Exhibit 10.45

 

 

 

The 2010 Incentive Bonus Plan is based upon the Individual Employee and Total Company Performance, equally weighted for Levels 2 – 6, 50% of Incentive Bonus Opportunity based on Individual Employee Performance and 50% of Incentive Bonus Opportunity based on Company Performance. The Incentive Bonus for Levels 7 –13 is based on 100% on Company Weighted Performance.

 

Component	Target	Weighting
Total  Revenue   Order Backlog   Current Assets at Year End (less short-term investments in available for sale securities)   Safety	$ 13.0 million                                   $ 44.5 million                                   $ 16.9 million                         2.65 OSHA Incidence Rate	40%                                                   30%                                                   25%                                                     5%

 

 

 

Employee Level	Incentive Bonus Opportunity (% of Employee Salary)
	Opportunity	Cash Payout	Stock  Payout
2 to 6	15%	100%	0%
7 to 8	25%	60%	40%
9 to 10	40%	60%	40%
11 to 12	60%	60%	40%
13	80%	60%	40%

 

Total Revenue –

The total revenues recorded for 2010 in accordance with GAAP as reported on the audited financial statements.

Order Backlog –     Current Assets at Year End –

The amount any customer is firmly committed to purchase during 2011 or thereafter as set forth in any signed PO or contract, customer collaboration or grant, measured at year-end in accordance with GAAP and SEC reporting standards.   Total Current Assets reported on the audited financial statements at year end 2010, net of: (1) Investments (available for sale securities); and (2) any cash raised from the sale or exercise of options, warrants and new issuance of shares in excess of the budgeted net raise of $13-million.

 

Safety –

The OSHA incidence rate for the Company for 2010 as reported by EH&S.

 

 

Chart 3 -  Payout Example – Assuming $25,000 bonus for a level 7 employee

Cash Allocation at 60%	$15,000
Stock Allocation at 40%	$10,000
Total	$25,000
Stock Allocation	$10,000
Divided by VWAP Price  (estimate)	$2.00
Equals Number of Shares Granted	5,000

Taxable Shares Granted	5,000
Closing Price on day prior to Grant Date (estimate)	x        $1.50
Taxable Stock Value	$7,500

Gross Cash Distribution	$15,000
Taxable Stock Value	$7,500
Total Taxable Bonus Value	$22,500

 

 

 

 

Disability, FMLA and Workers’ Comp – The intent of the Incentive Bonus Plan is to reward individual performance and company performance contributions per the stated rules andprocedures in this document. If an eligible employee is absent from their regular position due to FMLA, workers' compensation or disability, they are still eligible for an earned award based on the pro-rata number of actual days worked and the resultant covered compensation. Amounts of funds received from Workers’ Compensation, disability insurance benefits or other sources are not to be included in the calculation of earned covered compensation.

 

Extraordinary Events – In the event of a merger, consolidation, plan of exchange, acquisition of property or stock, split-up, split-off, spin-off, reorganization or liquidation to which Altair Nanotechnologies Inc. or the subsidiary for which employee primarily provides services is a party, any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of Altair Nanotechnologies Inc. or the subsidiary for which employee primarily provides services, or the transfer by one or more shareholders, in one transfer or several related transfers, of 50% of more of the common shares outstanding on the date of such transfer (or the first of such related transfers) to persons, other than wholly-owned subsidiaries or family trusts,  who were not shareholders of the Altair Nanotechnologies Inc. prior to the first such transfer (each, a “Transaction”), the Board of Directors shall, in its sole discretion and to the extent possible under the structure of the Transaction, select, prior to the consummation of the Transaction, one of the following alternatives for treating this incentive bonus plan: (a) this incentive bonus plan shall remain in effect in accordance with its terms; (b) this incentive bonus plan shall remain in effect in accordance with its terms but shall be assumed (in total and/or with respect to employees who primarily provide services to transferred subsidiaries or business units) by the surviving corporation of any Transaction (including, if applicable, the purchaser of a business unit or its assets); or (c) any future accruals under this incentive bonus plan shall terminate as of the consummation of the Transaction and all bonus components, target bonuses and other aspects of this incentive bonus plan shall be pro-rated based upon the number of days that have elapsed in the calendar year.

 

 

Criteria		Objective ($ in millions)				Actual ($ in millions)				% Performance				Weighting				Weighted Performance %
Total Revenue        (meet or exceed)		$	13.0			$	13.0				100.0	%			40.0	%			40.0	%
Order Backlog         (meet or exceed)		$	44.5			$	44.5				100.0	%			30.0	%			30.0	%
Cash at year end    (meet or exceed)		$	16.9			$	16.9				100.0	%			25.0	%			25.0	%
Safety                  (meet or less than)			2.65				2.65				100.0	%			5.0	%			5.0	%
																			100.0	%
															Payout %				=        100.0	%

 

 

 

Criteria		Objective ($ in millions)				Actual ($ in millions)				% Performance				Weighting				Weighted Performance %
Total Revenue        (meet or exceed)		$	13.0			$	13.0				100.0	%			40.0	%			40.0	%
Order Backlog         (meet or exceed)		$	44.5			$	33.4				75.0	%			30.0	%			22.5	%
Cash at year end    (meet or exceed)		$	16.9			$	16.9				100.0	%			25.0	%			25.0	%
Safety                  (meet or less than)			2.65				2.65				100.0	%			5.0	%			5.0	%
																			92.5	%

 

Criteria		Objective ($ in millions)				Actual ($ in millions)				% Performance				Weighting				Weighted Performance %
Total Revenue        (meet or exceed)		$	13.0			$	14.2				109.3	%			40.0	%			43.7	%
Order Backlog         (meet or exceed)		$	44.5			$	49.5				111.2	%			30.0	%			33.4	%
Cash at year end    (meet or exceed)		$	16.9			$	18.5				109.5	%			25.0	%			27.4	%
Safety                  (meet or less than)			2.65				2.40				110.4	%			5.0	%			5.5	%
																			110.0	%