GVHR » Topics » Annual Incentive Bonus

This excerpt taken from the GVHR 8-K filed Mar 29, 2005.
Annual Incentive Bonus: A cash bonus payable for 2005 performance in accordance with this plan and the terms and conditions of the Annual Incentive Compensation Plan. The annual incentive bonus amount shall be determined by the Company's attainment of the two financial performance measures set forth under the heading “Performance Measures” on Attachment A (i.e. EPS and % Growth in YE Total Headcount), which shall be weighted as indicated on Attachment A. If the Company fails to meet the "Threshold" amount set forth under one of the financial performance measures on Attachment A, no annual incentive shall be paid for that performance measure, but an appropriate annual incentive shall be paid for the financial performance measure that the Company meets at the “Threshold” level or above as set forth on Attachment A. By way of example, an annual incentive bonus of $600,000 shall be paid for full attainment of the "Threshold" amounts set forth under the financial performance measures on Attachment A; an annual incentive bonus of $810,000 shall be paid for full attainment of the "Target" amounts set forth under the financial performance measures on Attachment A; and an annual incentive bonus of $1 million shall be paid for full attainment of the "Superior" amounts set forth under the financial performance measures on Attachment A. In no event shall the aggregate amount of the annual incentive bonus payable to Mr. Vonk for 2005 exceed $1 million.

 

Notwithstanding the Company’s level of attainment of the financial performance measures set forth on Attachment A, the Compensation Committee may reduce, but not increase, by up to 25% of the amount of the annual incentive bonus which would have otherwise been payable to Mr. Vonk, based upon the Compensation Committee's determination of the Company's attainment of the three quantitative and qualitative goals set forth under the heading “Non-Financial Performance” on Attachment A.

 

The annual incentive bonus payable to Mr. Vonk shall be determined by the Compensation Committee and paid as soon as practicable after the end of 2005, with the expectation that the determination shall be made at the February 2006 meeting of the Compensation Committee, but in no event later than March 31, 2006, with payment to be made as soon as practicable after the determination thereof.

 

"Annual Incentive Bonus" elsewhere:

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