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Exhibit 10
(d)
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1 st
Franklin Financial Corporation
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Executive Bonus
Plan: 2009
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Plan
Overview:
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As we analyze
the results from 2008, and review the budget set for 2009 and weigh
in the economic forecast for the year, we recognize the need today,
more than ever, to balance short-term results – growth and
profit, with long-term positioning – new product development
and improved systems. This balance is expected to provide the
foundation that remains critical for the future success of the
Company.
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Our long-range
strategic plan, scheduled to take us into 2011 with rotating
progress charted annually, will serve as a directional guide that
we, as a Company, will use to obtain our Corporate Goals, our
Mission Statement and our sustaining Core Values. The
short term bonus goals that are set for the Company each year,
which are reflected in this Executive Bonus Plan, are the
milestones which will drive the overall performance to achieve the
long range goals and plans.
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The Executive
Bonus Plan for 2009 will focus first on meeting a minimum income
requirement threshold, and thereafter meeting five strategic goals.
The combination of these goals is expected to provide a
balanced measurement of 1 st Franklin’s
performance and will also support the achievement of our long term
goals.
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Right to Alter
Program
The Company
reserves the right, at any time, or from time to time during the
year, with or without notice, to continue or discontinue this
program, or to alter it as necessary in the best interest of the
Company .
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The goals that
are set were identified and agreed upon by the Executive Management
Team. Below are the five strategic goals, as well as the
minimum income requirement for the 2009 bonus to be
paid.
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THRESHOLD:
The
Company must achieve minimum pre-tax
income
of $12 million for 2009. If this threshold
is not
met, the incentive bonus plan will not be paid.
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STRATEGIC
GOALS:
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1.
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Corporate Net
Receivables Growth – a target of 4.0% annual
growth;
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2.
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Corporate
Delinquency Control – 30 days or more delinquency (including
bankrupt accounts) not to exceed 11.5% of receivables;
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3.
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Corporate
Expenses to Revenue – less than or equal to 92.0%;
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4.
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Corporate
Return on Assets (ROA) – greater than or equal to
3.25%;
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5.
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Corporate
Pre-tax Income (separate from the threshold goal) - $15.0
million.
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