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SMG » Topics » For Business Group Officers

This excerpt taken from the SMG DEF 14A filed Dec 20, 2006.
For Business Group Officers
 
For the 2006 fiscal year, the incentive awards for executive officers in each business group were based on five annual performance measures. These measures were:
 
  •  EBITA for the business group
 
  •  Earnings Before Interest, Taxes and Amortization
 
  •  Net Sales Growth — business group
 
  •  Net sales goals established for the business group
 
  •  ROIC (After-Tax Return on Invested Capital) — business group
 
  •  EBITA for the business group X (1 — tax rate) divided by the Average Invested Capital (total assets + accumulated amortization of intangibles less liabilities excluding debt + accumulated restructuring charges)
 
  •  Free Cash Flow
 
  •  Cash flow from operations less capital expenditures and acquisition spending
 
  •  Customer Service — business group (composite goal)
 
  •  Product Fill Rate percent (% of orders filled on first delivery) X Inventory Turns
 
These measures are weighted, and the sum of the weighted measures is multiplied by an earnings multiplier (0.0-1.25X) to reinforce the importance of net income. The Executive Incentive Plan includes a “funding trigger” below which no payments are made to any participant. This funding trigger at the corporate level requires the achievement of at least the prior year’s consolidated net income.
 
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