ICO, Inc. FY 2010 Annual Incentive Bonus Plan for CEO A. John Knapp, Jr.

Summary

This agreement outlines the formula and conditions for the 2010 annual incentive bonus for ICO, Inc.'s CEO, A. John Knapp, Jr. The bonus is calculated based on the bonuses and base salaries of five other executive leadership team members, multiplied by the CEO's base salary. The CEO is not eligible for a bonus if he resigns (except for good reason) or is terminated for cause before October 1, 2010. If terminated without cause, he will receive a pro rata bonus after the fiscal year ends, no later than December 15, 2010.

EX-10.3 4 exhibit10-3.htm EXHIBIT 10.3 - FY 2010 ANNUAL INCENTIVE BONUS PLAN - CEO exhibit10-3.htm

ICO, Inc.

FY 2010 Annual Incentive Bonus Plan - CEO

The following is the formula for calculating the FY 2010 Annual Incentive Bonus for the Chief Executive Officer, A. John Knapp, Jr.:

The sum of the Annual Incentive Bonuses paid to the Company’s other five ELT members based on FY 2010 performance, in accordance with their respective FY 2010 Annual Incentive Bonus Plans

divided by:

The sum of the FY 2010 Base Salaries of the Company’s other five ELT members

multiplied by:

Mr. Knapp’s FY 2010 Annual Base Salary

For the purpose of the above formula, “the other five ELT members” are (1) Donald Eric Parsons, President – ICO Polymers North America; (2) Stephen E. Barkmann, President – Bayshore Industrial; (3) Derek R. Bristow – President, ICO Europe and Asia Pacific; (4) Bradley T. Leuschner – Chief Financial Officer; and (5) Charlotte Fischer Ewart, General Counsel.

Additional Provisions

For the purpose of this paragraph, termination for “Cause” and “Good Reason” have the meanings ascribed to those terms in the ICO, Inc. Change in Control Severance Plan and the Business Unit President’s Participation Agreement in relation thereto. The CEO will not be entitled to a bonus under this Plan, or otherwise with respect to FY 2010, if, prior to October 1, 2010 (a) he resigns from employment with the Company (except in the case of resignation or termination for Good Reason), or (b) he is terminated from employment for “Cause.” If the CEO is terminated without cause, a pro rata bonus will be paid to him following the conclusion of fiscal year 2010, in no event later than December 15, 2010.