Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Steel Connect, Inc. | d8k.htm |
| EX-10.2 - SECOND AMENDMENT TO EXECUTIVE SEVERANCE AGREEMENT - Steel Connect, Inc. | dex102.htm |
Exhibit 10.1
MODUSLINK GLOBAL SOLUTIONS, INC.
SUMMARY OF FY2011 PERFORMANCE-BASED RESTRICTED STOCK BONUS PLAN
On September 22, 2010, the Human Resources and Compensation Committee of the Board of Directors of ModusLink Global Solutions, Inc. established a performance-based restricted stock bonus plan pursuant to which grants of restricted shares of ModusLink Global Solutions common stock may be made to certain executive officers of ModusLink Global Solutions (as defined by Section 16 of the Securities Exchange Act of 1934, as amended).
Subject to the achievement of pre-determined threshold, target and maximum levels of Operating Income in fiscal year 2011, the executive officers would receive restricted shares (with a straight line sliding scale being applied between levels) of ModusLink Global Solutions common stock as follows:
| Number of Shares | ||||||
| Name |
Threshold | Target | Maximum | |||
| Joseph C. Lawler |
12,500 | 50,000 | 100,000 | |||
| Steven G. Crane |
2,500 | 10,000 | 20,000 | |||
| Peter L. Gray |
2,500 | 10,000 | 20,000 | |||
| William R. McLennan |
4,000 | 16,000 | 32,000 | |||
| David J. Riley |
2,500 | 10,000 | 20,000 | |||
No awards will be made under the plan if the threshold level of Operating Income is not achieved. The issuance of the restricted shares of ModusLink Global Solutions common stock would be made, if at all, on the third business day following the day ModusLink Global Solutions publicly releases its financial results for the fiscal year ending July 31, 2011. Any awards under this bonus plan would vest in two equal installments, on the first and second anniversaries of the grant date provided the recipient remains employed by ModusLink Global Solutions, or a subsidiary of ModusLink Global Solutions, on each such vesting date.