2007 Annual Performance Incentive Plan for Executive Officers
This agreement outlines the 2007 Annual Performance Incentive Plan (APIP) for executive officers of the company. Under the plan, executives are eligible for cash payments based on the achievement of specific annual performance goals set by the Compensation Committee. Payments depend on meeting targets for total revenue, earnings per share, and core cash flow from operations, with each measure assigned a specific weighting. The plan also sets threshold, target, and maximum performance levels, and some officers have additional business unit goals.
Exhibit 10(e)(11)
Annual Performance Incentive Plan for 2007 (“2007 APIP”)
Under the 2007 APIP, executive officers of the Company are eligible to receive performance related cash payments. Payments are, in general, only made if annual performance objectives established by the Compensation Committee of the Board of Directors (the “Committee”) are met.
The Committee approved an annual incentive target and maximum opportunity for 2007, expressed as a percentage of base salary for each participating officer. Certain additional goals were established for some officers based on business unit goals. The Committee also established overall threshold, target and maximum measures of performance for the 2007 APIP. The performance measures and weightings for 2007 were total revenue (30%), earnings per share (40%) and core cash flow from operations (30%).
For 2007, the performance against the 2007 APIP goals was as follows: Total revenue was above threshold and below target, earnings per share exceeded maximum and core cash flow from operations exceeded maximum.
