Attached files

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10-Q - FORM 10-Q - Waste Connections US, Inc.c14534e10vq.htm
EX-32.1 - EXHIBIT 32.1 - Waste Connections US, Inc.c14534exv32w1.htm
EX-31.1 - EXHIBIT 31.1 - Waste Connections US, Inc.c14534exv31w1.htm
EX-31.2 - EXHIBIT 31.2 - Waste Connections US, Inc.c14534exv31w2.htm
EXCEL - IDEA: XBRL DOCUMENT - Waste Connections US, Inc.Financial_Report.xls
Exhibit 10.1
Summary of Management Incentive Compensation Program for Eric M. Merrill
On March 25, 2011, the Compensation Committee of our Board of Directors approved the Management Incentive Compensation Program for corporate and region officers (the “MICP”), including Eric M. Merrill, our Senior Vice President — People, Safety and Development. Mr. Merrill is one of our Named Executive Officers or “NEOs” described in our Proxy Statement related to our 2011 Annual Meeting of Stockholders, which we filed with the Securities and Exchange Commission on April 7, 2011. The MICP provides Mr. Merrill with an opportunity to earn a performance bonus based on our achievement of specified levels of financial performance. The principal purposes of the program are to provide an incentive for our corporate officers, including Mr. Merrill, and region officers to achieve superior business results and to tie the goals and interests of such employees to those of Waste Connections, Inc. (the “Company”) and its stockholders.
Under the terms of the MICP, Mr. Merrill’s target bonus level is 45% of his annual base salary. Mr. Merrill’s actual bonus paid will be based upon the Company’s financial performance at the end of the fiscal year. A minimum bonus may be earned at the threshold MICP targets and no payment will be awarded if the threshold goals are not achieved. Amounts in excess of target may be earned if actual performance exceeds target performance. Mr. Merrill’s MICP bonus is based on four components:
   
Operating income net of any gains or losses on disposal of assets before depreciation and amortization (“EBITDA”);
   
Operating income net of any gains or losses on disposal of assets (“EBIT”);
   
EBIT as a percentage of revenue (“EBIT Margin”); and
   
Net cash provided by operating activities as a percentage of revenue (“CFFO Margin”).
Payment under the MICP is contingent on Mr. Merrill’s continued employment at the time of payout. In addition, the payment of a bonus to Mr. Merrill under the MICP is within the absolute discretion of the Compensation Committee, and the Committee may determine to reduce or not pay any bonus under the MICP notwithstanding the attainment of any specific objectives.