The St. Joe Company 2001 Annual Incentive Plan Participant Summaries for Executive Board Members
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Summary
The St. Joe Company’s 2001 Annual Incentive Plan outlines how annual bonuses for executive board members are determined. Each participant’s incentive is based on a combination of company financial performance, achievement of individual management objectives, and a performance multiplier set by their business group leader. The plan specifies target percentages of base salary, performance measurement scales, and allows the company discretion to adjust awards. No individual can receive more than 150% of their target incentive without CEO or President approval. The plan applies to named executives for the 2001 fiscal year.
EX-10.20 17 y60276ex10-20.txt ANNUAL INCENTIVE PLAN SUMMARIES EXHIBIT 10.20 THE ST. JOE COMPANY 2001 ANNUAL INCENTIVE PLAN PARTICIPANT SUMMARY Name: RAY, JERRY M Group: CORPORATE PLAN Executive Board Plan Base Annual Salary (1): $228,900 Current Annual Incentive Target (2): 50% of Base Annual Salary Corporate Net EBITDA (3) Per Share Plan: $1.56 Your 2001 Annual Incentive will be based on three separate performance factors: 1) corporate financial performance as measured by net EBITDA per share (actual compared to plan). This is weighted 75% of your target award; 2) MBO performance as measured by your actual performance on your individual MBO's as compared to your pre-established MBO's. This is weighted at 25% of your target award; and 3) individual performance multiplier of 50% to 150% of projected award. The head of your individual business group determines this multiplier. It is based on their evaluation of your contribution to the overall success of the business group compared to your peers. Performance factors one and two will be calculated on the following scales to determine your project award INCENTIVE SCALE 1) Financial Performance Scale
2) MBO Performance Scale
It is important, further, to recognize that the stated award criteria are guidelines and not contracts. After all calculations are made, the company has the right, in its sole discretion, to include or exclude extraordinary or unusual items or make any adjustments to payments. The company shall make any adjustment in its sole discretion. Specific efforts will be made to be fair and to avoid windfalls. No payment to any individual in excess of 150% of target will be made without the specific approval of the St. Joe Company Chief Executive Officer or President. Note: This is a sliding scale so each percentage is not a hurdle. (1) In the event of a mid-year salary increase, annual Incentive will be based upon salary as of 12/1/2001. (2) Target is the annual incentive percentage you will receive if business plan is achieved. (3) Net EBITDA per share is earnings before interest, taxes, depreciation and amortization less any minority interests, divided by common shares outstanding. RAY, JERRY M Page 1 of 1 THE ST. JOE COMPANY 2001 ANNUAL INCENTIVE PLAN PARTICIPANT SUMMARY Name: REGAN, MICHAEL N Group: CORPORATE PLAN Executive Board Plan Base Annual Salary (1): $230,400 Current Annual Incentive Target (2): 50% of Base Annual Salary Corporate Net EBITDA (3) Per Share Plan: $1.56 Your 2001 Annual Incentive will be based on three separate performance factors: 1) corporate financial performance as measured by net EBITDA per share (actual compared to plan). This is weighted 75% of your target award; 2) MBO performance as measured by your actual performance on your individual MBO's as compared to your pre-established MBO's. This is weighted at 25% of your target award; and 3) individual performance multiplier of 50% to 150% of projected award. The head of your individual business group determines this multiplier. It is based on their evaluation of your contribution to the overall success of the business group compared to your peers. Performance factors one and two will be calculated on the following scales to determine your project award INCENTIVE SCALE 1) Financial Performance Scale
2) MBO Performance Scale
It is important, further, to recognize that the stated award criteria are guidelines and not contracts. After all calculations are made, the company has the right, in its sole discretion, to include or exclude extraordinary or unusual items or make any adjustments to payments. The company shall make any adjustment in its sole discretion. Specific efforts will be made to be fair and to avoid windfalls. No payment to any individual in excess of 150% of target will be made without the specific approval of the St. Joe Company Chief Executive Officer or President. Note: This is a sliding scale so each percentage is not a hurdle. (1) In the event of a mid-year salary increase, annual Incentive will be based upon salary as of 12/1/2001. (2) Target is the annual incentive percentage you will receive if business plan is achieved. (3) Net EBITDA per share is earnings before interest, taxes, depreciation and amortization less any minority interests, divided by common shares outstanding. REGAN, MICHAEL N Page 1 of 1 THE ST. JOE COMPANY 2001 ANNUAL INCENTIVE PLAN PARTICIPANT SUMMARY Name: RHODES, ROBERT M Group: CORPORATE PLAN Executive Board Plan Base Annual Salary (1): $376,200 Current Annual Incentive Target (2): 70% of Base Annual Salary Corporate Net EBITDA (3) Per Share Plan: $1.56 Your 2001 Annual Incentive will be based on three separate performance factors: 1) corporate financial performance as measured by net EBITDA per share (actual compared to plan). This is weighted 75% of your target award; 2) MBO performance as measured by your actual performance on your individual MBO's as compared to your pre-established MBO's. This is weighted at 25% of your target award; and 3) individual performance multiplier of 50% to 150% of projected award. The head of your individual business group determines this multiplier. It is based on their evaluation of your contribution to the overall success of the business group compared to your peers. Performance factors one and two will be calculated on the following scales to determine your project award INCENTIVE SCALE 1) Financial Performance Scale
2) MBO Performance Scale
It is important, further, to recognize that the stated award criteria are guidelines and not contracts. After all calculations are made, the company has the right, in its sole discretion, to include or exclude extraordinary or unusual items or make any adjustments to payments. The company shall make any adjustment in its sole discretion. Specific efforts will be made to be fair and to avoid windfalls. No payment to any individual in excess of 150% of target will be made without the specific approval of the St. Joe Company Chief Executive Officer or President. Note: This is a sliding scale so each percentage is not a hurdle. (1) In the event of a mid-year salary increase, annual Incentive will be based upon salary as of 12/1/2001. (2) Target is the annual incentive percentage you will receive if business plan is achieved. (3) Net EBITDA per share is earnings before interest, taxes, depreciation and amortization less any minority interests, divided by common shares outstanding. RHODES, ROBERT M Page 1 of 1 THE ST. JOE COMPANY 2001 ANNUAL INCENTIVE PLAN PARTICIPANT SUMMARY Name: RUMMELL, PETER S Group: CORPORATE PLAN Executive Board Plan Base Annual Salary (1): $715,800 Current Annual Incentive Target (2): 100% of Base Annual Salary Corporate Net EBITDA (3) Per Share Plan: $1.56 Your 2001 Annual Incentive will be based on three separate performance factors: 1) corporate financial performance as measured by net EBITDA per share (actual compared to plan). This is weighted 75% of your target award; 2) MBO performance as measured by your actual performance on your individual MBO's as compared to your pre-established MBO's. This is weighted at 25% of your target award; and 3) individual performance multiplier of 50% to 150% of projected award. The head of your individual business group determines this multiplier. It is based on their evaluation of your contribution to the overall success of the business group compared to your peers. Performance factors one and two will be calculated on the following scales to determine your project award INCENTIVE SCALE 1) Financial Performance Scale
2) MBO Performance Scale
It is important, further, to recognize that the stated award criteria are guidelines and not contracts. After all calculations are made, the company has the right, in its sole discretion, to include or exclude extraordinary or unusual items or make any adjustments to payments. The company shall make any adjustment in its sole discretion. Specific efforts will be made to be fair and to avoid windfalls. No payment to any individual in excess of 150% of target will be made without the specific approval of the St. Joe Company Chief Executive Officer or President. Note: This is a sliding scale so each percentage is not a hurdle. (1) In the event of a mid-year salary increase, annual Incentive will be based upon salary as of 12/1/2001. (2) Target is the annual incentive percentage you will receive if business plan is achieved. (3) Net EBITDA per share is earnings before interest, taxes, depreciation and amortization less any minority interests, divided by common shares outstanding. RUMMELL, PETER S Page 1 of 1 THE ST. JOE COMPANY 2001 ANNUAL INCENTIVE PLAN PARTICIPANT SUMMARY Name: TWOMEY, KEVIN M Group: CORPORATE PLAN Executive Board Plan Base Annual Salary (1): $496,400 Current Annual Incentive Target (2): 90% of Base Annual Salary Corporate Net EBITDA (3) Per Share Plan: $1.56 Your 2001 Annual Incentive will be based on three separate performance factors: 1) corporate financial performance as measured by net EBITDA per share (actual compared to plan). This is weighted 75% of your target award; 2) MBO performance as measured by your actual performance on your individual MBO's as compared to your pre-established MBO's. This is weighted at 25% of your target award; and 3) individual performance multiplier of 50% to 150% of projected award. The head of your individual business group determines this multiplier. It is based on their evaluation of your contribution to the overall success of the business group compared to your peers. Performance factors one and two will be calculated on the following scales to determine your project award INCENTIVE SCALE 1) Financial Performance Scale
2) MBO Performance Scale
It is important, further, to recognize that the stated award criteria are guidelines and not contracts. After all calculations are made, the company has the right, in its sole discretion, to include or exclude extraordinary or unusual items or make any adjustments to payments. The company shall make any adjustment in its sole discretion. Specific efforts will be made to be fair and to avoid windfalls. No payment to any individual in excess of 150% of target will be made without the specific approval of the St. Joe Company Chief Executive Officer or President. Note: This is a sliding scale so each percentage is not a hurdle. (1) In the event of a mid-year salary increase, annual Incentive will be based upon salary as of 12/1/2001. (2) Target is the annual incentive percentage you will receive if business plan is achieved. (3) Net EBITDA per share is earnings before interest, taxes, depreciation and amortization less any minority interests, divided by common shares outstanding. TWOMEY, KEVIN M Page 1 of 1
