Exhibit 10.16
2022 Commission Plan
The targets and/or performance objectives in effect for calendar year 2022 and the commissions that Participants are eligible to earn for calendar year 2022 (the “Plan Period”) are set forth in this Spire Global Subsidiary, Inc. (“Company”) 2022 Commission Plan (the “Plan”). The terms and conditions of participation in the Plan are set forth below.
“Accelerator Qualified Bookings” means a Booking in excess of your assigned target specified in Exhibit A and eligible for Commission at an Accelerator Rate.
“Accelerator Rate” means the incremental rate to be applied to Accelerator Qualified Bookings.
“Account” means a customer or reseller opportunity of the Company or its affiliates which is assigned to Plan Participant as the deal “Owner” in the Company’s sales management tool, and for which the Participant was materially involved in obtaining a fully executed and binding legal agreement with the Company or its affiliates to purchase the Company’s or its affiliates’ respective solutions or services, but which, for the avoidance of doubt, do not include Letters of Intent, Memoranda of Understanding, Commitment Letters and any other preliminary or pre-contractual documents. The Administrator, in its discretion, may determine whether the criteria above have been satisfied for any particular customer or reseller, including, without limitation, whether a customer has been appropriately assigned to the Participant in the Company’s sales management tool, whether the Participant was or was not materially involved in obtaining a fully executed and binding legal agreement, whether such an agreement was in fact fully executed and binding within the relevant period, and whether such customer falls within the Participant’s Territory.
“Advance Commission Payment” means any Commission paid out in advance of when earned under this Plan, including, without limitation, draws, estimated advances,
Exhibit 10.16
Exhibit 10.16
payments on amounts that are not Bookings and payments not otherwise due at the time they are made.
“Annual Commission Cap” means the Commission Cap which constitutes the maximum amount that a Participant can earn for the 2022 Plan Period under Section 4(b) of the Plan.
“Assigned Target” means the Qualified Bookings target assigned to Participant for the given period.
“Bookings Policy” shall mean the Spire Global, Inc. Accounting Policy and Procedures – Sales Bookings, as in effect from time to time.
“Commission” means all amounts earned by (or advanced to) a Participant under this Plan, including Advance Commission Payments.
“Committed Renewals” means for a particular period all ACV Renewal Bookings earned in 2022 from a Booking that was closed prior to 2022 where the Participant was assigned as the deal owner of the Account.
“Maritime Solutions” means Company’s Maritime AIS solutions and services.
“Territory” means the assigned region, customer, and solution assigned to Participant as set forth in Exhibit A.
“New Business” means all non-Renewals ACV Bookings (as determined in accordance with the Bookings Policy) from a new or existing Account for the first or next twelve months of the underlying binding agreement. For the avoidance of doubt, if an underlying binding agreement is for a period of less than twelve months, the ACV Bookings will be calculated based on such shorter period of time.
“Out Year Bookings” means the amount of a booking to an Account for any periods of the underlying binding agreement following the first or current twelve months.
“Overpayments” mean any amounts paid to Participant as a form of commission (including, without limitation, any Commissions, Advance Commission Payments, other pre- Commission payments or overpayments under the Plan and under any prior sales compensation plan) that are not ultimately earned under the terms of the applicable plan, whether based on violation of or reversal under the Company’s Bookings Policy, violation of Section 9, failure of actual Commissions due to cover previous Advance Commission Payments, crediting errors or any other reason where actual New Business Bookings fall short of New Business Bookings originally reported for purposes of calculating Commissions previously paid (and regardless of whether such adjustment occurs prior to or following actual collection by the Company from the Account or payment to the Participant of the related Commission).
“Pre-Approval” means a booking outside of the Participant’s territory that has been approved in advance by the COO or Sales SVP or that person’s delegate.
“Plan Period” means January 1, 2022 until December 31, 2022, provided, that the Plan shall continue to apply to Out Year Bookings following December 31, 2022 until such time as such Out Year Bookings are no longer eligible for compensation under the terms of the Plan.
“Qualified Bookings” means for a particular period all ACV New Business Bookings and Committed Renewal Bookings on Participant’s Accounts booked during that period and authorized to sell as part of the Participant’s territory. Qualified bookings will include only those amounts that result in Spire GAAP revenue. This explicitly excludes Grants, co-funding engagements or any other funds that do not generate GAAP revenue for Spire.
Exhibit 10.16
“Renewal Bookings” means Bookings (as determined in accordance with the Bookings Policy) from an existing Account for the next twelve months of the underlying binding agreement. For the avoidance of doubt, if an underlying binding agreement is for a period of less than twelve months, the Bookings will be calculated based on such shorter period of time.
“Sales Team Bookings” means for a particular period all ACV New Business Bookings, Renewals Bookings and Committed Renewals Bookings for Company Products booked during that period by the Sales Team Employees. Any Bookings (including any Personal First Year and Renewal Bookings) on Participant’s Accounts shall count as a Sales Team Bookings.”
“SPIFs” shall have the meaning given to such term in Section 10.
“Third Party Data” means any data procured from third parties and supplied as part of the Company’s solutions or services.
“Variable OTE Target” means the on-target earnings the participant will be paid if the total Assigned Target assigned during the period is achieved.
Scenario 1: Participant has not exceeded quarterly targets
Exhibit 10.16
Scenario 2: Participant has exceeded quarterly targets
Exhibit 10.16
Exhibit 10.16
30 days shall constitute a waiver of any claims regarding the underlying dispute.