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Document Preview Executive Officers Total Shareholder Return Plan |
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Title: |
Executive Officers Total Shareholder Return Plan |
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Date: |
2004 |
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Preview shows 10KB of 39KB total |
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$37 |
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ID: |
#218513 |
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STATEMENT OF PURPOSE
The PPG Industries Executive Officers Total Shareholder Return Plan is intended to further the long-term growth of the Corporation by providing incentive, in addition to current compensation, to certain executive officers of the Corporation who will have a substantial opportunity to influence such long-term growth. Specifically the Plan:
| Associates the personal interests of executive officers with the shareholders of the Corporation by relating capital accumulation to objective business or financial criteria, such as the returns to shareholders, return on capital, cash return on capital, return on equity, earnings (pre-tax or after-tax) and earnings growth; |
| Provides a compensation program to executive officers which is competitive with compensation opportunities in competing industries; |
| Encourages executive officers to continue as employees of the Corporation. |
- 1 -
SECTION I - DEFINITIONS
| 1.01 | Administrator means the senior Human Resources officer of the Company, and any person(s) designated by such Administrator to assist in the administration of the Plan. |
| 1.02 | Affiliate means any business entity, other than a Subsidiary Corporation, in which PPG has an equity interest. |
| 1.03 | Award means the TSR Shares granted to a Covered Employee in accordance with Section 2.02. |
| 1.04 | Award Agreement means the agreement executed by the Corporation and a Covered Employee, in such form as the Administrator determines, which sets forth the number of TSR Shares awarded and such terms and conditions applicable to the Award. |
| 1.05 | Award Goals means the specific performance-based goals set by the Committee no later than 90 days after the commencement of an Award Period which determine the amount of a Payment, as defined in Section 2.04(a), if any, which would be paid upon the achievement of such goals at the end of an Award Period. |
| 1.06 | Award Period means the three-year period commencing with January 1 of the year in which an Award is made. |
| 1.07 | Beneficiary means the person or persons designated by a Covered Employee to receive benefits hereunder following the Covered Employees death, in accordance with section 3.03; provided, however, in the event a Covered Employee fails to designate a Beneficiary in accordance with Section 4.02, his/her Beneficiary shall be the Beneficiary designated under the Deferred Compensation Plan. For purposes of this Section 1.05, person or persons is limited to an individual, a Trustee or a Covered Employees estate. |
| 1.08 | Board means the Board of Directors of PPG Industries, Inc. |
| 1.09 | Committee means the Officers-Directors Compensation Committee (or any successor) of the Board. |
| 1.10 | Common Stock means the common stock of PPG Industries, Inc. |
| 1.11 | Company or PPG means PPG Industries, Inc. |
| 1.12 | Corporation means PPG and any Subsidiary Corporation designated by the Committee as eligible to participate in the Plan, and which, by proper authorization of the Board of Directors or other governing body of such Subsidiary Corporation, elects to participate in the Plan. |
| 1.13 | Covered Employee means any Executive Officer who may be deemed to be a covered employee within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended. |
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