2009 Annual Incentive Plan Criteria for Named Executive Officers

Summary

This document outlines the 2009 Annual Incentive Plan for named executive officers of the company. The plan sets target award percentages of base salary for different executive levels, with payouts based on company and business unit performance. The payout amount depends on whether performance meets threshold, target, distinguished, or super-distinguished levels, as measured by the company's pro forma return on equity. The plan specifies how performance is weighted between corporate and business unit results for each executive level.

EX-10.79 5 dex1079.htm COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS Compensation Committee of the Board of Directors

EXHIBIT 10.79

Fiscal Year 2009 Annual Incentive Plan Criteria

The Annual Incentive Plan rewards performance based upon consolidated, business unit and individual results. The named executive officers are assigned the following Target Award Percentage of their base salary for fiscal year 2009 Annual Incentive Awards:

 

    Level    

  

Target Award Percentage

CEO

   110%

13

   95%

12

   75%

11

   65%

Awards are based upon the consolidated results of the Company and/or the individual’s business unit results. The weighting factors for corporate and business unit performance for named executive officers is as follows:

 

              Level              

  

Corporate / Business Unit Weight

CEO and Level 13

   100% / 0%

11-12

   80% / 20%

The payout multiple of a participant’s Target Award Percentage, depending upon whether threshold, target, distinguished or super-distinguished performance is achieved is as follows:

 

Payout Multiple of Target Award Percentage

    

Threshold

   25%

Target

   100%

Distinguished

   150%

Super-Distinguished

   200%

The consolidated results of the Company shall be measured based upon a pro forma return on equity (“ROE”) calculation. ROE shall be calculated as consolidated net income divided by consolidated pro forma equity.

 

E-13