Management Incentive Plan Agreement for Ron Fenech Effective May 1, 2010

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the terms of a Management Incentive Plan (MIP) for Ron Fenech, starting May 1, 2010. Under the plan, Mr. Fenech will receive 4% of the pre-tax profit from operations of the Recreation Vehicle Group, excluding LIFO and impairment charges. Payments are made quarterly, with the final payment for the fiscal year due within five days after the annual audit report. Mr. Fenech must be employed at the time of payment, and any quarterly losses are carried forward within the fiscal year. His base salary is set at $1,000,000 per year, and annual MIP earnings are capped at $10,000,000.

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EX-10.1 2 l40116exv10w1.htm EX-10.1 exv10w1
Exhibit 10.1
CONFIDENTIAL MEMORANDUM
         
TO:
  Ron Fenech   April 23, 2010
 
        
CC:
  Chris Farman    
 
        
FROM:
  Peter B. Orthwein    
 
        
RE:   MANAGEMENT INCENTIVE PLAN FOR RON FENECH BEGINNING 5/1/2010
     Your MIP beginning May 1, 2010 will be 4% of the pre-tax profit from operations of the Recreation Vehicle Group. LIFO and impairment charges are excluded.
  1.   Payment of the MIP will be quarterly after the closing of the books.
    The final MIP payment for FY 2010 will be paid within 5 days after receipt of the auditor’s report for the year ended July 31, 2010 (approximately September 30, 2010).
  2.   You must be employed at the time of MIP payment.
 
  3.   In the unlikely event of losses in any quarter, they will be carried forward to future quarters. However, they won’t be carried forward into the next fiscal year.
 
  4.   Your base salary will increase to $1,000,000 per year effective as of February 1, 2010.
 
  5.   The maximum you can earn from your MIP in any year is $10,000,000.
PBO/pat