Executive Officers' Incentive Plan (July 17, 2009)
This agreement outlines the incentive compensation plan for the company's executive officers, including the CEO, CFO, President of Global Field Operations, and EVP of Corporate Development. Annual bonuses are based on the company's achievement of specific financial goals, primarily cash EPS targets, with bonus amounts varying depending on performance. The plan also allows for individualized performance criteria and discretionary adjustments by the Board or Compensation Committee. For fiscal 2010, the agreement specifies the base salary and target bonus for each executive. The plan's terms override any inconsistent provisions in existing employment agreements.
Exhibit 10.20
Executive Officers’ Incentive Plan
July 17, 2009
Executive officer’s will earn their respective target annual incentive compensation (the “Annual Bonus”) based on achievement of annual financial goals as follows:
| • | In the event that the Company achieves 100% of the cash EPS bonus target for the fiscal year, as set by the Board (the “Cash EPS Target”), 100% of the Annual Bonus will be earned. |
| • | In the event that the Company achieves 73% of the Cash EPS Target, 50% of the Annual Bonus will be earned. |
| • | In the event that the Company achieves less than 73% of the Cash EPS Target, no Annual Bonus will be earned. |
| • | In the event that the Company achieves between 73% and 100% of the Cash EPS Target, the percent of Annual Bonus earned (beyond the 50% earned as a result of achieving 73% of plan) will be calculated on a straight-line basis based upon the percent of the Cash EPS Target achieved between such 73% and 100%. |
| • | In the event that the Company achieves 133% or more of the Cash EPS Target, 200% of the Annual Bonus will be earned. |
| • | In the event that the Company achieves between 100% and 133% of the Cash EPS Target, the percent of Annual Bonus earned (beyond the 100% earned as a result of achieving 100% of plan) will be calculated on a straight-line basis based upon the percent of the Cash EPS Target achieved between such 100% and 133%. |
The Annual Bonus awards to executive officers may also be subject to individualized performance criteria apart from the Company’s EPS performance.
In addition, the Board and/or Compensation Committee may in its discretion authorize the payment of the target incentive compensation or such other amount irrespective of the achievement of the foregoing financial objectives.
For fiscal 2010, the annual base salary and target Annual Bonus for each of the Named Executive Officers is as follows:
| Title | Name | Base Salary | Target Annual | |||||
| Chairman and Chief Executive Officer | Bobby Yazdani | $ | 450,000 | $ | 315,000 | |||
| Chief Financial Officer | William Slater | $ | 280,000 | $ | 196,000 | |||
| President, Global Field Operations | Jeffrey T. Carr | $ | 290,000 | $ | 290,000 | |||
| Executive Vice President, Corporate Development and Secretary | Peter E. Williams III | $ | 275,000 | $ | 192,500 | |||
To the extent the foregoing Executive Officer Incentive Plan provisions are not consistent with existing employment arrangements, such provisions are intended to govern.
