SUMMARY OF KEY TERMS OF COMPENSATION ARRANGEMENTS WITH MERIX CORPORATION EXECUTIVE OFFICERS

Contract Categories: Human Resources - Compensation Agreements
EX-10.10 2 dex1010.htm SUMMARY OF EXECUTIVE COMPENSATION ARRANGEMENTS Summary of Executive Compensation Arrangements

Exhibit 10.10

 

SUMMARY OF KEY TERMS OF COMPENSATION ARRANGEMENTS WITH MERIX

CORPORATION EXECUTIVE OFFICERS

 

Merix’ executive officers each receive an annual salary. The executive officers are also eligible for a cash incentive under the Merix’ Executive Incentive Plan (“EIP”) and for equity incentives under our 1994 Stock Incentive Plan. Awards under the EIP are determined as percentages of base salary. Merix’ executives participate in Merix’ 401(k) plan and other employee benefits plans on the same basis as other employees. Merix makes annual matching contributions to Merix’ 401(k) Plan and pays Group Term Life Insurance premiums for each of its executive officers on the same basis as for all regular employees of Merix who satisfy minimum eligibility requirements. In addition, Merix’ executive officers are eligible to participate in Merix’ health and welfare and other employee benefit plans that are available on the same basis to all regular employees of Merix who satisfy minimum eligibility requirements.

 

Key elements of executive compensation for fiscal year ending May 27, 2006 are:

 

Name and Title

    Fiscal
2006
Salary
    2006 EIP
Maximum
Cash
Incentive
     2006 Target Bonus Allocation
  
        North American
Operations
Operating
Income
     China
Operations
EBITDA
     North
American
Quick Turn
Revenue
     San Jose
Operations
EBITDA
 

Mark R. Hollinger

President and Chief Executive Officer

    $ 330,000    70 %   40 %   60 %            

Janie S. Brown

Senior Vice President, Chief Financial Officer and Treasurer

    $ 276,800    50 %   40 %   50 %   10 %      

Daniel T. Olson

Senior Vice President and Chief Executive Officer of Asian Operations

    $ 230,000    70 %   40 %   60 %            

Steve Robinson

Vice President, Merix North American Operations and President, Merix San Jose, Inc.

    $ 275,000    100 %   40 %         30 %   30 %

Thomas R. Ingham (a)

Vice President, Sales and Marketing

    $ 210,000    60 %(a)     (b)     (b)     (b)     (b)
(a) Included in the percentage of 2006 EIP Maximum Cash Incentive to be awarded to Mr. Ingham is a $45,000 guaranteed amount payable in quarterly installments of $11,250.

 

(b) The distribution of the 2006 Target Bonus Allocation for Mr. Ingham has not yet been determined.