Document:

Summary of Certain Director and Executive Compensation

 Exhibit 10.48 
  
 Description of the Compensation of 
 ITT Educational Services, Inc.’s 
 Senior Vice President, Chief Financial Officer

  
 On May 3, 2005, Daniel M. Fitzpatrick was elected Senior
Vice President, Chief Financial Officer of the Registrant by its Board of Directors, effective June 6, 2005. Under the terms of his employment arrangement with the Registrant, Mr. Fitzpatrick will receive a base salary payable at an annual rate of
$235,000. Mr. Fitzpatrick was also granted a stock option as of June 6, 2005 to purchase 18,245 shares of the Registrant’s common stock at a price equal to the fair market value of the stock at the close of business on June 3, 2005. The option
will vest in three equal annual installments beginning one year from the date of grant and will expire on the seventh anniversary date of the grant. Mr. Fitzpatrick will participate in the Registrant’s 2005 Executive Bonus Parameters disclosed
in the Registrant’s current report on Form 8-K dated January 25, 2005 and incorporated herein by reference. 
  
 In his new position, Mr. Fitzpatrick will also have an allowance to be used for tax return preparation and financial planning, and tickets to sporting,
theater and other events.2005 Incentive Performance Plan

 EXHIBIT 10.01 
  
 2005 PERFORMANCE INCENTIVE PLAN (the “Plan”) 
  
 PLAN PARTICIPANTS 
  

	•	All regular, full-time employees of Shopping.com Ltd. (the “Company”) who have been notified in writing of their eligibility are considered eligible Plan Participants
(“Plan Participants”). Employees in Sales, Business Development and other employees participating in any other variable incentive pay plans, shall not be eligible. Any otherwise eligible employee who has an existing incentive pay component
in his or her employment agreement shall be deemed a Plan Participant, and the incentive pay component of the employment agreement shall be replaced by this Plan. 

  

	•	Plan Participants must be full-time employees of the Company on the last day of the Plan Period (as defined below) to be eligible to earn Plan incentives. 

 

	•	Eligible employees who join the Company during the Plan Period will be eligible for Plan incentives on a pro-rata basis corresponding to the service time provided to the Company
during the Plan Period, but must have been actively employed for at least one full quarter during the Plan Period to be eligible. 

  
 PLAN PERIOD 
  

	•	Company Fiscal Year 2005 (January 1 through December 31, 2005) 

  
 PLAN POOL 
  

	•	The total On-Target Pool for the Plan Period is $2,600,000 (the “On-Target Plan Pool”). The On-Target Plan Pool was calculated based on the number of anticipated Plan
Participants projected to hold eligible positions at the end of the Plan Period, including the budgeted 2005 hires, as appropriate. 

  

	•	The actual amount of the Incentive Plan Pool (“Plan Pool”) will be determined based upon the Company’s performance in relation to its approved business plan. The Plan
Pool will be available, contingent on achievement of the minimum Company performance objectives specified below. 

  

	•	The Plan Pool is intended to encompass the contractual incentives existing in otherwise eligible employees’ employment agreements that are replaced by this Plan.

  
 COMPANY PERFORMANCE OBJECTIVES TO FUND PLAN POOL

  
 The Company Performance Objective shall be comprised of two components,
the Revenue Objective and the Adjusted operating income, as follows. 

	

	

	

				
	 Performance Objectives

	  	 Target
 for FY 2005

	 Revenue Objective*
	  	$	*****
	 Adjusted Operating Income**
	  	$	*****

  
 At 100% achievement of both
performance objective targets, the Plan Pool is funded at $2,600,000 (“On-target Pool Amount”). 

	*	Revenue is defined as reported on the Company’s consolidated financial statements for FY2005. 

	**	Adjusted operating income is defined as income from operations (as defined by GAAP) and adjusted to exclude the impact of the following items: (1) amortization of intangibles, (2)
non-cash charges relating to the issuance of 

	*****	Confidential treatment has been requested for certain portions of this document pursuant to an application for confidential treatment sent to the Securities and Exchange Commission.

	 	equity instruments, as disclosed in the Company’s consolidated financial statements. Adjusted operating income will also exclude the impact of acquisition costs that must be
expensed and any cost associated with shareholder litigation. 

  
 Minimum Company Performance Level: For the Plan Pool to be funded and for any incentives to be earned by Plan Participants, both of the following thresholds must be achieved: 
  

	•	The Company must achieve at least 90% of Revenue Objective AND at least 90% of Adjusted operating income (“Minimum Company Performance Level”).

  
 PLAN POOL FUNDING 
  
 The amount of the Plan Pool will be calculated based upon the achievement level of each
performance objective. At the Minimum Company Performance Level, the On-Target Plan Pool Amount of $2,600,000 will be adjusted to 75%, such that the Plan Pool results in $1,950,000. 
  
 Once the Revenue Target is achieved at the minimum 90% level, achievement beyond that level will not affect the Plan Pool funding, and the
Plan Pool funding will then only be affected by the level of achievement of the Adjusted operating income objective beyond the minimum 90% level as outlined in the table below. 
  
 Plan Pool Funding Table 
  

					
	 Percent of Adjusted
 operating income achieved

	  	Amount of Adjusted
operating income achieved

	 	 Amount credited to
 fund Plan Pool

	 Greater than 125%
	  	$*****	 	 150% of $2,600,000
 ($3,900,000)

	 101% to 125%
	  	$*****	 	 101-150% of $2,600,000
 such that each whole percentage of Adjusted Operating Income achieved in this level yields increments in the amount of 2.0% of the On-target Pool Amount credited to fund the Plan Pool
 ($2,626,000 - $3,900,000)

	 90% to 100%
	  	$*****	 	 75-100% of $2,600,000
 ($1,950,000 -$2,600,000)

	 Less than 90%
	  	<
$*****	 	$0

  
 TARGET INCENTIVES 

 

	•	Incentives are expressed as percentage of each Plan Participant’s annual base salary at the end of the Plan Period. 

  

	•	Grade level and position title determine target incentive. 

  

	 	•	Directors and above in grades 9 and above will be advised of their incentive percentage targets. 

  

	 	•	Non-directors in grades 10 and below will have no explicit incentive targets communicated in advance, and will receive general information on Plan funding. 

 

	•	Individual Plan Participant’s actual incentive awards will be determined based on the Plan Participant’s individual performance, and in some cases, will also be based on
achievement of Company objectives as designated below. 

  

	•	Plan Participants must achieve at least satisfactory performance for the Plan Period, as defined and determined solely by the Company, in order to be eligible to earn any incentive
under either the individual or Company performance component, as applicable. 

	*****	Confidential treatment has been requested for certain portions of this document pursuant to an application for confidential treatment sent to the Securities and Exchange Commission.

					
	Grade Level

	  	 Typical Position

	  	 Target Incentive
 (% of Base Salary)

	14	  	CEO	  	73%
	13	  	Cxx Contractual Incentive %	  	50%- 60%
	13	  	Executives, Sr. Vice Presidents	  	40%
	11-12	  	Vice Presidents	  	25%-35%
	9-10	  	Directors only	  	15%
	7-9	  	Sr. Managers, Managers, Sr. Individual Contributors	  	10%
	5-6	  	Mid Level Individual Contributors	  	7%
	1-4	  	Entry Level Individual Contributors	  	5%

  
 NOTE: The above table is for US
employees. Europe and Israel employees have a slightly different target incentive payout by grade level. 
  
 WHEN PLAN INCENTIVES ARE EARNED AND PAID 
  
 Achievement of Company and individual performance results will be assessed at the end of the Plan Period, and if achieved as applicable, the Plan Participant will earn incentives at the end of the Plan Period. Awards for Cxx level Plan
Participants in grades 13 and 14 must be approved by the Compensation Committee or Board of Directors, as applicable. Achievement of the Company’s Revenue Objectives and Adjusted operating income Performance Objectives must both be equal to or
greater then 90% or no incentives will be earned. Achievement of the Company’s Revenue and Adjusted operating income Performance Objectives will be assessed jointly by the Company’s Chief Executive Officer (“CEO”), CFO and the
Board of Directors’ Compensation Committee, and their decision shall be final and binding. Achievement of individual performance results will be determined by appropriate Company management and approved by Human Resources and the CEO.

  
 The Plan Participant must be an active employee on the last day of the Plan
Period for any incentive to be earned. Payment on earned incentives will be made as soon as reasonably possible following the end of the Plan Period and will be net of all applicable withholdings. If an employee’s base salary and/or bonus
incentive changes during the year due to promotion, market adjustment, etc., the target incentive bonus will be pro-rated based on time in the old and new levels. 
  
 LEAVES OF ABSENCE AND TERMINATION OF EMPLOYMENT 
  
 The CEO will determine in his sole discretion whether a Plan Participant on a leave of absence during the Plan Period may be eligible for a
partial or prorated incentive. Plan Participants must be actively employed on the last day of the Plan Period in order to be eligible for any incentives. Plan Participants who terminate for any reason during the Plan Period are not eligible for
incentive awards. 
  
 AT-WILL EMPLOYMENT 
  
 Participation in this Plan is not an agreement (express or implied) between the Plan
Participant and the Company that the Company will employ the Plan Participant for any specific period of time, nor is there any agreement for continuing or long-term employment. The Plan Participant and the Company each have the right to terminate
the employment relationship at any time and for any or no reason. This at-will employment relationship can only be modified by an agreement signed by the Plan Participant and the CEO. 
  
 DETERMINATIONS, CHANGES AND EXCEPTIONS TO PLAN 
  
 This document highlights the principal features of the Plan, but it does not describe every situation that can occur. The Company retains
the right to interpret, revise, modify or delete the Plan at its sole discretion at any time. This document supercedes any previous incentive plan document including any specific provisions stated in the Plan Participant’s offer letter or
employment agreement specifying eligibility, amount, and participation in any incentive or bonus program. The Company reserves the right to make any reasonable adjustments to the Plan, including but not limited to project assignments, as necessary
to reflect business and economic conditions. The CEO, Human Resources, and/or the Compensation Committee, as applicable, must approve any exceptions, modifications or adjustments to the Plan. The Company further retains full and final discretion to
determine whether a Plan Participant has earned any incentives pursuant to the Plan. All such determination shall be final and binding.

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