Attached files
| file | filename |
|---|---|
| 10-K - IEC ELECTRONICS CORP | v165990_10k.htm |
| EX-10.4 - IEC ELECTRONICS CORP | v165990_ex10-4.htm |
| EX-10.6 - IEC ELECTRONICS CORP | v165990_ex10-6.htm |
| EX-21.1 - IEC ELECTRONICS CORP | v165990_ex21-1.htm |
| EX-32.1 - IEC ELECTRONICS CORP | v165990_ex32-1.htm |
| EX-10.7 - IEC ELECTRONICS CORP | v165990_ex10-7.htm |
| EX-10.5 - IEC ELECTRONICS CORP | v165990_ex10-5.htm |
| EX-31.1 - IEC ELECTRONICS CORP | v165990_ex31-1.htm |
| EX-31.2 - IEC ELECTRONICS CORP | v165990_ex31-2.htm |
| EX-23.1 - IEC ELECTRONICS CORP | v165990_ex23-1.htm |
| EX-10.22 - IEC ELECTRONICS CORP | v165990_ex10-22.htm |
| EX-10.21 - IEC ELECTRONICS CORP | v165990_ex10-21.htm |
| EX-10.20 - IEC ELECTRONICS CORP | v165990_ex10-20.htm |
Exhibit
10.19
IEC
Electronics Corp.
Summary of 2009 Management Incentive
Plan ("2009 MIP"):
The 2009
MIP is a cash incentive plan which links awards to performance results and is
designed to provide cash incentive awards ("Awards") to five senior management
employees (the "Participants"): the Chief Executive Officer, the Chief Financial
Officer, the Executive Vice President and President of IEC Contract
Manufacturing, the Senior Vice President of Operations, and the Director of
Human Resources.
Each
Participant will be eligible to receive an Award, if any, determined on the
basis of the degree of achievement of certain specified corporate level fiscal
year performance objectives, ("Performance Goals"). For fiscal 2009,
Performance Goals based upon the following measurements have been established:
On Time Delivery, Net Income Before Taxes and Incentives, Sales, and Cash
Flow. The Compensation Committee has assigned a weighting factor to
each Performance Goal.
If the
targets for each of the Performance Goals are achieved, an Award equal to a
predetermined percentage (varying from 25% to 45%) of the Participant's base
salary earned during the fiscal year will be paid to the Participant, (the
"Target Award"). The incentive percentage of a Participant is based
upon his or her position within the Company. Below the achievement of a
threshold or minimum corporate level of performance ("Plan Entry"), no Awards
will be made. If the threshold or minimum corporate performance level
is achieved or exceeded, but the target corporate performance level is not
achieved, a pro rata payment, but less than the Target Award, will be paid to
each Participant. If the targets for the Performance Goals are
surpassed, Awards will increase depending on the percentage of the targets
achieved. However, no Award to a Participant may exceed 200% of the
Target Award.
The
Compensation Committee has prepared a formula or matrix prescribing the extent
to which a Participant's Award will be earned based upon the level of
achievement and the weighting of each Performance Goal.
After the
end of the fiscal year, the Compensation Committee will determine the extent to
which the Performance Goals were achieved and calculate the amount of the Award
to be paid to each Participant (the “Calculated Award”). However,
based on an evaluation of an individual Participant's performance, the CEO may
recommend to the Compensation Committee, that the Calculated Award for any
individual Participant be modified by plus or minus up to 25%. The
Compensation Committee may also recommend to the full Board that the Calculated
Award for the CEO be modified by plus or minus up to 25%. All
modifications to a Calculated Award must be approved by the Compensation
Committee. In addition, any modification to the Calculated Award for
the CEO must be approved by the Board of Directors. Use of the
modification factor is not expected to be an annual event, but is to be used
sparingly, when the actual results achieved, either positive or negative to the
planned results, are not appropriately reflected in the Calculated
Award.
1
Payment
of any Award to a Participant will be made within fifteen (15) days after
receipt by the Company of the audited financial statements for Fiscal
2009. In order to receive an Award, a Participant must be an employee
of the Company on the date such Award is to be distributed.
The 2009
MIP is based upon the organic growth of the Company. If any
acquisition is made by the Company in Fiscal 2009, the Compensation Committee
will review the impact of such acquisition and determine what, if any, changes
should be made to the 2009 MIP.
2