Fiscal Year 2007 Annual Incentive Plan Criteria for Named Executive Officers

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This document outlines the criteria for the 2007 Annual Incentive Plan for named executive officers of the company. The plan rewards executives based on company-wide, business unit, and individual performance, with target award percentages set according to executive level. Payouts depend on performance levels, ranging from 25% to 200% of the target award. Company performance is measured by return on equity, while business unit results are based on income supporting the ROE goal.

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EX-10.57 2 ex10_57.htm EXHIBIT 10.57 Exhibit 10.57
EXHIBIT 10.57

Fiscal Year 2007 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 2007 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 return on equity (“ROE”) calculation. ROE shall be calculated as consolidated net income divided by consolidated equity. Business unit results shall be measured based primarily on income needed to support the consolidated ROE goal.






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