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Veramark Technologies Inc. said its board has executed an incentive plan for CEO Anthony Mazzullo.
The Pittsford-based telecommunications expense management company, in a statement after markets closed Thursday said Mazzullo would earn a cash bonus and stock options if performance goals for the company are met by the end of 2012. If the goals are met in full, Mazzullo would earn a cash bonus of $96,250.
The plan includes hitting the orders target, a bonus of $19,250; revenues, $38,500; and adjusted earnings before interest, taxes, depreciation and amortization, $38,500. The bonus begins to be earned pro-rata when 70 percent of a target is achieved and includes a maximum bonus payment of $165,000 if 170 percent of the targets in all three categories are met.
The company said that 50,000 stock options that were granted as part of Mazzullo’s 2011 employment agreement and vesting at the end of 2012 would begin to be earned pro-rata upon achievement of 70 percent adjusted earnings.
The execution of the incentive plan comes after Veramark reported a second-quarter profit and a jump in revenues in early August. The company reported a net income of $147,000, compared with a net loss of $671,000 in 2011. Veramark logged revenues of $3.86 million, up from $3.25 million last year.
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