|
|
|
|
Document Preview Long-Term Incentive Plan (for Senior Executives Pursuant to 2002 Stock Option and Incentive Plan) |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Long-Term Incentive Plan (for Senior Executives Pursuant to 2002 Stock Option and Incentive Plan) |
|||
|
Entities: |
||||
|
Date: |
2003 |
|||
|
Size: |
Preview shows 5KB of 12KB total |
|||
|
Price: |
$40 |
|||
|
ID: |
#227310 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
Long-Term Incentive Plan for Senior Executives Pursuant to
Great Lakes Chemical Corporation 2002 Stock Option and Incentive Plan (?Plan?)
Introduction and Applicability
This Long-Term Incentive Plan (?LTIP?) is intended to encourage the Named Officers, who are key employees of Great Lakes Chemical Corporation (the ?Company?), to remain with the Company through the Pay-out Date, as defined below, and to motivate them to maximize long-term shareholder value during the Performance Cycle. As set forth herein, the Named Officers may earn Awards if the conditions of this LTIP are met. It is the Company?s intention that Awards are to be tax-deductible to the Company under Section 162(m) of the Internal Revenue Code.
The LTIP applies only to the Named Officers, and the Awards are payable to the Named Officer only if there has been Continuous Service by the Named Officer from May 1, 2003 through the Pay-out Date. This LTIP may be made applicable to new or additional officers of the Company only by express action of the Committee or the Board on such terms as either may designate.
Sections 2, 11, 14-23 and 25 of the Plan are incorporated by reference into this LTIP.
Unless otherwise indicated, all capitalized terms have the definitions set forth in the Plan. In addition, the following definitions are applicable to the LTIP:
?After-Tax Interest Income (Expense)? means Interest Income (Expense) ? net, as shown on the Consolidated Statements of Operations in the Company?s Annual Report on Form 10-K for the applicable year, multiplied by the quantity (1- Continuing Operations Effective Tax Rate).
?Award? means Performance Shares or a Cash Pay-out achievable by a Named Officer under this LTIP.
?Award Amount? means the value in United States dollars of an Award to a Named Officer.
?Annual Net Income? means Income (Loss) from Continuing Operations, as shown on the Consolidated Statements of Operations in the Company?s Annual Report on Form 10-K for the applicable year adjusted as follows: plus After-Tax Interest Expense or minus After-Tax Interest Income, as the case may be for the applicable year.
|
End of Preview |
Home Intelligence Services Subscriptions News About Us