CMC » Topics » Certification and Level of Achievement

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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