Three-Year Cash Incentive Bonus Plan for Executive Officers (Adopted Fiscal 2009)
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Summary
This agreement outlines a three-year cash incentive bonus plan adopted by the company's Board in 2008 for its executive officers. The plan allows executives to earn bonuses based on the company's compounded annual EPS growth over three years, with specific maximum amounts set for the CEO, CFO, and other officers. Bonuses are only paid if the executive is still employed after fiscal year 2011 and if the company meets at least a threshold performance level, measured by adjusted, non-GAAP diluted earnings per share.
EX-10.02 3 d59008exv10w02.htm EX-10.02 DESCRIPTION OF THREE YEAR CASH INCENTIVE BONUS PLAN exv10w02
EXHIBIT 10.02
Description of Three-Year Cash Incentive Bonus Plan Adopted in Fiscal 2009
On June 2, 2008, the Board approved the Company’s three-year cash incentive bonus plan. The plan provides the Company’s executive officers with the opportunity to earn threshold, target and maximum bonuses based upon the achievement of three-year compounded annual EPS growth rates. Maximum cash bonuses are $4,000,000 for the Chief Executive Officer, $1,250,000 for the Chief Financial Officer and either $625,000 or $500,000 for other executive officers participating in the plan. Bonuses only will be payable to executives who remain employed when the bonuses become payable after fiscal year 2011. If the Company fails to achieve a threshold performance level, bonuses are not payable under the plan. For purposes of determining achievement of performance levels, the three-year cash incentive bonus plan uses adjusted, non-GAAP diluted earnings per share.
