Patterson Companies, Inc. Management Incentive Compensation Plan Summary for Fiscal Year 2020

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Patterson Companies, Inc. has a Management Incentive Compensation Plan (MICP) for its named executive officers for fiscal year 2020. Under this plan, executives are eligible for annual cash incentives based on the company meeting specific performance goals set and approved each year by the Compensation Committee. Payouts can range from 0% to 175% of the target amount, depending on company performance, with at least 50% of the target paid if minimum goals are met. The Committee has the discretion to reduce payouts and final amounts are determined after annual results are reviewed.

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EX-10.1 3 exhibit101v2.htm EX-10.1 Document

EXHIBIT 10.1

PATTERSON COMPANIES, INC.
SUMMARY OF MATERIAL TERMS OF
MANAGEMENT INCENTIVE COMPENSATION PLAN FOR
FISCAL YEAR 2020

The Company’s named executive officers are eligible for annual incentives, payable in cash, under the Management Incentive Compensation Plan (the “MICP”). The MICP payout targets, which are achieved if the Company meets certain goals set out in the annual operating plan, are approved by the Compensation Committee of the Company’s Board of Directors (the “Committee”) each year. The MICP performance measures and their weightings are also approved by the Committee each year. The Committee also reviews and approves a schedule that details the required Company performance and resulting MICP payouts for each performance measure. If the threshold performance goals are met, MICP payouts equal at least 50% of target. The Committee maintains the discretion to vary from the formula to decrease an MICP payout. Actual MICP payouts, which can vary from 0 to 175% of target, are delivered after the Company’s results are known and applied to the MICP.