{"id":40249,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/performance-based-incentive-bonus-plan-storage-technology-corp.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"performance-based-incentive-bonus-plan-storage-technology-corp","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/performance-based-incentive-bonus-plan-storage-technology-corp.html","title":{"rendered":"Performance-Based Incentive Bonus Plan &#8211; Storage Technology Corp."},"content":{"rendered":"<pre>\n                         STORAGE TECHNOLOGY CORPORATION\n\n                     PERFORMANCE-BASED INCENTIVE BONUS PLAN\n                        (Effective as of January 1, 1999)\n\n1.       PURPOSE\n\n         The purpose of the Plan is to motivate and retain eligible employees\nfor achievement of goals relating to the performance of the Company and, or its\nbusiness units or segments. The Plan is designed to ensure that the annual bonus\npaid hereunder to officers of the Company is deductible under Section 162(m) of\nthe Internal Revenue Code (the \"Code\"), and the regulations thereunder (\"Section\n162(m)\").\n\n2.       COVERED INDIVIDUALS\n\n         Participation in the Plan is determined annually in the discretion of\nthe Committee. In selecting participants for the Plan, the Committee will select\nofficers of the Company and its subsidiaries who are likely to have a\nsignificant impact on the performance of the Company.\n\n3.       ADMINISTRATION OF THE PLAN\n\n         The Plan will be administered by the Human Resources and Compensation\nCommittee (the \"Committee\") of the Board of Directors of the Company. The\nCommittee shall have the sole discretion and authority to administer and\ninterpret the Plan in accordance with Section 162(m) of the Code.\n\n4.       MAXIMUM BONUS AND PERFORMANCE GOALS\n\n         The annual bonus will be paid in cash, or in shares of the Company's\nCommon Stock (including restricted stock) or Common Stock equivalents, in lieu\nof cash, as the Committee, in its sole discretion, may determine from time to\ntime. For each fiscal year, the Committee will establish: (a) the award levels\nfor the participants, (b) the performance goals which must be achieved in order\nfor a participant to be paid an award at specified level, and (c) the formula\nfor determining actual awards, using the performance measures as variables.\n\n         Each participant's potential bonus award will be stated as a percentage\nof his or her annual base salary. Base salary will be the participant's annual\nsalary rate on the last day of the fiscal year.\n\n         The Committee may use one or more of the following performance measures\nin establishing performance goals for any participant for any fiscal year: (i)\nnet after-tax income; (ii) total annual revenue; (iii) earnings per share; (iv)\nstockholder value add objectives; (v) customer satisfaction objectives; (vi)\nproduct and solution development and introduction time; (vii) return on equity;\n(viii) return on assets; (ix) market penetration; (x) product and services\nquality and reliability measurements; (xi) employee development and training\nobjectives; (xii) operating expenses; (xiii) product sales margins; (xiv)\noperating profit; (xv) employee satisfaction objectives; and (xvi) individual\nperformance objectives. The Committee may select performance goals that differ\nfrom participant to participant and may select performance goals that apply on a\ncorporate basis, or business unit or segment basis.\n\n         No bonus in excess of $3 million will be paid to any one officer\npursuant to the Plan. The Committee may reduce or entirely eliminate all bonus\npayments under the Plan for any year, or any participant's bonus for any year in\nits sole discretion.\n\n5.       PAYMENT OF BONUS\n\n         No bonus will be paid unless and until the Committee has certified in\nwriting that the performance goals have been satisfied. The payment of a bonus\nfor any given fiscal year requires that the participant be on the Company's\npayroll as of the date that the Committee determines that the performance goals\nwere achieved as to all participants in the Plan. However, the Committee may\nmake exceptions to this requirement in the case of death, retirement, or\ndisability, or such other circumstances as the Committee may determine.\n\n6.       AMENDMENT AND TERMINATION\n\n         The Committee reserves the right to amend or terminate the Plan at any\ntime without stockholder approval, except to the extent stockholder approval may\nbe required to ensure the Plan's qualification under Section 162(m) of the Code,\nas in effect from time to time.\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8959],"corporate_contracts_industries":[9508],"corporate_contracts_types":[9539,9546],"class_list":["post-40249","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-storage-technology-corp","corporate_contracts_industries-technology__hardware","corporate_contracts_types-compensation","corporate_contracts_types-compensation__incentive"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40249"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40249"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40249"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}