2008 Executive Incentive Plan Targets for Senior Managers
This agreement outlines the 2008 Executive Incentive Plan for senior managers at the company, listing target bonus percentages based on each executive's base salary. The plan specifies how bonuses are calculated depending on the achievement of performance targets, with a sliding scale for payouts. The compensation committee and board of directors set the targets and have discretion over the final awards. The plan applies to named executives and details the percentage of base salary that can be earned as a bonus, depending on performance results.
Exhibit 10.24
2008 Executive Incentive Plan Targets
| Senior Manager |
| 2008 Executive Incentive Plan Target |
|
| Gary D. Blackford |
| 85 | % |
| Rex T. Clevenger |
| 75 | % |
| Timothy W. Kuck |
| 70 | % |
| Jeffrey L. Singer |
| 70 | % |
| Walter T. Chesley |
| 65 | % |
| Diana Vance-Bryan |
| 65 | % |
| Target Achievement* |
| Bonus Multiplier |
|
| 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 compensation committee and the board of directors
Scale Methodology
Directionally, every 1% variance to Target has a 10 times multiplier, with bookends at 110% and 93%, subject to the discretion of the compensation committee and the board of directors.
