American Electric Technologies, Inc. Salary Plan Agreement for President and CEO
This agreement outlines the salary plan for the President and CEO of American Electric Technologies, Inc. It specifies a base salary, a bonus salary determined by performance against set goals, and an award of restricted stock units. Bonus calculations are based on achieving specific financial and non-financial goals, with payments capped and subject to minimum performance thresholds. The participant must be employed at the time of payment to receive the bonus, which is paid by March 15 of the following year.
Exhibit 10.27
American Electric Technologies, Inc.
Salary Plan
Name of Participant:
The Board of Directors at its meeting approved the following salary plan for you for:
Base Salary | = $ | |||
Bonus Salary | = $ | |||
Total Expected Salary | = $ | |||
Restricted Stock Units | shares (performance variable) |
The calculation of your bonus is $ multiplied by performance against goals and the weight of each goal. Your goals and weighting are:
GOAL | WEIGHT | |
AETI EBT | % | |
M&I EBT(excl. intl) | % | |
Meeting Corporate Goals | % | |
Balance Sheet Metrics | % | |
Safety | % | |
Non Quantifiable Objectives | % |
All income calculations are based on internal 12/31/xx income statements excluding significant non- recurring gains or losses (at managements discretion). Income items must meet a minimum 75% attainment. Financial goals are capped at 150%.
Payments will be made no later than 3/15/xx, and participant must be on the payroll at that time to be eligible.
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Participant | President and CEO |