SECTION V - DEFINITIONS
Budget or Budgeted, when used in conjunction with any measuring device under this Plan shall mean the approved 2021 Budget for each Participants Business Unit, adjusted where appropriate to reflect acquisitions and/or divestitures in accordance with deal sheets approved by, and in the sole discretion of, the Board of Directors.
Business Unit shall mean any operating or headquarters unit so established by the Company. For the 2021 Plan, the designated Business Units are set out in Section II - Scope, above.
Covered Employee shall mean each executive of the Company, CVI or CSI that could, as determined by the Committee, be a covered employee as defined in Section 162(m) of the Code for such Year.
Non-GAAP Earnings Per Share or Non-GAAP EPS shall mean fully diluted earnings per share as reported on a non-GAAP basis to Wall Street per the Companys fiscal year end earnings release, but adjusted for the use of Budgeted currency rates.
Eligible Individual shall mean any person employed by the Company who is paid a salary or a fixed monthly amount, as distinguished from an hourly wage.
Executive Management shall mean the CEO and the CFO for purposes of administering this Plan.
Executive Team shall mean (i) certain senior executives, including members of management covered by Rule 16(b) under the Securities and Exchange Act of 1934, as designated by the Committee as the key executive management of the Company, CVI and CSI and (ii) each Covered Employee.
Income or Operating Income or OI shall mean the operating income for each individual Business Unit as determined on a non-GAAP basis and used in the calculation of Non-GAAP Earnings Per Share for the Companys fiscal year end adjusted for the use of Budgeted currency rates.
Participant shall mean any Eligible Individual selected to have the opportunity to earn an award under the Plan in accordance with its terms.
Revenue shall mean net revenue as reported to Wall Street per the Companys fiscal year end earnings release, but adjusted for the use of Budgeted currency rates.
Salary shall mean the actual base salary paid to an Eligible Individual during the Year while a Participant in the Plan. No items of supplemental compensation (prior year bonus, relocation, automobile allowances, special stipends, etc.) will be considered part of Salary.
Threshold Goal shall mean achievement of at least 50% of target for any one of Revenue, Income, or Earnings Per Share.
Target Award shall mean a percentage of the Participants Salary between 10% and 100% as established each Year by the Committee, or with respect to Participants who are not members of the Executive Team, as designated by the Executive Management.
Year shall mean the fiscal year of the Company, which is November 1 through October 31.
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