Incremental Bonus Description for Named Executive Officers under Annual Incentive Compensation Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This document describes a bonus arrangement for Named Executive Officers under the Annual Incentive Compensation Plan (AICP). Due to tax rules, the Compensation Committee may establish an individual performance fund, allowing them to award additional bonuses at their discretion. The bonus can be up to 150% of the officer's AICP award, minus the original AICP award amount. The Committee has full discretion over these awards.

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EX-10.N-9 12 a6622311_ex10n9.htm EXHIBIT 10-N-9 Unassociated Document
 
Exhibit 10-N-9

Incremental Bonus Description

Due to tax deductibility restrictions under the Annual Incentive Compensation Plan (“AICP”), the Compensation Committee of the Board of Directors may create an “individual performance fund” that is paid at the sole discretion of the Committee in order to permit the Committee full discretion to recognize Named Executive Officers' individual performance.

The individual performance fund allows the Compensation Committee to provide a Named Executive Officer an individual performance bonus payout in an amount up to a maximum of 150% of the individual’s AICP award, less the amount of the AICP award.