Oregon Steel Mills 2004 Annual Incentive Plan Bonus Approval for Named Executive Officers

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Oregon Steel Mills' Board of Directors approved annual incentive bonuses for its named executive officers for 2004. The agreement lists the total bonuses earned under the company's Annual Incentive Plan, including additional amounts approved for extraordinary performance. The document specifies the bonus amounts for each executive, with some receiving up to twice their target bonus. One executive, Steven M. Rowan, retired at the end of 2004 and did not receive an additional bonus. This approval formalizes the bonus payments for the listed executives for the 2004 performance year.

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EX-10.1 2 os911562ex101.txt Exhibit 10.1 OREGON STEEL MILLS 2004 Annual Incentive Plan Bonus - Named Executive Officers Approved by the Board of Directors February 3, 2005
Total Bonus Bonus Earned Add'l Bonus Approved under AIP /1/ Approved /2/ 2 X Target /3/ ------------- ------------- -------------- James E. Declusin President & CEO $ 525,000 $ 175,000 $ 700,000 L. Ray Adams VP, Finance & CFO $ 210,000 $ 70,000 $ 280,000 Robert A. Simon VP, GM - RMSM $ 132,000 $ 44,000 $ 176,000 Steven M. Rowan /4/ VP, Materials & Transp $ 120,000 $ 0 $ 120,000 Jennifer R. Murray VP, Admin & Secretary $ 93,500 $ 31,150 $ 124,650
/1/ Bonus earned under the 2004 Annual Incentive Plan, calculated at 1.5 times the established target bonus amount /2/ Additional bonus approved by the Board of Directors in recognition of extraordinary performance. /3/ Total bonus approved equals 2.0 times the established target bonus amount. /4/ Mr. Rowan retired on December 31, 2004