Performance Award Summary for Richard L. Bready under Nortek, Inc. 2000 Equity and Cash Incentive Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Nortek, Inc. has granted Richard L. Bready a performance-based cash award under its 2000 Equity and Cash Incentive Plan. If the company's EBITDA for the year 2000 meets or exceeds specified targets, Mr. Bready will receive a cash payment ranging from $900,000 (for EBITDA of at least $180 million) up to $4 million (for EBITDA of at least $266,666,667). The award amount depends on the company's financial performance for the year.

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EX-10.1 3 0003.txt EXHIBIT 10.1 Summary of Performance Award under the Nortek, Inc. 2000 Equity and Cash Incentive Plan On May 12, 2000, the Compensation Committee of the Nortek, Inc. Board of Directors approved a performance award to Richard L. Bready under the Nortek, Inc. 2000 Equity and Cash Incentive Plan. Mr. Bready will receive a cash payment if the Company's consolidated earnings before interest expense, taxes, depreciation and amortization ("EBITDA") during the year 2000 equals or exceeds certain targets. The award, if any, ranges from $900,000 in the event that EBITDA for 2000 equals or exceeds $180,000,000 to $4,000,000 in the event that EBITDA for 2000 equals or exceeds $266,666,667.