PBY » Topics » Eligibility and Participation.

This excerpt taken from the PBY DEF 14A filed May 13, 2009.
Eligibility and Participation.  Our officer and director level employees are eligible to participate in the Bonus Plan for each fiscal year or portion thereof, unless excluded from participation by the Committee.  As soon as practicable, but no later than ninety days after the beginning of the performance period, the Committee will determine the employees who will be participants for the performance period.  Subject to certain limited exceptions described below, an employee must be actively employed on the last day of the performance period in order to be eligible to receive a bonus for that period.  Unless the Committee determines otherwise, employees who become eligible to participate in the Bonus Plan after the performance period has begun will receive a prorated bonus for the performance period in which they first become eligible.  Participants in the Bonus Plan will also be eligible to participate in such other bonus, sales incentive plan or other compensation programs as we may establish.  Each participant in the Bonus Plan will earn bonuses at one of four bonus levels, as follows — Chief Executive Officer — Tier I; Executive Vice Presidents — Tier II; Senior Vice Presidents — Tier III; and Vice Presidents — Tier IV.  If a participant is employed at more than one bonus level during a performance period, the total bonus amount for which such participant will be eligible to receive will be prorated based on the period of time during the performance period that such individual was employed at each bonus level.  All of our officers are eligible and have been elected to participate in the Bonus Plan for our 2009 fiscal year.

 

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