Annual Performance Incentive Plan Description for Executive Officers

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This document outlines the Annual Performance Incentive Plan (APIP) for executive officers of the company. Under the APIP, eligible executives may receive cash bonuses if certain annual performance goals, set by the Executive Compensation and Benefits Committee, are met. These goals include company-wide financial and operational targets, as well as individual or business unit objectives. The Committee determines bonus targets and maximums as a percentage of base salary. For the year 2000, no bonuses were paid because the required performance thresholds were not achieved.

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EX-10.(D) 8 dex10d.txt DESCRIPTION OF REGISTRANTS ANNUAL PERFORMANCE INCE EXHIBIT 10(d) Annual Performance Incentive Plan Under the Annual Performance Incentive Plan (APIP), executive officers of the Company may be entitled to receive performance related cash payments provided that performance thresholds, established annually bythe Executive Compensation and Benefits Committee, are met. At the beginning of the year, the Committee approves for each officer not participating in the Executive Performance Incentive Plan, an annual incentive target and maximum opportunity expressed as a percentage of annual base salary. The Committee also establishes overall threshold, target and maximum measures of performance and associated payment schedules. For 2000, the performance measures were earnings per share (35%), revenue growth (25%), cash conversion cycle (20%) and customer satisfaction (20%). Additional goals are also established for each officer that include business unit specific and/or individual performance goals and objectives. The weights associated with each business unit specific or individual performance goal and objective used vary and range from 20 percent to 50 percent of the total. Actual performance payments to corporate officers are subject to approval by the Committee following the end of the year. As a result of the Company's performance during 2000, no cash bonuses under APIP were paid to officers with respect to 2000 performance.