Wausau Paper Corp. 2015 Equity Incentive Compensation Plan for Executive Officers
Wausau Paper Corp. established the 2015 Equity Incentive Compensation Plan to grant performance-based equity awards to its top executives. Under this plan, executives receive performance units tied to a percentage of their base salary. These units may convert to company stock or cash if the executive remains employed through January 5, 2017, and if the company meets specific EBITDA targets for 2015. The number of shares or cash awarded increases with higher EBITDA results, up to a set maximum for each executive.
Exhibit 10.1
Wausau Paper Corp.
2015 Equity Incentive Compensation Plan
Under the 2015 Equity Incentive Compensation Plan, grants of performance units were made to our named executive officers as an equity performance incentive. Named executive officers received a grant of performance units equal to a specified percentage of base salary. These performance units may vest and be converted to a right to receive common stock (or, in the Compensation Committees discretion, cash with an equivalent value) based on (1) continuous employment with the Company (in the same position or in a position with greater authority) through January 5, 2017; and (2) the Companys achieving certain levels of earnings before interest, taxes, depreciation, and amortization (EBITDA) ranging between $62.5 million and $77.5 million for the year ended December 31, 2015. For purposes of this plan, EBITDA is derived from the Companys audited financial statements after adjusting for any non-recurring or extraordinary items as determined in the discretion of the Compensation Committee. EBITDA is calculated before cash incentive compensation expenses have been included. Grant recipients will not receive any vested award if EBITDA is at the bottom of the targeted range, and the number of shares of common stock or cash awarded will increase on an incremental basis to the maximum potential award if EBITDA is at the top of the targeted range.
The maximum potential award for the Chairman and Chief Executive Officer, President and Chief Operating Officer, and our Senior Vice President and Chief Financial Officer is shown in the table below.
| Maximum Opportunity (Number of Shares) | |
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Chairman and Chief Executive Officer | 133,273 |
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President and Chief Operating Officer | 43,911 |
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Senior Vice President and Chief Financial Officer | 38,116 |
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