Oversee.net requests summary judgment on claim it owes Moniker founder money under incentive plan.
It’s been a busy week full of filings in the case of Monte Cahn v. Oversee.net.
Monte is suing his former employer on a number of counts, including alleging that he’s owed money under a $13 million Management Incentive Plan (MIP).
The most notable filing is Oversee.net’s request yesterday for summary judgment on Monte’s claim of breach of contract under the $13 million plan.
Part of the bonus plan involved hitting targets for Moniker’s TrafficClub, Registrar, and Domain Sales segments, the court filing says.
Prior to sale, Oversee.net says that Moniker’s forecast for TrafficClub, Registrar, and Domain Sales business segments was $10 million EBITDA for 2007. Monte negotiated the amount for the MIP and it settled at $8.7M EBITDA, according to the filing.
Moniker grew 70% YOY from 2006 to 2007 and was projected to grow 51% in 2008. Oversee forecasted it at 40% to the benefit of MIP participants.
Still, the company says that none of the three segments hit their targets in any of the three plan years.
In 2008 and 2009 Cahn received bonuses under the “Incentive Compensation Plan for Monte Cahn” but not he MIP since MIP incentive plans were not achieved, according to the company.
The motion for summary judgment does not address Cahn’s breach of contract claims for the 2010 commission plan and the sale of Restaurants.com.
You can see Oversee.net’s summary of why it says the first claim should be dismissed here.