EMPLOYMENT AGREEMENT
Exhibit 10.20
EMPLOYMENT AGREEMENT (this “Agreement”), effective as of January 15, 2006 (the “Effective
Date”), between Xxxxx Xxxxxx (“Executive”) and Smart Move, LLC, a Colorado Limited Liability
Company (“Employer”).
In consideration of the premises and the mutual covenants hereinafter set forth and other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto hereby agree as follows:
Employer hereby agrees to employ Executive, and Executive hereby agrees to be and remain in
the employ of Employer, upon the terms and conditions hereinafter set forth.
2. EMPLOYMENT PERIOD; EMPLOYMENT YEAR.
2.1 EMPLOYMENT PERIOD. Subject to earlier termination as provided in Section 5, the term of
Executive’s employment under this Agreement shall commence as of the date hereof and shall continue
until September 30, 2011 (the “Initial Employment Period”). Unless either party gives notice of
non-renewal at least ninety (90) days prior to the expiration of the Initial Employment Period or
any extension thereof, the term of this Agreement shall be extended for an additional one (1) year
period beyond the end of the Initial Employment Period, or the end of any extension thereof, as the
case may be (the Initial Employment Period and any extension thereof is hereafter referred to as
the “Employment Period”).
2.2 EMPLOYMENT YEAR. Each 12-month period ending on September 30 shall be hereinafter
considered an “Employment Year.”
(a) Schedule A contains Milestones expressed in terms of the Stock Price of Employer.
As used herein, “Stock Price” shall mean the average of the closing bid prices of the Common
Stock (“Common Stock”), par value $7.50 per share, of Employer, as reported by the principal
market where the Common Stock is then traded, over the ten (10) trading days preceding
September 30 in each Employment Year (as adjusted for stock splits, stock dividends,
reclassification or other similar events). If, at the end of the particular Employment
Year, the Employer’s Stock Price is equal to or exceeds one or more of the prices specified,
Executive shall be entitled to the percentage of the Target Bonus set forth next to the
highest such price achieved. Any Bonus earned as a result of achieving the Stock Price
target shall be paid to Executive within three business days of the end of the Employment
Year in which the Milestone is achieved. Total maximum bonus for Schedule A Milestones
obtained is equal to 50% of the current Employment Year’s “Target Bonus”.
(b) Schedule B contains Milestones expressed in terms of the number of moves completed
in any Employment Year. If, at the end of the particular Employment Year, the number of
moves completed is equal to or exceeds one or more of the target numbers specified,
Executive shall be entitled to the percentage of the Target
Bonus set forth next to the highest such number of moves achieved. Any Bonus earned as
a result of achieving the number of completed moves target shall be paid to Executive within
three business days of the end of the Employment Year in which the Milestone is
2
achieved.
Total maximum bonus for Schedule B Milestones obtained is equal to 50% of the current
Employment Year’s “Target Bonus”.
(c) Achievement of multiple Milestones in any Employment Year shall not entitle
Executive to more than 100% of the total Target Bonus for such Employment Year, unless the
Board increases the Bonus with respect to such Employment Year. The maximum aggregate
Target Bonus during the Initial Employment Period shall be three (3) times the Target Bonus,
unless the Board increases the Bonus with respect to one or more Employment Years.
(d) In the event of a Change in Control (as defined below) of Employer, Executive shall
be immediately entitled to the full amount of the Target Bonus with respect to any
Employment Years remaining in the Employment Period. As used in this Agreement, the term
“Change in Control” means (i) 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 the Employer; (ii) any sale, lease exchange or other transfer (in one transaction or a
series of related transactions) of shares of capital stock of the Employer such that any
person or group (other than the holders generally of the Employer’s capital stock
immediately prior to such transaction or series of transactions) shall become the owner,
directly or indirectly, beneficially or of record, of shares representing more than
thirty-three percent (33%) of the aggregate ordinary voting power represented by the issued
and outstanding voting securities of the Employer; or (iii) any merger, consolidation,
recapitalization, acquisition or similar transaction (other than any such transaction
involving only the Employer and/or one or more wholly owned subsidiaries of the Employer) in
which the outstanding voting securities of the Employer are converted into or exchanged for
cash, securities or other property, such that immediately after such transaction any person
or group (other than the holders generally of such capital stock immediately prior to such
transaction or series of transactions) shall become the owner, directly or indirectly ,
beneficially or of record, of shares representing more than twenty percent (20%) of the
aggregate ordinary voting power represented by the issued and outstanding voting securities
of the Employer.
4.3 BONUS FOR STOCK LISTING AND PAST SERVICES. Executive shall receive a $75,000 cash bonus
immediately upon the Employer’s Common Stock being listed on the NASDAQ Stock Market, the American
Stock Exchange or the New York Stock Exchange and for services previously performed by Executive
for the Employer;
PROVIDED, HOWEVER, that such listing shall have occurred during the Initial Employment Period
and that Executive’s employment hereunder shall not have been terminated for “Cause” (as defined in
Section 5.2 below) prior to the date of such listing.
3
4.4 OTHER BENEFITS. During the Employment Period, subject to, and to the extent Executive is
eligible under their respective terms, Executive shall be entitled to receive such fringe benefits
as are, or are from time to time hereafter generally provided by Employer to Employer’s senior
management employees or other employees (other than those provided under or pursuant to separately
negotiated individual employment agreements or arrangements) under any pension or retirement plan,
disability plan or insurance, group life insurance, medical and dental insurance, accidental death
and dismemberment insurance, travel accident insurance or other similar plan or program of
Employer. Employer shall provide short-term and long-term disability insurance for Executive which
provides benefits equal to at least 60% of Base Salary. Executive’s Base Salary shall (where
applicable) constitute the compensation on the basis of which the amount of Executive’s benefits
under any such plan or program shall be fixed and determined.
(i) be subject to an option agreement containing terms substantially similar to
the terms generally provided in the option agreements of the Employer’s other senior
managers (except as otherwise modified herein);
(ii) have a term of 10 years from the date of grant;
4
(iii) shall be fully vested and be exerciseable as follows:
a. | At the end of Employment Period one, at September, 30, 2006, Options with respect to 32,000 shares, with an exercise price equal to $12.00, shall be issued vest and be exerciseable immediately; only if the company has reached the performance objective of 4,800 booked moves. | ||
b. | At the end of Employment Period two, at September, 30, 2007, Options with respect to 32,000 shares, with an exercise price equal to $15.00, shall be issued vest and be exerciseable immediately; only if the company has reached the performance objective of 9,000 booked moves. | ||
c. | At the end of Employment Period three, at September, 30, 2008, Options with respect to 32,000 shares, with an exercise price equal to $17.00, shall be issued vest and be exerciseable immediately; only if the company has reached the performance objective of 12,000 booked moves. |
PROVIDED, HOWEVER, that upon a Change of Control, all Options that have not yet
vested and become exerciseable shall be deemed to have vested and have become
exerciseable as of the time immediately preceding such Change of Control;
(iv) shall provide for cashless exercise of such Options;
(v) be issued under a qualified omnibus long-term incentive plan (a “Plan”)
that will provide for Incentive Stock Options pursuant to Internal Revenue Code
(“Code”) Section 422, non-qualified stock options and other forms of long-term
incentives. If the Employer does not have a Plan applicable to the Executive or if
an existing Plan does not provide for the foregoing terms or if sufficient shares
are not available for grant under an existing Plan, Employer undertakes to implement
a Plan to provide for the issuance of Executive’s Options. Failure of the Employer
to implement such a Plan shall not prevent
Executive’s right to receive his Options and he may elect, in his sole
discretion, to receive Options not subject to a Plan.
(c) From time to time, the Board may, in its discretion, grant additional Options to
Executive, on such terms as the Board determines.
5
(a) fraud, embezzlement, or any other illegal act committed intentionally by the
Executive in connection with the Executive’s duties as an executive of the Employer or any
subsidiary or affiliate of the Employer which causes or may reasonably be expected to cause
substantial economic injury to the Employer or any subsidiary or affiliate of the Employer,
(b) conviction of any felony which causes or may reasonably be expected to cause
substantial economic injury to the Employer or any subsidiary or affiliate of the Employer,
or
(c) willful or grossly negligent commission of any other act or failure to act which
causes or may reasonably be expected (as of the time of such occurrence) to cause
substantial economic injury to or substantial injury to the reputation of the Employer or
any subsidiary or affiliate of the Employer, including, without limitation, any material
violation of the Foreign Corrupt Practices Act, as described herein below. An act or
failure to act on the part of Executive shall be considered “willful” if done, or omitted to
be done, by Executive in bad faith or without a reasonable belief that the act or omission
was in the best interest of Employer.
6
any amount due to Executive when due, diminution of Executive’s duties and responsibilities or a change
in Executive’s place of performance);
PROVIDED, HOWEVER, that the circumstances set forth in this Section 5.3(A) and (B) will not be
Good Reason if within 30 days of notice by the Executive to the Employer, Employer cures such
circumstances.
7
(a) If it is determined (as hereafter provided) that by reason of any payment or Option
vesting occurring pursuant to the terms of this Agreement (or otherwise under any other agreement,
plan or program) upon a Change in Control (collectively, a “Payment”), the Executive would be
subject to the excise tax imposed by Code Section 4999 (the “Parachute Tax”), then the Executive
shall be entitled to receive an additional payment or payments (a “Gross-Up Payment”) in an amount
such that, after payment by the Executive of all taxes (including any Parachute Tax) imposed upon
the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the
Parachute Tax imposed upon the Payment.
(b) Subject to the provisions of Section 7(a) hereof, all determinations required to be made
under this Section 7, including whether a Parachute Tax is payable by the Executive and the amount
of such Parachute Tax and whether a Gross-Up Payment is required and the amount of such Gross-Up
Payment, shall be made by the nationally recognized firm of certified public accountants (the
“Accounting Firm”) used by the Employer prior to the Change in Control (or, if such Accounting Firm
declines to serve, the Accounting Firms hall be a nationally recognized firm of certified public
accountants selected by the Executive). The Accounting Firm shall be directed by the Employer or
the Executive to submit its preliminary determination and detailed supporting calculations to both
the Employer and the Executive within 15 calendar days after the determination date, if applicable,
and any other such time or times as may be requested by the Employer or the Executive. If the
Accounting Firm determines that any Parachute Tax is payable by the Executive, the Employer shall
pay the required Gross-Up Payment to, or for the benefit of, the Executive within five business
days after receipt of such determination and calculations. If the Accounting Firm determines that
no Parachute Tax is payable by the Executive, it shall, at the same time as it makes such
determination, furnish the Executive with an opinion that he has substantial authority not to
report any Parachute Tax on his federal tax
return. Any good faith determination by the Accounting Firm as to the amount of the Gross-Up
Payment shall be binding upon the Employer and the Executive absent a contrary determination by the
Internal Revenue Service or a court of competent jurisdiction; provided, however, that no such
determination shall eliminate or reduce the Employer’s obligation to provide any Gross-Up Payments
that shall be due as a result of such contrary determination. As a result of the
8
uncertainty in the application of Code Section 4999 at the time of any determination by the Accounting Firm
hereunder, it is possible that Gross-Up Payments that will not have been made by the Employer
should have been made (an “Underpayment”), consistent with the calculations required to be made
hereunder. In the event that the Employer exhausts or fails to pursue its remedies pursuant to
Section 7(f) hereof and the Executive thereafter is required to make a payment of any Parachute
Tax, the Executive shall direct the Accounting Firm to determine the amount of the Underpayment
that has occurred and to submit its determination and detailed supporting calculations to both the
Employer and the Executive as promptly as possible. Any such Underpayment shall be promptly paid
by the Employer to, or for the benefit of, the Executive within five business days after receipt of
such determination and calculations.
(c) The Employer and the Executive shall provide the Accounting Firm access to and copies of
any books, records and documents in the possession of the Employer or the Executive, as the case
may be, reasonably requested by the Accounting Firm, and otherwise cooperate with the Accounting
Firm in connection with the preparation and issuance of the determination contemplated by Section
7(b) hereof.
(d) The federal tax returns filed by the Executive (or any filing made by a consolidated tax
group which includes the Employer) shall be prepared and filed on a basis consistent with the
determination of the Accounting Firm with respect to the Parachute Tax payable by the Executive.
The Executive shall make proper payment of the amount of any Parachute Tax, and at the request of
the Employer, provide to the Employer true and correct copies (with any amendments) of his federal
income tax return as filed with the Internal Revenue Service, and such other documents reasonably
requested by the Employer, evidencing such payment. If prior to the filing of the Executive’s
federal income tax return, the Accounting Firm determines in good faith that the amount of the
Gross-Up Payment should be reduced, the Executive shall within five business days pay to the
Employer the amount of such reduction.
(e) The fees and expenses of the Accounting Firm for its services in connection with the
determination and calculations contemplated by Sections 7(b) and (d) hereof shall be borne by the
Employer. If such fees and expenses are initially advanced by the Executive, the Employer shall
reimburse the Executive the full amount of such fees and expenses within five business days after
receipt from the Executive of a statement therefore and reasonable evidence of his payment thereof.
(f) In the event that the Internal Revenue Service claims that any payment or benefit received
under this Agreement constitutes an “excess parachute payment” within the meaning of Code Section
280G(b)(1), the Executive shall notify the Employer in writing of such claim. Such notification
shall be given as soon as practicable but not later than 10 business days after the Executive is
informed in writing of such claim and shall apprise the Employer of the nature of such claim and
the date on which such claim is requested to be paid. The Executive shall not
pay such claim prior to the expiration of the 30 day period following the date on which the
Executive gives such notice to the Employer (or such shorter period ending on the date that any
payment of taxes with respect to such claim is due). If the Employer notifies the Executive in
writing prior to the expiration of such period that it desires to contest such claim, the Executive
shall (i) give the Employer any information reasonably requested by the Employer relating to
9
such claim; (ii) take such action in connection with contesting such claim as the Employer shall
reasonably request in writing from time to time, including without limitation, accepting legal
representation with respect to such claim by an attorney reasonably selected by the Employer and
reasonably satisfactory to the Executive; (iii) cooperate with the Employer in good faith in order
to effectively contest such claim; and (iv) permit the Employer to participate in any proceedings
relating to such claim;
PROVIDED, HOWEVER, that the Employer shall bear and pay directly all costs and expenses
(including, but not limited to, additional interest and penalties and related legal, consulting or
other similar fees) incurred in connection with such contest and shall indemnify and hold the
Executive harmless, on an after-tax basis, for and against for any Parachute Tax or income tax or
other tax (including interest and penalties with respect thereto) imposed as a result of such
representation and payment of costs and expenses.
(g) The Employer shall control all proceedings taken in connection with such contest and, at
its sole option, may pursue or forego any and all administrative appeals, proceedings, hearings and
conferences with the taxing authority in respect of such claim and may, at its sole option, either
direct the Executive to pay the tax claimed and xxx for a refund or contest the claim in any
permissible manner and the Executive agrees to prosecute such contest to a determination before any
administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as
the Employer shall determine;
PROVIDED, HOWEVER, that if the Employer directs the Executive to pay such claim and xxx for a
refund, the Employer shall advance the amount of such payment to the Executive on an interest-free
basis, and shall indemnify and hold the Executive harmless, on an after tax basis, from any
Parachute Tax (or other tax, including interest and penalties with respect thereto) imposed with
respect to such advance or with respect to any imputed income with respect to such advance; and
PROVIDED, FURTHER, that if the Executive is required to extend the statute of limitations to
enable the Employer to contest such claim, the Executive may limit this extension solely to such
contested amount. The Employer’s control of the contest shall be limited to issues with respect to
which a corporate deduction would be disallowed pursuant to Code Section 280G and the Executive
shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal
Revenue Service or any other taxing authority. In addition, no position may be taken nor any final
resolution be agreed to by the Employer without the Executive’s consent if such position or
resolution could reasonably be expected to adversely affect the Executive unrelated to matters
covered hereto.
(h) If, after the receipt by Executive of an amount advanced by the Employer in connection
with the contest of the Parachute Tax claim, the Executive receives any refund with
respect to such claim, the Executive shall promptly pay to the Employer the amount of such
refund (together with any interest paid or credited thereon after taxes applicable thereto);
PROVIDED, HOWEVER, if the amount of that refund exceeds the amount advanced by the Employer,
the Executive may retain such excess. If, after the receipt by the Executive of an
10
amount advanced by the Employer in connection with a Parachute Tax claim, a determination is made that the
Executive shall not be entitled to any refund with respect to such claim and the Employer does not
notify the Executive in writing of its intent to contest the denial of such refund prior to the
expiration of 30 days after such determination, such advance shall be deemed to be in consideration
for services rendered after the Date of Termination.
(i) The Employer will be entitled to participate therein at its own expense;
and
(ii) Except as otherwise provided in this Section 8.2(a)(ii) to the extent that
it may wish, the Employer, jointly with any other indemnifying party similarly
notified, shall be entitled to assume the defense thereof, with counsel satisfactory
to the Executive. After notice from the Employer to the Executive of its election
to so assume the defense thereof, the Employer shall not be liable to the Executive
under this Agreement for any legal or other expenses subsequently incurred by the
Executive in connection with the defense thereof
other than reasonable costs of investigation or as otherwise provided below.
The Executive shall have the right to employ the Executive’s own counsel in such
Proceeding, but the fees and expenses of such counsel incurred after notice from the
Employer of its assumption of the defense thereof shall be at the expense of the
Executive unless (a) the employment of counsel by the Executive has been
11
authorized by the Employer, (b) the Executive shall have reasonably concluded that there may be
a conflict of interest between the Employer and the Executive in the conduct of the
defense of such Proceeding (which conclusion shall be deemed reasonable if, without
limitation, such action shall seek any remedy other than money damages and the
Executive would be personally affected by such remedy or the carrying out thereof),
or (c) the Employer shall not in fact have employed counsel to assume the defense of
the Proceeding, in each of which cases the fees and expenses of counsel shall be at
the expense of the Employer. The Employer shall not be entitled to assume the
defense of any Proceeding brought against the Executive by or on behalf of the
Employer or as to which the Executive shall have reached the conclusion provided for
in clause (b) above.
Unless otherwise required by law or judicial process, Executive shall retain in confidence
during the Employment Period and after termination of Executive’s employment with Employer pursuant
to this Agreement all confidential information known to the Executive concerning Employer and its
businesses. The obligations of Executive pursuant to this Section 9 shall survive the expiration
or termination of this Agreement.
12
During the Non-Compete Period, Executive shall not directly or indirectly solicit to enter
into the employ of any other Entity, or hire, any of the employees of the Employer (or individuals
who were employees of the Employer within six months of termination of the Non-Compete Period).
During the Non-Compete Period, Executive shall not, directly or indirectly, solicit, hire or take
away or attempt to solicit, hire or take away (i) any customer or client of the Employer or (ii)
any former customer or client (that is, any customer or client who ceased to do business with the
Employer during the one (1) year immediately preceding such date) of the Employer or encourage any
customer or client of the Employer to terminate its relationship with the Employer without the
Employer’s prior written consent. The obligations of Executive pursuant to this Section 11 shall
survive the expiration or termination of this Agreement.
The Employer shall not make any oral or written statement about the Executive which is
intended or reasonably likely to disparage the Executive or otherwise degrade his reputation in the
business or legal community.
The Executive agrees to comply in all material respects with the applicable provisions of the
U.S. Foreign Corrupt Practices Act of 1977 (“FCPA”), as amended, which provides generally that:
under no circumstances will foreign officials, representatives, political parties or holders or
public offices be offered, promised or paid any money, remuneration, things of value, or provided
any other benefit, direct or indirect, in connection with obtaining or maintaining
contracts or others hereunder. When any representative, employee, agent, or other individual
or organization associated with the Executive is required to perform any obligation related to or
in connection with this Agreement, the substance of this section shall be imposed upon such person
and included in any agreement between the Executive and any such person. Failure by the Executive
to comply in all material respects with the provisions of the FCPA (other than an
13
inadvertent violation on the basis of advice from counsel to the Employer that the conduct in question is not a
violation) shall constitute a material breach of this Agreement and shall entitle the Employer to
terminate the Executive’s employment for Cause.
This Agreement and all rights of the Executive hereunder shall inure to the benefit of and be
enforceable by Executive and Executive’s personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. If Executive should die
while any amounts would still be payable to him hereunder if he had continued to live, all such
amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this
Agreement to Executive’s devisee, legatee, or other beneficiary or, if there be no such
beneficiary, to Executive’s estate.
The respective rights and obligations of the parties hereunder shall survive any termination
of this Agreement to the extent necessary to the intended preservation of such rights and
obligations.
If to Employer: | ||||
Smart Move, Inc | ||||
0000 X. Xxxxxx Xx | ||||
Xxxxxxxxx, Xxxxxxx, XX 00000 | ||||
Facsimile: 000-000-0000 | ||||
If to Executive: | ||||
Xxxxx Xxxxxx | ||||
Xxxxxxxxx Xxxxx, XX 00000 | ||||
Facsimile: |
14
unemployment compensation and other taxes as shall be necessary or appropriate in the reasonable judgment of Employer to comply
with applicable laws and regulations.
16.4 GOVERNING LAW. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Colorado, without reference to the principles of conflicts
of laws therein.
15
By:
|
/s/Xxxxxx Xxxxxxx | |
Name: Xxxxxx Xxxxxxx | ||
Title: CFO |
16
SCHEDULE A
PERFORMANCE MILESTONES
YEAR 1 BONUS | YEAR 2 BONUS | YEAR 3 BONUS | ||||||||||||||||||||||
At 9/30/2006 | At 9/30/2007 | At 9/30/2008 | ||||||||||||||||||||||
STOCK PRICE | % EARNED | STOCK PRICE | % EARNED | STOCK PRICE | % EARNED | |||||||||||||||||||
$ | 7.50 | 15 | % | $ | 12.50 | 20 | % | $ | 15.00 | 25 | % | |||||||||||||
$ | 10.00 | 30 | % | $ | 15.00 | 35 | % | $ | 17.50 | 50 | % | |||||||||||||
$ | 12.50 | 50 | % | $ | 17.50 | 60 | % | $ | 20.00 | 75 | % | |||||||||||||
$ | 15.00 | 100 | % | $ | 20.00 | 100 | % | $ | 22.50 | 100 | % |
YEAR 4 BONUS | YEAR 5 BONUS | YEAR 6 BONUS | ||||||||||||||||||||||
At 9/30/2009 | At 9/30/2010 | At 9/30/2011 | ||||||||||||||||||||||
STOCK PRICE | % EARNED | STOCK PRICE | % EARNED | STOCK PRICE | % EARNED | |||||||||||||||||||
$ | 17.50 | 30 | % | $ | 20.00 | 40 | % | $ | 22.50 | 50 | % | |||||||||||||
$ | 20.00 | 60 | % | $ | 22.50 | 65 | % | $ | 25.00 | 70 | % | |||||||||||||
$ | 22.50 | 85 | % | $ | 25.00 | 90 | % | $ | 27.50 | 95 | % | |||||||||||||
$ | 25.00 | 100 | % | $ | 27.50 | 100 | % | $ | 30.00 | 100 | % |
17
SCHEDULE B
PERFORMANCE MILESTONES – COMPLETED MOVES
YEAR 1 BONUS | YEAR 2 BONUS | YEAR 3 BONUS | ||||||||||||||||||||||
At 9/30/2006 | At 9/30/2007 | At 9/30/2008 | ||||||||||||||||||||||
Completed | Completed | Completed | ||||||||||||||||||||||
Moves 01/2006 | Moves 10/2007 | Moves 10/2008 | ||||||||||||||||||||||
– 09/2006 | % EARNED | – 09/2007 | % EARNED | – 09/2009 | % EARNED | |||||||||||||||||||
2500 | 25 | % | 5000 | 25 | % | 7000 | 25 | % | ||||||||||||||||
2750 | 50 | % | 5500 | 50 | % | 7500 | 50 | % | ||||||||||||||||
3000 | 75 | % | 6000 | 75 | % | 8000 | 75 | % | ||||||||||||||||
3250 | 100 | % | 6500 | 100 | % | 9000 | 100 | % |
YEAR 4 BONUS | YEAR 5 BONUS | YEAR 6 BONUS | ||||||||||||||||||||||
At 9/30/2009 | At 9/30/2010 | At 9/30/2011 | ||||||||||||||||||||||
STOCK PRICE | % EARNED | STOCK PRICE | % EARNED | STOCK PRICE | % EARNED | |||||||||||||||||||
TBD | 25 | % | TBD | 25 | % | TBD | 25 | % | ||||||||||||||||
TBD | 50 | % | TBD | 50 | % | TBD | 50 | % | ||||||||||||||||
TBD | 75 | % | TBD | 75 | % | TBD | 75 | % | ||||||||||||||||
TBD | 100 | % | TBD | 100 | % | TBD | 100 | % |
18