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Document Preview Annual and Long-Term Incentive Plan |
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Title: |
Annual and Long-Term Incentive Plan |
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Date: |
2005 |
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$39 |
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#1071266 |
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Exhibit 10
MIDWEST AIR GROUP, INC.
ANNUAL AND LONG-TERM INCENTIVE PLAN
ARTICLE 1.
PURPOSE AND DURATION
Section 1.1. Purpose. The purpose of the Midwest Air Group, Inc. Annual and Long-Term Incentive Plan is to motivate key employees of the Company and its Affiliates who have the prime responsibility for the operations of the Company and its Affiliates to achieve performance objectives, measured on an annual and long-term basis, that are aligned with the Company’s strategic goals and which are intended to result in increased value to the shareholders of the Company.
The Plan replaces and supersedes the Midwest Air Group, Inc. Long-Term Performance Plan and the Midwest Air Group Annual Incentive Plan.
Section 1.2. Duration. The Plan is effective January 1, 2006, and will remain in effect until terminated pursuant to Article 10.
ARTICLE 2.
DEFINITIONS AND CONSTRUCTION
Section 2.1. Definitions. Wherever used in the Plan, the following terms shall have the meanings set forth below and, when the meaning is intended, the initial letter of the word is capitalized:
(a)
“Administrator” means, with respect to executive officers of the Company, the Committee, and with respect to all other key employees, the Chief Executive Officer of the Company.
(b)
“Affiliate” has the meaning ascribed to such term in Rule 12b-2 promulgated under the Exchange Act, or any successor rule or regulation thereto.
(c)
“Annual Incentive Award” means an Incentive Award with a Performance Period of no more than one fiscal year of the Company or an Affiliate, as applicable.
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