SEC Contract Filing

Filing Date: 2024-02-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>4
<FILENAME>exhibit1010-aipsummaryofte.htm
<DESCRIPTION>EXHIBIT 10.10 - AIP SUMMARY OF TERMS 2024
<TEXT>
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<title>Document</title></head><body><div id="i1fe11300cb0844939f5e9accd240641a_1"></div><div style="min-height:57.6pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:100%">EXHIBIT 10.10</font></div></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:25pt;font-weight:700;line-height:174%">OPENLANE, Inc.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:25pt;font-weight:700;line-height:174%">Annual Incentive Program</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:25pt;font-weight:700;line-height:174%">Summary of Terms</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:25pt;font-weight:700;line-height:174%">2024</font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div style="height:59.04pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:57.6pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:100%">OPENLANE, Inc. Annual Incentive Program</font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Summary of Terms</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">The following is a summary of the 2024 OPENLANE, Inc. Annual Incentive Program (the &#8220;Program&#8221;) which is part of the KAR Auction Services, Inc. Amended and Restated 2009 Omnibus Stock and Incentive Plan (as may be amended from time to time, the &#8220;Omnibus Plan&#8221;). Any awards under the Program are subject to the approval of the Compensation Committee (the &#8220;Committee&#8221;) of the Board of Directors (the &#8220;Board&#8221;) of OPENLANE, Inc. (the &#8220;Company&#8221;). The Committee has all final authority with respect to administration and interpretation of the Program. All capitalized terms herein that are not otherwise defined shall have the meanings given to such terms in the Omnibus Plan.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Purpose of the Program</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">The purpose of the Program is to reward eligible employees of the Company with incentive compensation based on their contributions toward meeting and exceeding overall Company goals.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Eligibility</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Key employees of the Company may participate in the Program as determined by the Committee. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Effective Date</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">The Program is effective January 1, 2024. The Company reserves the right to revise or terminate the Program at any time, with or without advance notice, in accordance with applicable law.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Performance Period</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Each performance period under the Program will be one year in duration and will coincide with the Company's fiscal year (January 1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:100%;position:relative;top:-3.85pt;vertical-align:baseline">st</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%"> &#8211; December 31</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:100%;position:relative;top:-3.85pt;vertical-align:baseline">st</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">). </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Awards</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">The award is tied to the performance of the Company and&#47;or particular business unit, division or region during the performance period. The