on March 20, 2015, the Board of Directors (the “Board”) of CIG Wireless Corp. (the “Company”), acting pursuant to a recommendation from the Compensation Committee of the Board (the “Committee”), approved the CIG Wireless Corp. 2015 Incentive Bonus Plan (the “Plan”). Awards granted to Paul McGinn, President and Chief Executive Officer of the Company, Romain Gay-Grosier, Chief Financial Officer of the Company, and Michael Hofe, Chief Operating Officer of the Company, under the Plan replace the awards of restricted stock awarded to such employees under the special management incentive program (the “MIP”) established under the Company’s 2014 Equity Incentive Plan, which awards will be cancelled and void effective upon payment of their Initial Payments (as defined below).
Each participant under the Plan is granted the right to receive a bonus upon the consummation of a realization event. The amount of a participant’s bonus under the Plan will be equal to such participant’s applicable percentage of the Plan’s total bonus pool. The total bonus pool will be an amount equal to a percentage of the total net proceeds of a realization event. If the total net proceeds are between $17,500,000 and $18,500,000, 3.14% of the total net proceeds will be contributed to the plan bonus pool, and if the total net proceeds are greater than $50,500,000, 7.62% of the total net proceeds will be contributed to the plan bonus pool. If total net proceeds are between $18,500,000 and $50,500,000, a percentage between 3.14% of the total net proceeds and 7.62% of the total net proceeds will be contributed to the plan bonus pool, as set forth in the Plan. If there are no outstanding awards under the Plan at the time the realization event occurs, the bonus pool will be zero.
We'ed get thrown in jail in the private sector if we did this to employees.
AI
