2013 Annual Executive Bonus Plan for UAB Motors Participações, S.A.
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Summary
This agreement outlines the 2013 annual executive bonus plan for UAB Motors Participações, S.A. Bonuses for officers and managers are based on the company's EBITDA exceeding the 2013 budget. If the budget is surpassed, 10% of the excess EBITDA will be distributed among eligible executives at the Chairman's discretion. The plan covers results from March 1 to December 31, 2013, with adjustments for accounting reserves and acquisition-related charges. Bonuses are paid after financials are reviewed by the Board's Audit Committee, and targets may change annually.
EX-10.4 3 exhibit1041stqtr2013.htm ANNUAL EXECUTIVE BONUS PLAN FOR UAB MOTORS Exhibit 10.4 1st Qtr 2013
Exhibit 10.4
Annual Executive Bonus Plan for UAB Motors Participações, S.A. - 2013
The 2013 annual bonus plan will be based on EBITDA in excess of the 2013 budgeted EBITDA for UAB operations. Once budget is achieved, a “pool” based on 10% of the excess EBITDA over budget will be available for division and distribution to participating Officers and Managers at the discretion of the Chairman/RVP Brazil.
Actual results will cover the period of March 1 through December 31, 2013 and will be adjusted for GAAP reserves (NV, UV, AR, Parts and sales cut-off) and for any one-time charges related to the acquisitions (i.e., prepayment penalties, travel and IOF taxes).
Annual bonuses are usually paid once the Group 1 Corporate financials are finalized and reviewed by the Audit Committee of the Group 1 Board of Directors.
Finally, bonus targets may be modified from year to year at the beginning of each year.
