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This excerpt taken from the HPQ 10-Q filed Mar 11, 2005. Target Bonus Opportunity: [Executive Bonus Targets range from 50%–300%]
As a Section 16 officer of the company, you will not have a discretionary component in your payout under this program. Once plan funding has been established, 100% of your bonus will be determined formulaically. This is a variable pay program and ultimate payment is discretionary based upon achievement of business objectives. Your current status and participation does not guarantee future status and participation in PfR. As a normal part of aligning our Total Rewards every year, we will continue to monitor the competitiveness of our variable pay programs and adjust as necessary our performance measurement goals, thresholds, bonus opportunities and plan eligibility to reflect business requirements and market norms. The attached page describes the key features of the H1'05 PfR program. The PfR website is being updated and will be available in January with more details. You can visit this site on the hp employee portal by clicking Employee Resources–Compensation/Benefits on the bar below–Total Rewards on the left-hand menu–Pay-for-Results. If you have questions about the information specific to you, please contact your manager, your Human Resources Representative, or James Otieno/Stan Malkiewicz in Executive Compensation Services. Regards, «SUPV FIRST NAME» «SUPV LAST NAME» | |||||||||||||||||||||||||||||||||||||||||||||||||