EXHIBIT 10.2
CareerStaff Unlimited,
Inc.
2009 President Incentive Plan
Objective:
To provide an
incentive for the CareerStaff President to improve operational and
financial performance and to reward success.
Program:
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Target bonus
equal to 60% of annual base salary (as of 12/31/09) with additional
incentive potential of up to 45%.
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The maximum
potential bonus payout is 105% of base salary.
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► Paid
Annually
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Incentive
payments will be made after completion of the year-end audit for
2009 and following certification of achievement of financial
performance targets by the Compensation Committee of the Board of
Directors of Sun Healthcare Group, but no later than March 15,
2010.
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January 1, 2009
– December 31, 2009
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In order to be
eligible for the incentive, the President must be a full-time
employee and actively employed on 12/31/09.
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If an approved
leave of absence occurs during the plan year, the bonus will be
prorated.
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Plan Provisions, Criteria and
Weighting:
The plan is
comprised of two financial components: a 2009 financial
performance target for CareerStaff and a 2009 financial performance
target for Sun Healthcare Group. Both financial
performance targets are based on earnings before interest, taxes,
depreciation and amortization (EBITDA). The EB ITDA
targets have been established by the Compensation
Committee. These targets are:
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CareerStaff 2009 EBITDA of $10.5
million
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Sun Healthcare
Group 2009 EBITDA of $189.2 million
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The two
components of the plan are weighted as
follows:
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Components
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Weighting
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CareerStaff EBITDA goal
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85%
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Sun Healthcare Group EBITDA
goal
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15%
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CareerStaff EBITDA Component
The amount of
the CareerStaff EBITDA bonus shall be based upon actual CareerStaff
EBITDA attained as a percentage of the CareerStaff EBITDA target as
follows:
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% Achievement of Target
for
CareerStaff:
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85% of target
(2009 EBITDA of
$8.925 million)
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100% of target
(2009 EBITDA of
$10.5 million)
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115% of target
(2009 EBITDA of
$12.075 million)
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Percentage of Base Salary Paid as
Bonus:
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10.2%
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51.0%
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89.5%
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If actual
CareerStaff EBITDA is less than $8.925 million, the CareerStaff
EBITDA component of the bonus will be zero. If
actu
