EX-10.5 Long Term Incentive Program

Contract Categories: Human Resources - Bonus & Incentive Agreements
EX-10.5 5 b69755weexv10w5.htm EX-10.5 LONG TERM INCENTIVE PROGRAM exv10w5
 

Exhibit 10.5
[NOTE: CONFIDENTIAL MATERIALS OMITTED AND FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE OMISSIONS.]
2008 Long Term Incentive Program
Award Date:
March 30, 2008
Unit Allocation Ratio:
           
 
Job Category
    Ratio of PSUs/RSUs by job level  
 
CEO
    100/0  
 
EVP
    100/0  
 
SVP
    70/30  
 
VP
    50/50  
 
Director and below
    30/70  
 
New Hire Pool
    RSU Only  
 
RSUs = Restricted Stock Units
PSUs = Performance-Based Restricted Stock Units
Vesting Schedule:
The award vests at a rate of 25% each year over 4 years.
Performance-Based Restricted Stock Unit Calculations:
The number of PSUs received under this Long Term Incentive Program is based on the following:
                       
 
2008 PSU Metric
  
 
Metric
    Threshold     Target     Maximum  
 
Adjusted Net Income*
    $[**]     $[**]     $[**]  
 
*as defined in the 2008 Short-Term Incentive Program Document
           
 
2008 Payout Levels
  
 
2008 Adjusted Net Income Result
    Shares Granted as a Percent of PSU Target Award*  
 
Below Threshold
    0%  
 
Threshold
    50%  
 
Target
    100%  
 
Maximum
    200%  
 
Above Maximum
    200%  
 
*Shares granted are ratable between Threshold, Target, and Maximum based on actual performance.