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Annual Incentive Compensation Plan

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Title:

Annual Incentive Compensation Plan

Entities:

Bausch & Lomb Inc.

Date:

2002

Size:

Preview shows 6KB of 28KB total

Price:

$42

ID:

#380765

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Bausch & Lomb Incorporated
ANNUAL INCENTIVE COMPENSATION PLAN

Introduction.

The Bausch & Lomb Incorporated Annual Incentive Compensation Plan (the "Plan") is established to create effective incentives for managers of Bausch & Lomb Incorporated (the "Company") to set and achieve objectives that are designed to enhance business performance and increase shareholder value. The Plan is also designed to provide competitive levels of compensation to enable the Company to attract and retain managers who are able to exert a significant impact on the value of the Company for its shareholders.

II.

Plan Participants.

Employees of the Company who are in the mid-management band and above and are selected to participate in the Plan are eligible to participate in the Plan ("Participants").

III.

Definitions. Capitalized terms not otherwise defined when used in this Plan shall have the following meanings.

A.     "Approved Incentive Award" or "Bonus". An Approved Incentive Award or
         Bonus is the incentive which has been approved in accordance with this Plan to
         be paid by the Company to the Participant.

        Approved Incentive Awards can vary from 0% for unacceptable performance to
        a maximum of 200% of Standard Incentive Award for outstanding performance
        depending on Company, Operating Unit and individual performance, as set forth
        herein.

B. "Bonus Pool" shall have the meaning set forth in Section VI.A.1.

C. "Committee" means the Committee on Management of the Company's Board of
Directors.

D.    "Local Driver" A Local Driver is a team or individual performance measure
        which is established in accordance with guidelines issued by the Corporate Vice
        President - Human Resources, and approved by the immediate manager of the
        individual or team to whom the measure applies and that person's immediate
        manager, as further defined in Article IV B hereof.

E.    "Operating Unit Driver". An Operating Unit Driver is a performance target for
        one or more of the Company's geographic regional businesses (e.g. Americas;
        Asia; Europe, Middle East and Africa) or functional centers (Research
        Development & Engineering; Global Supply Chain), which is established early
        in a Plan Year with approval from the relevant Operating Unit head, the
        Corporate Vice President - Human Resources, the Senior Vice President and
        Chief Financial Officer and the Chief Executive Officer, as further defined in
        Article IV B hereof.

F. "Plan Year" means each one year period coincident with a fiscal year of the
Company.

G.    "Standard Incentive Award". A Standard Incentive Award based upon
        achievement of target performance goals has been established by position or job
        band and is expressed as a percentage of period salary (i.e., eligible base salary
        earnings for the year). Appendix A sets forth Standard Incentive Awards
        according to position and job band.

H. "Standard Incentive Funding" is the Bonus Pool funding of Standard Incentive
Awards for all Participants in a particular group or Operating Unit

I. "stretch goal". Defined in Article V.

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