COO » Topics » Non-Equity Incentive Plan Compensation

This excerpt taken from the COO DEF 14A filed Feb 6, 2008.

Non-Equity Incentive Plan Compensation

 

Non-equity incentives are provided to executives and key employees under the Company’s annual Incentive Payment Plan and the calculation of awards for the Named Executive Officers is discussed in detail in the Compensation Discussion and Analysis starting on page 23.

 

Messrs. Bender and Weiss were also paid a special incentive bonus in July 2007 under the Company’s 2007 Special Discretionary Bonus Plan. This plan was designed to provide an opportunity, based on specific business objectives, for these executives to earn a bonus up to a maximum award equivalent to the potential discretionary portion of their awards under the Company’s 2006 Incentive Payment Plan. The discretionary portion of these awards was withheld for Messrs. Bender and Weiss based on the Company’s stock performance in 2006. The maximum awards possible under this plan were $136,000 and $75,000, respectively, for Messrs. Bender and Weiss.

 

Based on performance in the first half of the 2007 fiscal year, and lower than anticipated achievement of manufacturing targets, the Compensation Committee granted minimal awards of $3,536 and $1,950 respectively to Messrs. Bender and Weiss under the 2007 Special Discretionary Bonus Plan.

 

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