2003 Incentive Plan for Corporate Executives
This agreement outlines the 2003 Incentive Plan for corporate executives, specifying that executives will receive 100% of their target bonus if the company meets its annual budget goals. Actual bonuses may be higher or lower depending on company performance, with specific pro rata adjustments based on results. The plan allows for adjustments to targets in the event of acquisitions or capital expenditures, as agreed by the Compensation Committee and Executive Management. Certain confidential details have been omitted from the public version of this document.
QuickLinks -- Click here to rapidly navigate through this document
Exhibit 10.5
2003 INCENTIVE PLAN
For the 2003 fiscal year, a corporate executive will be awarded 100% of his or her target bonus amount (target amounts established in January by the Compensation Committee) if the Company's [***] reaches its established budget for the year ([***]). An employee's actual bonus may vary above and below his or her target according to the schedule below:
| [***] | Bonus Amount | |
Below [***] | No bonus amount | |
[***] to [***] | 50% - 100% of target on a pro rata basis | |
[***] to [***] | 100% - 150% of target on a pro rata basis | |
[***] to [***] | 150% - 175% of target on a pro rata basis |
Adjustments to the [***] targets shown above will be made for acquisitions made during the year in amounts agreed upon by the Compensation Committee and Executive Management of the Company. Adjustments to the [***] targets shown above will be made for capital expenditures that exceed the capital expenditure budget for fiscal 2003 for amounts agreed upon by the Compensation Committee and Executive Management. Actual [***] for the year used for incentive plan calculations will exclude [***] such as [***].
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
QuickLinks
