Fiscal 2010 Bonus Arrangement for Kimberly Till, President and CEO
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Summary
This agreement outlines the terms of a $600,000 target incentive bonus for Kimberly Till, President and CEO, for fiscal year 2010. The bonus is based on performance metrics approved by the Compensation Committee and Independent Directors. Sixty-four percent of the bonus depends on achieving operating income targets, while the remaining portion is tied to three management objectives: strengthening client relationships and sales, launching new products, and building a strong management team. The Compensation Committee will determine the degree of achievement for these objectives.
EX-10.3 4 l37965exv10w3.htm EX-10.3 exv10w3
Exhibit 10.3
DESCRIPTION OF FISCAL 2010 BONUS ARRANGEMENT WITH KIMBERLY TILL
On November 2, 2009, the Compensation Committee and Independent Directors approved performance metrics for fiscal year 2010 applicable to the $600,000 target incentive bonus to which Kimberly Till, President and Chief Executive Officer, is contractually entitled if the metrics are achieved. 64% of Ms. Till’s bonus will be based upon achievement of operating income, measured and payable as provided in the Company’s Corporate Bonus Plan. The remainder of her bonus will be paid upon achievement of three management objectives, with the degree of achievement to be determined by the Compensation Committee in its discretion. Each management objective, if fully achieved, would result in a payout of 12% of Ms. Till’s target bonus. The management objectives relate to strengthening client relationships and sales, bringing new products to market, and building a strong management team.
