2005 Performance Bonus Targets for Named Executive Officers under Incentive Compensation Plan
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Summary
This document outlines the 2005 performance bonus targets for the company's named executive officers, as approved by the Compensation Committee. Bonus awards are based on specific financial performance metrics, primarily operating income, with different weightings for certain executives. Target bonus amounts are set as a percentage of base salary, with maximums specified. The Compensation Committee also retains the right to award additional discretionary bonuses for exceptional performance or qualitative factors.
EX-10.6 7 file004.htm 2005 PERFORMANCE BONUS TARGETS
Exhibit 10.6 2005 Performance Bonus Targets for Named Executive Officers On March 2, 2005, the Compensation Committee of the Board of Directors of the Company approved the financial performance metrics for fiscal 2005 bonus awards to participants in the Company's Incentive Compensation Plan, including the Company's executive officers. Under the Incentive Compensation Plan, the named executive officers are eligible to receive bonus awards (i) based on the Company's operating income, with respect to Joseph R. Gromek, Lawrence R. Rutkowski and Stanley P. Silverstein; (ii) based 60% on the operating income of the Company's Swimwear Group and 40% on the operating income of the Company, with respect to Roger A. Williams; and (iii) based 60% on the operating income of the Company's Sportswear Group and 40% on the operating income of the Company, with respect to Frank Tworecke. For fiscal 2005, (a) Mr. Gromek's potential bonus award under the Incentive Compensation Plan is targeted at 100% of base salary, with a maximum potential bonus award of 185% of target; (b) Messrs. Rutkowski's and Silverstein's potential bonus awards under the Incentive Compensation Plan are targeted at 85% of base salary (increased from 70% in fiscal 2004), with maximum potential bonus awards of 165% of target; and (c) Messrs. Williams' and Tworecke's potential bonus awards under the Incentive Compensation Plan are targeted at 70% of base salary, with maximum potential bonus awards of 165% of target. In addition to the incentive compensation program described above, the Compensation Committee reserves the right to pay discretionary bonuses to executive officers based on certain qualitative considerations and/or extraordinary performance during the year.