GVHR » Topics » 2007 Incentive Awards

This excerpt taken from the GVHR 8-K filed Apr 5, 2007.
2007 Incentive Awards

 

The Committee established incentive compensation award opportunities for 2007 for each of the Company’s named executive officers.

 

Short-Term Annual Incentive

 

For each named executive officer other than the CEO, the short-term (cash) incentive award will be determined using a weighting of 66.7% company performance metrics: comprised of earnings per share (weighted 50%), professional service fees (weighted 25%) and worksite employees (weighted 25%). The remaining 33.3% of the award opportunity will be determined at the sole discretion of the Committee taking into account the performance of each individual’s business unit. At target, the total short-term incentive award opportunity will be equivalent to 66.7% of annualized base pay for Clifford M. Sladnick, Michael J. Collins and Paul E. Benz; for Peter C. Grabowski, the short-term incentive at target will be equivalent to 80% of annualized base pay.

 

Compensation of the Chief Executive Officer

 

The Committee determined that the CEO’s short-term (cash) incentive award will consist entirely of the same “company” components shared by each of the other named executive officers. Namely, these include earnings per share (weighted 50%), professional service fees (weighted 25%) and worksite employees (weighted 25%). At target, the total short-term incentive will be equivalent to 130% of annualized base pay. The Committee further determined that only the CEO will be compensated under the terms and conditions of the Company’s shareholder-approved 2005 Executive Incentive Plan, which is designed to be compliant with Section 162(m) of the Internal Revenue Code (as amended). The Committee reserves discretion under the 2005 Executive Incentive Plan to reduce downward, but not increase, by up to twenty-five (25%) percent of the amount of the incentive award otherwise payable to the CEO.

 

Equity or Other Awards

 

                  The Committee also determined that each named executive officer will be considered for discretionary grants of plan based awards in 2008. The Committee will consider each named executive officer’s contribution, as evaluated by the Committee in its sole discretion, toward Gevity’s business transformation, when making its grant determinations. Any such discretionary grants will be made under a shareholder-approved plan, using one or more stock incentives, stock awards or other form of compensation available under the applicable plan.

 

 

 

This excerpt taken from the GVHR 8-K filed Feb 27, 2006.
2006 Incentive Awards

 

The Committee established incentive compensation levels for 2006 for each of the Company’s named executive officers, as listed below:

Name

 

Title

Target Short-Term Incentive Award

($)

Target Long-Term Incentive Award

(No. of Shares)

 

Erik Vonk

 

 

Chairman & Chief Executive Officer

$ 877,500

122,642

 

Roy C. King

 

President & Chief Operating Officer

332,000

46,981

 

Lisa J. Harris

 

 

Chief Information Officer

241,200

  33,962

 

Clifford M. Sladnick

 

Chief Administrative Officer

234,500

33,019

 

Peter C. Grabowski

 

 

Chief Financial Officer

150,000

24,057

The incentive amounts awarded to these named executive officers will range between 75% and 150% of the stated target amount based on the attainment of applicable performance measures.

 

The short-term incentive awards shall be paid in cash after the determination by the Committee following the end of 2006 as to the levels of attainment against the established performance measures.

 

The long-term incentive awards are expressed as a number of shares of Gevity common stock that may be acquired upon the exercise of options to be awarded based on established performance measures. The long-term incentive awards will be made through the grant of non-qualified options to purchase Gevity common stock. All such options will have an exercise price equal to the fair market value of

 

 

 

Gevity's common stock on the date of determination in accordance with the Gevity HR, Inc. 2005 Equity Incentive Plan and will vest 25% on each anniversary of the date of grant. The term of each such option will be ten years.

 

The Committee will establish the applicable performance measures for each named executive officer in accordance with the terms of the Company’s 2006 compensation program.

 

 

 

 

EXCERPTS ON THIS PAGE:

8-K
Apr 5, 2007
8-K
Feb 27, 2006
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