2011 Performance-Based Restricted Stock Unit Metrics under 2008 Long-Term Incentive Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

The Compensation Committee of the Company's Board of Directors set specific performance goals for 2011 to determine future awards of performance-based restricted stock units for participants, including executive officers, under the 2008 Long-Term Incentive Plan. Awards are based on achieving targets in pre-tax profits, automotive cash flow, cost performance, market share, and quality metrics. The percentage of the award earned depends on how well the Company meets these targets, ranging from 0% to 100%.

Read More Arrow
EX-10.N-7 10 a6622311_ex10n7.htm EXHIBIT 10-N-7 a6622311_ex10n7.htm
 

Exhibit 10-N-7

Performance-Based Restricted Stock Unit Metrics for 2011


On February 25, 2011, the Compensation 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 performance-based restricted stock unit final awards for the 2011 performance-year for participants, including executive officers, under the Company's shareholder-approved 2008 Long-Term Incentive Plan (filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2008).

For all participants, the performance criteria to be used for 2011 under the plan include attaining specified levels of:

 
●
total Company pre-tax profits* (35%),

 
●
total Company Automotive operating-related cash flow* (35%),

 
●
total Company cost performance (10%),

 
●
total Company market shares (10%), and

 
●
total Company quality metrics (10%).

Based on business performance results for 2011 against the targeted levels established for each metric, the Compensation Committee will determine the percentage of the target award that is earned, which could range between 0% and 100% depending on actual performance achieved relative to the target levels.


* Excludes special items