Patterson Companies, Inc. Management Incentive Compensation Plan Summary for Fiscal Year 2023

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Patterson Companies, Inc. has established a Management Incentive Compensation Plan (MICP) for fiscal year 2023, offering annual cash incentives to its named executive officers. The plan's payout targets and performance measures are set and approved each year by the Compensation and Human Capital Committee of the Board of Directors. Payouts depend on the company meeting specific performance goals, with at least 50% of the target paid if minimum goals are achieved. The Committee has the authority to adjust payouts downward and payments are made after company results are finalized.

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EX-10.1 2 pdcoexhibit10104292023.htm EX-10.1 Document



EXHIBIT 10.1
PATTERSON COMPANIES, INC.
SUMMARY OF MATERIAL TERMS OF
MANAGEMENT INCENTIVE COMPENSATION PLAN FOR
FISCAL YEAR 2023

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 and Human Capital 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 are delivered after the Company’s results are known and applied to the MICP.