2006 Executive Incentive Plan for Senior Management
This agreement outlines the 2006 Executive Incentive Plan for senior managers at the company, including Gary D. Blackford, Rex T. Clevenger, Joseph P. Schiesl, Timothy W. Kuck, Jeffrey L. Singer, Walter T. Chesley, and David G. Lawson. The plan sets specific bonus targets as a percentage of each executive's base salary, with actual payouts based on the achievement of EBITDA targets. Bonus amounts increase or decrease according to performance, with the board of directors retaining discretion over final awards.
Exhibit 10.11
2006 Executive Incentive Plan Targets
| Senior Manager | 2006 Bonus Target % (of 2006 Base Salary unless otherwise indicated) | ||
| Gary D. Blackford | 85 | % | |
| Rex T. Clevenger | 75 | % | |
| Joseph P. Schiesl | 70 | % | |
| Timothy W. Kuck | 70 | % | |
| Jeffrey L. Singer | 70 | % | |
| Walter T. Chesley | 65 | % | |
| David G. Lawson | 65 | % |
| Target* Achievement | Bonus Payout | ||
| 110% | 200 | % | |
| 105% | 150 | % | |
| 100% | 100 | % | |
| 99% | 90 | % | |
| 98% | 80 | % | |
| 97% | 70 | % | |
| 96% | 60 | % | |
| 95% | 50 | % | |
| 94% | 40 | % | |
| 93% | 30 | % | |
| < 93% | zero |
| * | The Target is set by the board of directors |
Scale Methodology
Directionally, every 1% variance to Target has a 10x multiplier, with bookends at 110% and 93% EBITDA Achievement, subject to the discretion of the board of directors.
