2010 Brunswick Performance Plan Summary Terms and Conditions

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the 2010 Brunswick Performance Plan, which rewards key managers and above for achieving annual corporate goals. Eligibility is determined individually, and awards are based on the company's free cash flow for the fiscal year, with specific adjustments. Awards are capped at 200% and are subject to review and approval by company leadership and the Human Resources and Compensation Committee. Recipients must be employed at the end of the year, except in cases of death or disability. Payments are made in 2011, either in cash, stock, or both.

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EX-10.1 2 exhibit10_1.htm 2010 BRUNSWICK PERFORMANCE PLAN SUMMARY exhibit10_1.htm
                                      
                                           
 
Exhibit 10.1
 
 
2010 Brunswick Performance Plan (BPP)
Summary Terms and Conditions


Purpose
Reward achievement of annual goals
 
Eligibility
Key managers and above identified on an individual basis.
 
Performance Period
Fiscal year.
 
Performance Measures
Funding based 100% on level of corporate-wide free cash flow as of the end of the performance period.
 
Free Cash Flow (“FCF”) ties to GAAP cash flow schedule (excluding financing activities) adjusted for:
 
·  Acquisition/sale of “strategic” assets;
·  Variance from $22 million legal minimum defined benefit pension funding due in 2010, which is contained in the budget;
·  Impact on FCF of any change in financing;
·  Change in growth capital outside of +/- $5 million versus budget; and
·  Impact of cash restructuring activities versus budget.
 
Payments will be capped at 200%
 
Funding  Review and Approval
The following steps will be taken to review and approve funding:
 
§  CFO will review actual results quarterly to evaluate established accruals.
§  CEO will review performance at end of performance period and recommend funding to Human Resources and Compensation Committee as appropriate.
§  Human Resources and Compensation Committee will review and approve funding as deemed appropriate.
 
Individual Awards
Individual awards will be determined on a discretionary basis using overall approved funding, evaluation of individual performance for the performance period, target incentives as a percent of salary and covered salary (actual paid for year).
 
Individuals must be employed at the end of the performance period to receive an award, except those terminating due to death or permanent and total disability will be eligible to receive individual awards.
 
Timing and Form of Award Payments
 
In 2011 after financial results are confirmed and appropriate approvals are obtained.  Payment may be made in cash, shares of Brunswick common stock, or in a combination of cash or stock, as determined by the Committee.