Exhibit 10.10
LoopNet, Inc.
2008 Bonus Plan
1.
Purpose
The
LoopNet, Inc. 2008 Bonus Plan (the “Plan”) is intended
to: (i) enhance stockholder value by promoting strong linkages
between employee contributions and company performance;
(ii) support achievement of the business objectives of
LoopNet, Inc. (the “Company”); and (iii) promote
retention of participating employees.
2.
Effective Date
The Plan
is effective for the Company’s 2008 fiscal year beginning
January 1, 2008 through December 31, 2008 (the “Plan
Year”). The Plan is limited in time and will expire
automatically on December 31, 2008 (the “Expiration
Date”). The Plan also supersedes all prior bonus or
commission incentive plans with respect to the eligible employees
(as set forth in Section 4) or any written or verbal
representations regarding the subject matter of the Plan.
3.
Administration
| (a) |
|
The Plan shall be administered by the Compensation Committee of
the Board of Directors of the Company (the “Compensation
Committee”). The Compensation Committee shall have all powers
and discretion necessary or appropriate to administer the Plan and
to control its operation, including, but not limited to, the power
to (i) determine which employees are eligible to participate
in the Plan, (ii) prescribe the terms and conditions of the
Plan bonuses hereunder (as further defined in Section 6 below,
the “Bonuses”), (iii) determine the extent of the
achievement of the Bonuses, (iv) adopt rules for the
administration, interpretation and application of the Plan as are
consistent therewith, and (v) interpret, amend or revoke any
such rules. The Company’s Chief Executive Officer will be
responsible for implementing the Plan. |
| (b) |
|
All determinations and decisions made by the Compensation
Committee, the Board, and any delegate of the Compensation
Committee pursuant to the provisions of the Plan shall be final,
conclusive, and binding on all persons, and shall be given the
maximum deference permitted by law. |
| (c) |
|
The Compensation Committee, in its sole discretion and on such
terms and conditions as it may provide, may delegate all or part of
its authority and powers under the Plan to one or more directors
and/or officers of the Company. |
| (d) |
|
The Company shall provide a copy of the Plan to each
Participant (as defined in Section 4 below) and will
communicate individually with each Participant regarding his or her
level of participation in the Plan. |
4.
Eligibility
Each of
the Chief Executive Officer, President, Chief Operating Officer,
Chief Financial Officer, Senior Vice President, Strategy and
Corporate Development, and Chief Technology Officer or other
employee designated by the Compensation Committee of the Company
may be eligible to participate in this Plan, provided he or she is
designated by the Compensation Committee as a participant and the
Compensation Committee has not, in its sole discretion, withdrawn
such designation (a “Participant”) and he or she meets
all the following conditions:
| (a) |
|
is a full-time regular employee of the Company as of the last
day of the Plan Year; |
| (b) |
|
has not entered into an agreement relating to termination of
his or her employment with the Company (other than an employment
agreement or offer letter, change of control agreement, or equity
compensation agreement that provides for certain benefits in
connection with the Participant’s future termination of
employment); and |
| (c) |
|
is not subject to disciplinary actions, is in good standing
with the Company and is not subject to a performance improvement
plan. |
5.
Performance Measures
In
general, Bonuses will be based upon the achievement of a
combination of financial metrics, such as revenue; earnings before
interest, taxes, depreciation and amortization
(“EBITDA”); net income; and business objectives,
including without limitation individual performance objectives
(each type of performance objective, a “Performance
Objective”). Revenue, EBITDA and net income shall be measured
in accordance with generally accepted accounting principles. The
Compensation Committee will determine the target Performance
Objectives, a
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