MOCON, Inc. Incentive Pay Plan Agreement
This agreement outlines MOCON, Inc.'s Incentive Pay Plan for employees without variable compensation. The plan sets out how incentive payments are determined for officers and other employees, with goals and incentive percentages established by the Compensation Committee or CEO. Incentive payouts depend on the achievement of set goals, with a maximum payout of 150% of the target. Payment timing varies: officers receive annual payments by March 15, while other employees' payment schedules are set by the CEO.
Exhibit 10.1
MOCON, INC. INCENTIVE PAY PLAN
1) This Incentive Pay Plan (the “Plan”) covers employees of MOCON, Inc. and its subsidiaries who do not have a variable compensation component.
2) The incentive as a percentage of salary at goal for all MOCON, Inc. officers will be determined by the Compensation Committee; the actual incentive paid will be based on the percentage of goal achieved, up to a maximum of one hundred fifty percent.
3) The profit goal amounts for the CEO and all other MOCON, Inc. officers will be determined annually by the Compensation Committee.
4) The incentive as a percentage of salary at goal for all participants in this Plan who are not an officer of MOCON, Inc. will be determined by the CEO; the actual incentive paid will be based on the percentage of goal achieved, up to a maximum of one hundred fifty percent.
5) The goals for all non-MOCON, Inc. officer Company employees will be determined by the CEO.
6) The incentives, if any, for the CEO and all other MOCON, Inc. officers who are not in charge of specific business units, will be paid annually on or before March 15th of the year following the end of each Plan year. The frequency and timing of the incentive payments for all other participants in this Plan will be determined by the CEO.
