WILLIAM LYON HOMES 2005 SENIOR EXECUTIVE BONUS PLAN
Contract Categories:
Human Resources
- Bonus & Incentive Agreements
EX-10.1 2 dex101.htm 2005 SENIOR EXECUTIVE BONUS PLAN 2005 Senior Executive Bonus Plan
Exhibit 10.1
WILLIAM LYON HOMES
2005 SENIOR EXECUTIVE BONUS PLAN
| BONUS PLAN
| %
| DEFERRAL
| PAYMENT CRITERIA
| DESCRIPTION
| PAY DATE
| |||||
| CEO AND COO | 25% | 75% paid Year 1 25% paid Year 2 forfeited if terminated – except retirement, disability or death | 3% of WLS pre-tax, pre-bonus income each | Based on: • Management Level • Position Impact w/ WLS • Competitive Pay Levels • Short-Term Compensation Target for the Position • Current Salary • Individual Performance | After year-end Audit | |||||
| DIVISION PRESIDENTS | 25% | 75% paid Year 1 25% paid Year 2 forfeited if terminated – except retirement, disability or death | 3% of Division’s pre-tax, pre-bonus Income after Corporate allocation
minimum payment equal to 100% of annual salary | Based on: • Management Level • Position Impact w/ WLS • Competitive Pay Levels • Short-Term Compensation Target for the Position • Current Salary • Individual Performance | After year-end Audit |
Note:
| • | Plan requires the employee to be actively employed on the date bonus checks are distributed to qualify for payment except in event of death, disability or retirement. |
| • | WLS represents William Lyon Homes stock symbol. |
| • | Awards to be administered (including no discretion to increase) in order to comply with Section 162(m), if applicable. |
