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LLTC » Topics » Administration, Amendment and Termination

This excerpt taken from the LLTC DEF 14A filed Sep 23, 2009.

Administration, Amendment and Termination

     The Committee administers the Bonus Plan. Members of the Committee must qualify as outside directors under Section 162(m). Subject to the terms of the Bonus Plan, the Committee has sole discretion to:

  • determine the length of performance periods;
     
  • select the employees who will receive awards;
     
  • determine the target award for each participant;
     
  • determine the performance goals that must be achieved before any actual awards are paid;
     
  • determine a formula to determine the actual award (if any) payable to each participant; and
     
  • interpret the provisions of the Bonus Plan.

     The Board or the Committee may amend or terminate the Bonus Plan at any time and for any reason. The amendment or termination of the Bonus Plan will not, without the consent of the participants, alter or impair any rights or obligations under any awards granted under the Bonus Plan. The Bonus Plan will remain in effect (subject to the Board’s or Committee’s right to terminate the Bonus Plan) through the Company’s 2014 Annual Meeting of Stockholders.

"Administration, Amendment and Termination" elsewhere:

Polycom (PLCM)
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