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This excerpt taken from the CMC DEF 14A filed Dec 8, 2006. Certification
and Level of Achievement
Within 75 days after the end of each Performance Period,
senior management of each business unit will report to the
Committee the extent to which business unit performance goals
were achieved for the Performance Period. As soon as practicable
following the finalizing of the Company’s financial results
for any Performance Period and receipt of the report of the
business unit senior management, the Committee will certify in
writing:
(i) the extent to which the Company achieved its Company
performance goals for the Performance Period;
(ii) the extent to which each business unit achieved its
business unit performance goals for the Performance Period;
(iii) the calculation of the participants’ incentive
compensation; and
(iv) the determination by the Committee of the amount of
incentive compensation, if any, to be paid to each participant
for the Performance Period.
If at least the threshold achievement of a performance goal is
achieved, the incentive compensation that may be paid to a
participant will be based on a percentage of the
participant’s base pay. This percentage of base pay will be
set forth in a predetermined schedule that sets forth the level
of achievement of a Performance Goal to an earned award as a
percentage of base pay. However, the Committee may, in its
discretion, decrease the incentive compensation to be paid to
one or more participants for such Performance Period. The
maximum compensation payable to any participant with respect to
any single award will not exceed $3,500,000.
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