York International Corporation Senior Management Incentive Plan Grant to Corporate Executive

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

York International Corporation grants a corporate executive participation in its Senior Management Incentive Plan (SMIP) for a specified fiscal year. The executive's incentive compensation is tied to the company's earnings per share and cash flow performance, with payouts based on achievement levels. Payments are made after audited results and require Board approval. If the executive leaves the company or is terminated for cause before year-end, the incentive is forfeited; otherwise, payments may be prorated. All targets are confidential and must not be shared outside the company.

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EX-10.4 5 w68280exv10w4.txt FORM OF GRANT TO CORPORATE EXECUTIVE EXHIBIT 10.4 [YORK INTERNATIONAL CORPORATION LOGO] PERSONAL AND CONFIDENTIAL INTER-OFFICE CORRESPONDENCE TO: Corporate Executive FROM: DATE: RE: Senior Management Incentive Plan (SMIP) I am pleased to inform you that you have been approved by the Board of Directors to participate in the Senior Management Incentive Plan (SMIP) portion of the Company's Incentive Compensation Plan for fiscal year _____. Please refer to the Incentive Compensation Plan for more details on the plan description and policies. For the _____ fiscal year, your incentive compensation will be based on the following performance goals: 1. York International Earnings per Share (EPS) 2. York International Cash Flow There are three levels of achievement for each goal. The achievement level will be linearly pro-rated based on actual results. Goals and respective payout as a percentage of base salary is listed below ($ in millions except EPS):
THRESHOLD TARGET MAXIMUM WEIGHTING FACTOR --------- ------ ------- ---------------- EARNINGS PER SHARE (EPS) for York International $ $ $ Percent of Base Salary to be paid % % % % CASH FLOW for York $ $ $ International Percent of Base Salary to be paid % % % % Incentive Amount % % %
Distribution of the amount earned under the SMIP will be made after the Company's results for fiscal year ______ have been audited. The actual timing, amounts and individual distribution of those amounts are predicated upon actual performance, and are ultimately approved by the Compensation Committee of the Board of Directors. In the event of death, disability, retirement or termination, other than for cause, payments will be prorated for the time of employment. If you voluntarily leave the company or are terminated for cause prior to the end of the year, any incentive payment will be forfeited. Targets are confidential information and may not be communicated outside of the Company, and should only be discussed internally on a need-to-know basis.