printer-friendly

Sample Business Contracts

Compensation Plan - Countrywide Asset Management Corp. and Richard H. Wohl

Employment Forms

  • Employment Agreement. Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
  • Consulting Agreement. Answer simple questions to build a contract with a consultant. Specify the services rendered, when payment is due, as well as IP rights.
  • Commission Agreement. Employers who compensate their sales employees based on commissions can prepare an agreement to reduce misunderstandings by specifying the base salary and how commissions are calculated.
  • Executive Employment Agreement. Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
  • Sales Representative Contract. Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
  • More Employment Agreements

Sponsored Links

                               COMPENSATION PLAN
                               -----------------
                                        

                             Name:  RICHARD H. WOHL

                        Effective Date:  January 1, 1996

                     Effective Period:   Calendar Year 1996


 . Title:  Senior Vice President, General Counsel and Secretary

  Description of Key Individual and Department/Business Unit Goals:  See
                                                                        
  Schedule A.
  ---------- 
 
 
 
 . Base Salary:  $200,000 per annum.
 
 . Production/Profitability Bonus:
 
     *Maximum Amount:  $60,000 Minimum Amount:  $0

     *Criteria:  See Schedule B.
                     ---------- 
 
 
 . Discretionary Bonus:
 
     *Maximum Amount:  $175,000 Minimum Amount:  $0
 
     *Criteria:  See Schedule C.
                     ---------- 

 . Regular Benefits:  Standard Countrywide Asset Management Corp. ("CAMC")
  dental, medical and insurance plans.  Eligible for participation in CAMC
  401(k) plan on the first day of the calendar quarter following completion of
  one year of service.

 . Additional Benefits:  Standard Countrywide senior executive benefits (deferred
  compensation plan, etc.)

 . Vacation:  Three (3) weeks per year.
<PAGE>
 
This Compensation Plan is intended to outline the general terms of the base
salary, bonus and benefits that will apply to your position during the period
specified above.  This Compensation Plan shall not be construed as a contract of
employment and may be amended or revised at any time by the Chief Operating
Officer of CAMC.

Please note that an employee's employment and compensation can be terminated at
any time, with or without cause and with or without notice, at the option of
either CAMC or the employee, and the "at-will" nature of such employment cannot
be changed by any verbal representation or assurance, by implication, or based
upon longevity of service or any other factor.  In order to be eligible for any
bonus contemplated by this Compensation Plan, whether related to production,
profitability, performance or otherwise, you must be employed by CAMC on the
date of distribution of such bonus.

This Compensation Plan is the sole, entire and complete document relating in any
way to the subject matter hereof, and expressly supersedes any prior or
contemporaneous agreements or representations, whether oral or written.
 
 
/s/ Michael W. Perry                   By: /s/ Richard H. Wohl
-------------------------------            ------------------------------
Michael W. Perry                           Name: Richard H. Wohl
Executive Vice President and               Title: Senior Vice President, General
Chief Operating Officer                           Counsel and Secretary

                              Date:  May 17, 1996

                                       2
<PAGE>
 
                                  SCHEDULE B
                                  ----------
                       (Production/Profitability Bonus)
 
 

1996 Earnings per Share (fully diluted)
for CWM Mortgage Holdings, Inc.                    Profitability Bonus Amount
---------------------------------------            --------------------------
                                                     
        $1.20 or less                                                   $0
        $1.21 to $1.30                                  $20,000 to $29,999
        $1.31 to $1.40                                  $30,000 to $39,999
        $1.41 to $1.50                                  $40,000 to $49,999
        $1.51 to $1.60                                  $50,000 to $59,999
        $1.61 or more                                              $60,000
 

Earnings per share for CWM Mortgage Holdings, Inc. shall be determined on the 
basis of the annual audit conducted by CWM's independent accountants.

If earnings per share for CWM Mortgage Holdings, Inc. fall between any two 
threshold amounts set forth above, the Profitability Bonus Amount payable shall 
be interpolated by the corresponding percentage.

                                       
<PAGE>
 
                                  SCHEDULE C
                                  ----------
                             (Discretionary Bonus)
                                                 


1. Potential Discretionary Bonus Amount for Legal Affairs and Contract
   -------------------------------------------------------------------
   Administration:  From $0 up to $125,000, based on your manager's evaluation
   --------------                                                             
   of your performance.

2.  Potential Discretionary Bonus Amount for Product Development and Compliance:
    --------------------------------------------------------------------------- 


 
                                       Maximum Potential                Performance Percentage:
       Goal/Objective              Discretionary Bonus Amount      Excellent/Good/Satisfactory/Poor
       --------------              --------------------------      --------------------------------
                                                             
   a.  Pursue and complete                 $ 5,000                       100% / 75% / 50% / 0%
       development of current new
       products (Merrill 100, Nest
       Egg, etc.)
   b.  Hire experienced product            $10,000                       100% / 75% / 50% / 0%
       development and compliance
       officers, create functional
       and efficient departments
       and carefully manage costs
   c.  Develop at least five new or        $20,000                       100% / 80% / 60% / 40% / 20% / 0% 
       enhanced products                                               
   d.  Develop and implement federal       $10,000                       100% / 75% / 50% / 0%
       compliance plan for all 
       mortgage banking entities   
   e.  Develop federal compliance plan     $ 5,000                       100% / 75% / 50% / 0%
       for commercial lending entities
                                           -------
   Total:                                  $50,000


   The Potential Discretionary Bonus Amount for Product Development and
   Compliance shall be calculated by (1) multiplying (x) the Performance
   Percentage for each Goal/Objective times (y) the Maximum Potential
   Discretionary Bonus Amount for such Goal/Objective, and (2) adding all sums
   determined pursuant to the preceding clause (1) for each Goal/Objective. The
   Maximum Potential Discretionary Bonus Amount for Product Development and
   Compliance shall be $50,000.

3. Bonus Discount Factor for Company Earnings:
   ------------------------------------------
 
 
   1996 Earnings per Share (fully diluted)
   for CWM Mortgage Holdings, Inc.                   Discretionary Bonus Amount
   -------------------------------                   --------------------------
                                                               
      less than    $1.00                                          0%
      $1.00 to     $1.24                                         50%
      $1.25 to     $1.34                                         75%
      greater than $1.35                                        100%

 
   Earnings per share for CWM Mortgage Holdings, Inc. shall be determined on the
   basis of the annual audit conducted by CWM's independent accountants.

   If earnings per share for CWM Mortgage Holdings, Inc. fall between any two
   threshold amounts set forth above, the Bonus Discount Factor shall not be
   interpolated by the corresponding percentage.

4. Actual Discretionary Bonus Amount.
   ---------------------------------
   The Actual Discretionary Bonus Amount shall be calculated by multiplying (x)
   the sum of the Potential Discretionary Bonus Amounts in Part 1 and Part 2
   above (from $0 up to $175,000) times (y) the Bonus Discount Factor determined
   pursuant to Part 2 above.

   Example: $125,000 (Potential Discretionary Bonus Amount) x 50% ($1.20 per
   -------  share earnings for 1996) = $67,500 (Actual Discretionary Bonus
            Amount).

                                       4