TALX Corporation FY05 Incentive Bonus Plan Agreement for Corporate Officers

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the FY05 incentive bonus plan for corporate officers of TALX Corporation, effective from April 1, 2004, to March 31, 2005. Bonuses are based on achieving specific earnings per share (EPS) goals set by the Board of Directors, with a graduated payout scale for performance above or below target. Eligibility and bonus amounts may be adjusted for changes in salary, employment status, or department, and employees must be actively employed when bonuses are paid. TALX reserves the right to amend or withhold bonuses at its discretion.

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EX-10.7 4 c91757exv10w7.txt FORM OF INCENTIVE BONUS PLAN AGREEMENT FOR CORPORATE OFFICERS EXHIBIT 10.7 TALX CORPORATION - -------------------------------------------------------------------------------- FY05 Incentive Bonus Plan Agreement Earnings Per Share [ ]% - -------------------------------------------------------------------------------- EFFECTIVE 04/01/04 - 03/31/05 - -------------------------------------------------------------------------------- Revised 04/04
Bonus Type Criteria Bonus Paid - ------------------------------------------------- ----------------------------------- ---------------------------- ANNUAL GOAL TALX annual EPS goal for the The EPS annual amount will EARNINGS PER SHARE (EPS) fiscal year 2005 which will be be paid out at the normal (April '04- March '05) determined by the Board of payroll following the Directors at their May 2004 successful completion of 100% of Total Bonus Potential meeting. The EPS goal includes the year-end financial bonus accrual at 100% of expected audit. payout but excludes effects of acquisitions if any.
* THE GRADUATED SCALE BELOW SHOULD BE USED IN CALCULATING THE ABOVE EPS BONUS AWARD FOR THE FY05 INCENTIVE BONUS PLAN.
% of Goal Payout % of Goal Payout % of Goal Payout % of Goal Payout % of Goal Payout - -------------- --------- ------------ --------- ------------ --------- ------------ --------- ------------ --------- 125% 150% 116% 132% 106% 112% 97% 94% 88% 76% 124% 148% 114% 128% 105% 110% 96% 92% 87% 74% 123% 146% 113% 126% 104% 108% 95% 90% 86% 72% 122% 144% 112% 124% 103% 106% 94% 88% 85% 70% 121% 142% 111% 122% 102% 104% 93% 86% 84% 68% 120% 140% 110% 120% 101% 102% 92% 84% 83% 66% 119% 138% 109% 118% 100% 100% 91% 82% 82% 64% 118% 136% 108% 116% 99% 98% 90% 80% 81% 62% 117% 134% 107% 114% 98% 96% 89% 78% 80% 60%
- -------------------------------------------------------------------------------- FY05 Incentive Bonus Plan Policy - -------------------------------------------------------------------------------- The TALX incentive bonus plan is designed to deliver significant cash compensation for superior performance against specific standards. The incentive bonus plan is an important part of TALX's compensation philosophy, coupled with our policy of competitive salaries and merit-based increases, the incentive bonus plan provides for additional compensation opportunities based on the accomplishment of specific financial objectives and departmental performance goals. HOW FY05 INCENTIVE BONUS PLAN AWARDS ARE DETERMINED Employees with direct sales responsibilities within the Sales organization will receive a fiscal year position specific incentive compensation plan which details how quota, commission, and bonuses are earned. All other employees' incentive bonus plans may have a TALX Earnings Per Share goal portion and may also have a departmental performance goal component. There will be a graduated scale enabling payment in excess of the incentive amount for greater than 100% attainment of the goals as well as enabling payment of a portion for less than 100% attainment of the goals. Effective dates on or before the 15th are rounded to the first of that month; effective dates on or after the 16th are rounded to the first of the following month. FOR CHANGES IN BASE SALARY DURING FY05 The employee's base salary effective at the beginning of FY05, April 1, 2004, will be the base salary utilized in the calculation of the incentive bonus awards. FOR CHANGES IN EMPLOYMENT (FULL-TIME VS. PART-TIME) STATUS DURING FY05 The award will be prorated to reflect the change in employment status based upon the effective date of the status change rounded to the nearest month. FOR NEWLY HIRED EMPLOYEE OR PROMOTIONS Eligibility will begin based upon the hire/promotion date. FOR TRANSFERS BETWEEN DEPARTMENTS The award will be prorated between the two departments based upon the effective date of the new position. FOR TERMINATIONS OR RESIGNATIONS An employee must be actively employed on the date bonuses become payable in order to be eligible for an incentive award for that period. GUARANTEES No part of any incentive award to any employee may be guaranteed or in any way assured unless pre-approved in writing by the Chief Financial Officer and President. TALX may, at TALX's sole discretion, elect to pay, not pay or amend the amount payable to any employee under the Incentive Bonus Plan.