Fiscal 2003 Management Incentive Plan Participation Letter for Jack Altherr

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This letter notifies Jack Altherr that he is eligible to participate in the company's 2003 management incentive plan, with a potential award based on 65% of his base salary and the company's financial performance. The incentive is tied to specific operating earnings targets, and the actual payout depends on the level of financial goals achieved. Payment is made after the fiscal year audit, and eligibility requires employment through the fiscal year end. The company may adjust or deny the award in cases of reassignment or demotion.

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EX-10.13 4 g85722exv10w13.txt EX-10.13 FISCAL 2003 MANAGEMENT INCENTIVE PLAN EXHIBIT 10.13 INTER OFFICE MEMO DATE: November 11, 2002 TO: Mr. Jack Altherr FROM: Sharon L. Rodgers I am pleased to inform you that you have been approved to participate in the management incentive plan for fiscal 2003. You will participate in the plan based on an individual percentage award of 65%. For fiscal 2003, 100% of your actual incentive award will be based on achievement of Financial Goals, as set forth below. Financial Goals The Financial Goals for your fiscal 2003 award are as follows:
Corporate Operating Earnings Performance (Thousands of Dollars) Level (EBITDAL) - ----------- ---------------------- 25% 75,000 50% 80,000 75% 85,000 100% 90,000
100% of your actual incentive award will be based on achievement of Financial Goals. Your actual incentive award will be determined by multiplying your total base salary paid in fiscal 2003 times your individual percentage award times the Performance Level achieved as set forth above and will be calculated by the Company. Any such award will be prorated when the Performance Level achieved falls between the 25% and 100% levels. No incentive award will be paid if the Performance Level is below 25%, and no additional incentive award will be paid for any financial results which exceed the 100% Performance Level. The general guidelines of the plan for fiscal 2003 are as follows: 1. Operating earnings (EBITDAL) will be defined as reported in the Company's financial statements. 2. Your actual incentive award will be paid on an annual basis, with payment to be made as soon as practical after the fiscal year audit is completed. 3. No incentive award will be paid if you are not in the employ of the Company on the last day of the fiscal year (effective date of severance must be after fiscal year end). 4. In the event you are reassigned or given a new position and responsibilities during the fiscal year (promotion or demotion), payment of the incentive award will be determined on a case-by-case basis. The Company reserves the right to deny payment or to reduce the incentive award in the case of demotions. Please indicate your understanding of the plan, the performance goals and your potential incentive award by signing and returning this letter to me. A copy is provided for your personal files. _____________________________ SLR/kjw Acknowledged: ___________________________________ Date: ___________________________________