GVHR » Topics » 2005 Short-Term Incentive Compensation

This excerpt taken from the GVHR 8-K filed Feb 22, 2005.

      2005 Short-Term Incentive Compensation

        On February 15, 2005 the Committee established the following performance-based short-term incentive awards for the named executive officers for 2005:

  Potential Short-Term Incentive Award
Erik Vonk     $ 600,000   $ 810,000   $ 1,000,000  
Lisa J. Harris       172,587     230,115     345,000  
Sal J. Uglietta       172,587     230,115     345,000  
Peter C. Grabowski       97,500     130,000     195,000  
Gregory M. Nichols       66,000     88,000     132,000  

        No short-term incentive award will be paid for performance below the respective threshold levels and no short-term incentive award will be paid in excess of the respective superior performance levels.

        The performance measures established by the Committee under the terms of the Annual Incentive Plan for Mr. Vonk consist of earnings per share achievement (50% weighted) and growth in the total number of worksite employees during 2005 (50% weighted). The Committee also established certain other qualitative and quantitative performance measures which can be used to reduce by up to 25%, but not increase, the short-term incentive award payable to Mr. Vonk based upon performance with respect to those measures at threshold, target and superior levels.

        The Committee established specific performance measures for each of the other executive officers, taking into account the recommendations of Mr. Vonk, as Gevity’s Chief Executive Officer, consisting of a combination of Company-wide and personal objective goals and levels of achievement. Such measures include earnings per share amounts at threshold, target and superior levels, combined with various qualitative and quantitative measures which are intended to further align compensation with achieving the Company’s business plan. These goals vary by executive officer depending on their areas of responsibility.

        The short-term incentive awards to the named executive officers for 2005 will be paid in cash after the determination by the Committee following the end of 2005 as to the levels of attainment against the stated performance measures.

"2005 Short-Term Incentive Compensation" elsewhere:

Serco Services Inc. (SINT)
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