Axsys Management Incentive Plan Summary
Axsys has a Management Incentive Plan that sets financial performance targets and bonus amounts for many employees each year. After the year ends, employees may receive cash bonuses based on how well the company meets these targets. The actual bonus can range from nothing to more than the targeted amount, depending on performance. This plan is reviewed and set during the company's annual budgeting process.
EXHIBIT 10.13
SUMMARY OF MANAGEMENT INCENTIVE PLAN
In the first quarter of each year, in connection with the budgeting process, Axsys establishes financial performance targets and a related targeted bonus for many of our employees. Under the Management Incentive Plan, cash bonuses become payable to these employees after the end of the subsequent year and may vary from 0% to 100% or more of the employee’s targeted bonus based on the extent to which the financial performance targets are met.
