2022 Annual Incentive Compensation Plan Metrics Approval by Board Committee

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This document outlines the performance goals and business criteria set by the Compensation, Talent and Culture Committee of the Board of Directors for the company's 2022 Annual Incentive Compensation Plan. The plan covers executive officers and other participants, with cash awards based on achieving specific targets in adjusted free cash flow, adjusted EBIT, revenue, and quality. The percentage of the target award earned will depend on how actual results compare to these targets, ranging from 0% to 200%.

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EX-10.1 7 f03312022exhibit101.htm EX-10.1 Document

Exhibit 10.1
Annual Incentive Compensation Plan Metrics for 2022

On February 9, 2022, the Compensation, Talent and Culture Committee of the Board of Directors of the Company approved the specific performance goals and business criteria to be used for purposes of determining any future cash awards for 2022 participants, including executive officers, under the Company's Annual Incentive Compensation Plan (filed as Exhibit 10-R to our Annual Report on Form 10-K for the year ended December 31, 2021). The Corporate performance criteria and weightings to be used for 2022 under the plan include attaining specified levels of:

•Company Adjusted Free Cash Flow (50%)

•Company Adjusted EBIT (20%)

•Company Revenue (10%)

•Quality (20%)

Based on business performance results for 2022 against the targeted levels established for each metric, the Compensation, Talent and Culture Committee will determine the percentage of the target award that is earned, which could range between 0% and 200% depending on actual performance achieved relative to the target levels.