be within the sole discretion of the Compensation Committee (the “Committee”), may be made at any time and shall be final, conclusive and binding upon all persons. Awards made pursuant to the Plan to Covered Officers are intended to qualify as “performance-based compensation” within the meaning of Section 162(m) of the Code and the Regulations promulgated thereunder and this Plan shall be interpreted accordingly. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the 2010 Plan.

Participation

All officers of the Company who have been designated by the Committee as “executive officers” of the Company during the Company’s 2014 fiscal year (the “Fiscal Year”) are eligible to receive an award pursuant to the Plan.

Incentive Calculation and Payment of Awards

Awards shall be calculated based on the financial results for the Fiscal Year and shall be paid within two and one-half months following the end of the Fiscal Year.  Each Covered Officer of the Company shall be eligible for an Award of 200% of such officer’s target incentive (the “Maximum Opportunity”) in the event the 2014 minimum threshold target set by the Committee (the “Minimum Threshold Target”) is attained; provided, that the Maximum Opportunity of a Covered Officer shall not exceed the maximum cash amount set forth in Section 5(c) of the 2010 Plan. The Committee shall determine the actual amount of an Award to each Covered Officer by reducing the Maximum Opportunity of such Covered Officer by applying the performance criteria determined by the Committee.  The Committee will make Awards to other Participants pursuant to this Plan based on the satisfaction of such performance criteria.

The targets for such performance criteria, as well as the target incentive of each Participant, shall be determined by the Committee in its discretion within the first ninety (90) days of the Fiscal Year. The Committee shall determine whether and to what extent each performance or other goal has been met. Awards pursuant to the Plan will be paid solely in cash. Except as the Committee may otherwise determine in its sole and absolute discretion, termination of a Participant’s employment prior to the end of the Fiscal Year will result in the forfeiture of the Award by the Participant, and no payments shall be made with respect thereto. Following the Fiscal Year, the Committee shall certify, in writing, whether the applicable performance targets have been achieved and the amounts, if any, payable to each Covered Officer for the Fiscal Year.

  

  

  

This Plan is not a “qualified” plan for federal income tax purposes, and any payments are subject to applicable tax withholding requirements.

2014 Cash Incentive Opportunities

The Committee shall assign to each Participant annual maximum, target and threshold award opportunities, expressed as percentages of base salary, based on the level of performance achieved under the targets set by the Committee by resolution.

The Committee, at its discretion, may increase or decrease a Participant’s Award up to 30% of the amount otherwise determined by actual performance described above based on an individual performance evaluation. The amount of any such adjustment shall be based upon the Participant’s performance against the Participant’s individual personal performance objectives.

Notwithstanding the foregoing, no Award to a Covered Officer shall exceed such Covered Officer’s Maximum Opportunity.

Adjustments for Unusual or Nonrecurring Events

In addition to any adjustments enumerated in the definition of the performance measure set forth in the Plan, the Committee is hereby authorized to make adjustments in the terms and conditions of, and the criteria included in, awards in recognition of unusual or nonrecurring events affecting any Participant, the Company, or any subsidiary or affiliate, or the financial statements of the Company or of any subsidiary or affiliate; in the event of changes in applicable laws, regulations or accounting principles; or in the event the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. The Committee is also authorized to adjust performance targets or awards downward to avoid unwarranted windfalls. Notwithstanding the foregoing, the Committee shall not make any adjustments to the Plan that would prevent any Awards made to Covered Officers from qualifying as “performance-based compensation” pursuant to Section 162(m) of the Code.

 

 

  

  

  

Other Provisions

No Right to Employment

The grant of an award shall not be construed as giving a Participant the right to be retained in the employ of the Company or any subsidiary or affiliate.

No Trust or Fund Created

Neither the Plan nor any award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any subsidiary or affiliate and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company or any subsidiary or affiliate pursuant to an award, such right shall be no greater than the right of any unsecured general creditor of the Company or any subsidiary or affiliate.

No Rights to Awards

No person shall have any claim to be granted any award, and there is no obligation for uniformity of treatment among Participants. The terms and conditions of awards, if any, need not be the same with respect to each Participant. The Company reserves the right to terminate the Plan at any time in the Company’s sole discretion.

Section 409A of the Internal Revenue Code

This Plan is intended to comply with Section 409A of the Code and will be interpreted in a manner intended to comply with Section 409A of the Code.

Interpretation and Governing Law

This Plan shall be governed by and interpreted and construed in accordance with the laws of the State of Delaware, without reference to principles of conflicts or choices of laws. In the event the terms of this Plan are inconsistent with the terms of any written employment agreement between a Participant and the Company, the terms of such written employment agreement shall govern the Participant’s participation in the Plan.

Earnings Per Share

For purposes of the Plan, “Earnings Per Share,” or “EPS,” means the Company’s diluted earnings per share for the Fiscal Year as reflected on its financial accounting statements adjusted to exclude any expenses or losses related to the following: (i) litigation or claim judgments or settlements, (ii) the effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results, (iii) accruals for reorganizations or restructuring programs, (iv) Board-approved acquisitions of significant assets or businesses and (v) budgeted income of significant businesses discontinued or disposed of by the Company during the year, for such portions of the year following the disposition.Unassociated Document

  

  

  

Exhibit 10.21

Retention Agreement

This Retention Agreement (“Agreement”) is entered into and effective the 12th day of December, 2011 by and between Acxiom Corporation, a Delaware corporation with its principal place of business at 601 East 3rd, Little Rock, Arkansas 72201 (“Acxiom”) and  Cindy Childers, an individual residing at XXXXXXXXX, Little Rock, AR, 72207 (the “Executive”) (collectively the “Parties”).

W I T N E S S E T H:

WHEREAS, Executive is an employee of Acxiom and has indicated a desire to retire from her full time position as Senior Vice-President of Human Resources (“SVP”); and

WHEREAS, Acxiom wishes to retain the services of Executive as SVP; and

WHEREAS, Acxiom has offered to pay Executive a retention bonus in exchange for her agreement to remain employed as the SVP and to achieve certain performance objectives while employed as SVP; and

WHEREAS, the Parties now wish to enter into this Agreement to define the terms of Executive’s continued employment and payment of the retention bonus.

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Parties agree 

     as follows:

TERMS AND CONDITIONS

1. Payment.  In exchange for Executive’s continued employment by Acxiom as its SVP until November 15, 2012 (“Retention Period”) and Executive’s achievement of the Performance Objectives, as specified herein, during the Retention Period, Acxiom shall pay to Executive Three Hundred Ten Thousand Dollars and 00/100s ($310,000) (“Retention Bonus”).

2. Continued Employment.   Executive must be employed for the entire Retention Period in order to receive the Retention Bonus unless Executive’s employment is terminated without Cause by Acxiom or Executive resigns for Good Reason, both as defined herein.  The Retention Bonus will not be earned or payable in the event that Executive voluntarily resigns without Good Reason or is terminated for Cause prior to the end of the Retention Period.  “Cause” shall be defined as Executive’s: (i) willful failure to substantially perform reasonable and lawful instructions of Acxiom; (ii) intentional misconduct; (iii) gross negligence that is materially injurious to Acxiom; or (iv) Executive’s conviction of a felony crime.  “Good Reason” shall be defined as: (i) a material reduction in Executive’s title, authority or duties; or (ii) a material change in Executive’s base pay.

3. Performance Objectives.  As a condition to Acxiom’s obligation to pay the Retention Bonus to Executive, Executive must successfully complete the following performance objectives (“Performance Objectives”) as determined in the sole discretion of Acxiom’s Chief Executive Officer:

	
a.  

	
Executive must onboard her replacement for the position of SVP and effectively transition her duties as SVP to her replacement by the end of the Retention Period;

 

	
b.  

	
Executive must execute upon any new company structure introduced by the CEO, provided that, if a new structure is introduced, it is complete and actionable during the Retention Period; and

 

	
c.  

	
Executive must create and carry out onboarding plans for any senior executives hired during the Retention Period, provided that, such positions are filled in a timely manner to permit on boarding during the Retention Period.

4. Execution of Release of Claims.  As a condition to payment of the Retention Bonus, Executive must execute (and not revoke) an agreement with Acxiom that includes a general release of claims against Acxiom and other typical separation provisions, regardless of whether Executive continues or terminates her employment with Acxiom.  This agreement will be provided to Executive no later than November 15, 2012 and must be executed and returned to Acxiom within twenty-one (21) days of Executive’s receipt of the agreement.

  

  

  

5. Payment Terms.  The Retention Bonus will be divided into twenty-four semi-monthly payments and paid on Acxiom’s regular pay dates beginning on the first regular pay date occurring ten (10) days after Acxiom’s receipt of Executive’s fully executed release agreement, provided Executive does not revoke the agreement.

6. Death or Disability.  Should Executive die or incur a Disability, as defined herein, during the Retention Period, Executive shall be entitled to a prorated portion of the Retention Bonus regardless of achievement of Performance Objectives.  The Retention Bonus shall be prorated based on the proportion of the Retention Period the Executive performed services for Acxiom prior to the death or Disability.  A Disability shall be defined as Executive’s inability, as determined by the Chief Executive Officer, to perform the essential functions of her regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental illness that has lasted (or can reasonably be expected to last) for a period of ninety (90) consecutive days, or for a total of ninety (90) days or more in any consecutive one hundred and eighty (180) day period.

7. Employment at Will.  Nothing contained in this letter agreement changes or alters Executive’s at will employment status.  Both Executive and Acxiom remain free to terminate Executive’s employment with Acxiom for any legal reason at any time without advance notice.

8. Other Agreements.  The terms of any other agreement Executive may have with Acxiom including the Associate Agreement and any equity grant agreements remain in full force in effect.  If there is any contradiction in the terms of this Agreement and any other agreement entered into between Executive and Acxiom, the terms of this Agreement shall prevail.

9. Entire Agreement. This Agreement contains the complete understanding between the Parties pertaining to the matters referred to herein, and supersedes any other undertakings and agreements, whether oral or in writing, previously entered into by them related to such matters. The Executive represents that, in executing this Agreement, she does not rely and has not relied upon any representation or statement not set forth herein made by Acxiom with regard to the subject matter or effect of this Agreement or otherwise and that the Executive has had the opportunity for this Agreement to be reviewed by an attorney.

10. Waiver.   No waiver by any party of any breach of any condition or provision of this Agreement to be performed by such other party will be deemed a waiver of a similar or dissimilar condition or provision at that time or in the future.

11. Governing Law.  This letter agreement shall be governed by the laws of the state of Arkansas.

IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement effective as of date set forth above.

                                                                

	 EXECUTIVE   	 ACXIOM CORPORATION	 
	 	 	 
	 /s/ Cindy K. Childers    	 By: /s/ Scott E. Howe 	 
	 Cindy Childers    	 Signed Name	 
	 	 	 
	 12/12/2011                                                                      	 Scott E. Howe 	 
	 Date  	 Print	 
	 	 	 
	 	 President & CEO	 
	 	 Title	 
	 	 	 
	 	 12/14/2011  	 
	 	 Date

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