GKSR » Topics » Annual Management Incentive Plan

This excerpt taken from the GKSR DEF 14A filed Oct 9, 2009.
Annual Management Incentive Plan
Our MIP is a variable pay program tied to achievement of annual business and individual performance goals. The MIP is designed to compensate NEOs for meeting specific company financial goals and for individual performance. MIP target incentive levels are based on competitive market data, job content and responsibilities, and internal equity. Target incentive levels are expressed as a percentage of base salary, as follows:
 
         
    Target Incentive
 
Position   (as a % of Base Salary)  
Former Chairman and CEO (Marcantonio)
    80 %
CEO (Milroy)
    75 %
Executive Vice President and Chief Financial Officer
    55 %
President, G&K Services Canada
    50 %
Senior Vice President
    40 %
Vice President
    40 %
         
 
As is discussed in more detail below, in May 2009, together with Mr. Marcantonio, we mutually agreed to terminate his employment with the company. When Mr. Milroy was named CEO in May 2009, his target incentive was set at 75% (instead of 80%), which reflects that his position does not include Chairman of the Board responsibilities. The target incentive levels for the remaining NEOs did not change.
 
This excerpt taken from the GKSR DEF 14A filed Oct 1, 2008.
Annual Management Incentive Plan
The annual Management Incentive Plan (MIP) is a variable pay program tied to achievement of annual business performance goals. The MIP is designed to compensate NEOs for meeting specific company financial goals and individual function/business goals established as part of our annual business plan. MIP target incentive levels are based on competitive market data, job content and responsibilities, and internal equity. Target Incentive levels are expressed as a percentage of base salary, as follows:
 
         
    Target Incentive
 
Position   (as a % of Base Salary)  
Chairman and CEO
    80 %
Sr. VP CFO
    55 %
Presidents
    50 %
         
 
Based upon market data and a peer group analysis (using the methodology set forth on page 13), the fiscal 2008 target incentive for the Chairman and CEO was increased from 75% to 80% and the target incentive for the Sr. VP CFO was increased from 50% to 55%. The target incentive levels for the remaining NEOs did not change.
 
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