Attached files
| file | filename |
|---|---|
| 10-Q - Orchard Enterprises, Inc. | v183690_10q.htm |
| EX-32.1 - Orchard Enterprises, Inc. | v183690_ex32-1.htm |
| EX-31.1 - Orchard Enterprises, Inc. | v183690_ex31-1.htm |
| EX-31.2 - Orchard Enterprises, Inc. | v183690_ex31-2.htm |
Exhibit
10.1
Summary
description of the Company’s 2010 Cash Bonus Plan for Management
On
January 11, 2010, upon the approval of the operating plan for fiscal 2010 of The
Orchard Enterprises, Inc. (the “Company”), the Compensation Committee of the
Board of Directors of the Company established cash bonus targets and performance
criteria for performance-based cash awards to the Company’s management for
fiscal 2010. The following table presents the fiscal 2010 bonus
targets established by the Compensation Committee for the Company’s named
executive officers:
|
Name
|
Title
|
Fiscal 2010 Bonus Target
|
|
Brad
Navin
|
Interim
Chief Executive Officer
|
$125,000
|
|
Nathan
Fong
|
Chief
Financial Officer
|
$75,000
|
For each
of the named executive officers, the bonus for fiscal 2010 is based one-third on
achieving revenue metrics as reported on a GAAP basis, one-third on achieving
EBITDA metrics as reported in the Company’s earnings releases and one-third on
the discretion of the Compensation Committee.
The
target revenue and EBITDA metrics include a range of targets based on the 2010
operating plan which could result in the named executive officers receiving a
percentage (which could exceed 100%) of their bonus target amounts depending on
where the actual results fall within the range of the established
metrics. Actual bonus payments may range from 33% of the target
amounts, if actual results meet the minimum target amounts, to 100% of the
target amounts, if the Company meets the base case targets. No bonus
amount is payable if actual results are below the minimum target amounts, unless
the Compensation Committee approves the discretionary portion of the bonus
plan. In addition, if the Company’s actual results for 2010 exceed
the Company’s base case targets, the named executive officers may receive a
maximum of 125% of their bonus target amounts depending on actual results. The
Company believes that the base case target revenue and EBITDA metrics are
achievable if the Company meets the base case 2010 operating plan.