NetFrame Executives
Here in detail!
Executive Bonus Plan
On May 2, 1997 the Company's Board of Directors approved an Executive Bonus Plan in order to focus the efforts of the Company's key executives on certain strategic goals. The Executive Bonus Plan provides that, upon the Company's partnership with a major original equipment manufacturer or the sale of the Company; and the release to manufacturing to the Company's "Raptor 8" product, Mr. Puette is to receive fifty percent of this base salary and certain Vice Presidents of the Company, excluding Sales Vice Presidents, are to receive forty percent of their base salaries. The Plan also provides for additional payments should the Company exceed other objectives. The Company's status with regard to the corporate milestones is to be evaluated in July 1997 and payments under the Executive Bonus Plan, if any, will be
made at that time. Any payment under the Executive Bonus Plan is, however, conditioned upon the recipient's continued employment with the Company through June 30, 1997. To the extent that the Offer is successfully consummated, assuming such continued employment condition is met, Mr Puette and such Vice Presidents would be entitled to receive amounts payable under the Executive Bonus Plan. This description of the Executive Bonus Plan is qualified in its entirety by reference to the Executive Bonus Plan which has been filed as Exhibit (c)(13) and is hereby incorporated by reference. |
