Amendment No. 2 to Courier Corporation Executive Compensation Program

Contract Categories: Human Resources › Compensation Agreements
Summary

This amendment updates the eligibility requirements for executives to receive annual and long-term cash incentive awards under Courier Corporation's Executive Compensation Program. To qualify for annual or certain long-term awards, participants must be employed and enrolled in the program on the last day of the relevant fiscal year. For other long-term awards, eligibility requires employment and participation on the last day of a three-year performance cycle. All other terms of the program remain unchanged. The amendment was approved by Courier Corporation's Compensation Committee on September 17, 2010.

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EX-10.1 2 a10-21685_1ex10d1.htm EX-10.1

Exhibit 10.1

 

AMENDMENT NO. 2 TO

 

THE COURIER CORPORATION EXECUTIVE COMPENSATION PROGRAM

 

This Amendment No. 2 (this “Amendment”) is effective as of the date of approval by the Compensation Committee of the Board of Directors of Courier Corporation and amends that certain Courier Corporation Executive Compensation Program (the “Program”), as amended and restated on December 5, 2005.  Capitalized terms used herein and not defined herein shall have the meanings set forth in the Program.  All other provisions of the Program shall remain in full force and effect as amended hereby.

 

The Program is hereby amended by replacing the following sentence in Section 3 under “Important Information”:

 

“An individual must be an employee of the Company or one of its participating Affiliates and a participant in the Executive Compensation Program as of the date payment is made in order to be eligible to receive the annual cash incentive award and any of the LTPI and LTSI cash awards.”

 

with the following sentences:

 

“An individual must be an employee of the Company or one of its participating Affiliates and a participant in the Executive Compensation Program as of the last day of the fiscal year in order to be eligible to receive the annual cash incentive award or LTSI cash award earned for that fiscal year.  An individual must be an employee of the Company or one of its participating Affiliates and a participant in the Executive Compensation Program as of the last day of the last fiscal year of the three-year performance cycle to be eligible to receive the LTPI award.”

 

Approved and adopted by the Compensation Committee of the Board of Directors of Courier Corporation on September 17, 2010