Attached files
| file | filename |
|---|---|
| 8-K - PERMA FIX ENVIRONMENTAL SERVICES INC | v176149_8k.htm |
| EX-10.2 - PERMA FIX ENVIRONMENTAL SERVICES INC | v176149_ex10-2.htm |
CHAIRMAN,
CHIEF EXECUTIVE OFFICER AND PRESIDENT
Effective:
January 1, 2010
Exhibit
10.1-CEO 2010 Incentive Plan
CHAIRMAN,
CHIEF EXECUTIVE OFFICER AND PRESIDENT
PURPOSE: To
define the compensation plan for the Chairman, Chief Executive Officer and
President.
SCOPE:
Perma-Fix Environmental Services, Inc.
POLICY: The
Compensation Plan is designed to retain, motivate and reward the incumbent to
support and achieve the business, operating and financial objectives of
Perma-Fix Environmental Services, Inc. (the “Company”).
BASE
SALARY: The Base Salary indicated below is paid in equal periodic
installments per the regularly scheduled payroll.
PERFORMANCE
INCENTIVE COMPENSATION: Performance Incentive Compensation is available based on
the Company’s financial results noted in Schedule A. Effective date
of plan is January 1, 2010 and incentive will be for entire year. Performance
incentive compensation will be paid on or about 90 days after year-end, or
sooner, based on final 10K financial statement.
SEPARATION: Upon
voluntary or involuntary separation from the Company the employee will be paid
the base salary due to the last day of employment. If employment is
separated prior to the annual incentive compensation payment period as noted
above, no incentive compensation is due to the incumbent.
ACKNOWLEDGEMENT: Payment
of Performance Incentive Compensation of any type will be forfeited, unless the
Human Resources Department has received a signed acknowledgement of receipt of
the Compensation Plan prior to the applicable payment date.
INTERPRETATIONS: The
Compensation Committee of the Board of Directors retains the right to modify,
change or terminate the Compensation Plan at any time and for any
reason. It also reserves the right to determine the final
interpretation of any provision contained in the Compensation Plan and it
reserves the right to modify or change the Revenue and Net Income Targets as
defined herein in the event of the sale or disposition of any of the assets of
the Company. While the plan is intended to represent all situations
and circumstances some issues may not easily be addressed. The
Compensation Committee will endeavor to review all standard and non-standard
issues related to the Compensation Plan and will provide quick interpretations
that are in the best interest of the Company, its shareholders and the
incumbent.
Exhibit
10.1-CEO 2010 Incentive Plan
CHAIRMAN,
CHIEF EXECUTIVE OFFICER AND PRESIDENT
Base Pay and Performance
Incentive Compensation Targets
The
compensation for the below named individual as follows:
|
Annualized
Base Pay:
|
$ | 263,218 | ||
|
Performance
Incentive Compensation Target (at 100% of Plan):
|
$ | 131,609 | ||
|
Total
Annual Target Compensation (at 100% of Plan):
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$ | 394,827 |
The
Performance Incentive Compensation Target is based on the Schedule A
below.
Target
Objectives
|
Performance
Target Thresholds
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||||||||||||||||||||||||||||||||
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Weights
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85-100%
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101-120%
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121-130%
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131-140%
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141-150%
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151-160%
|
161%+
|
|||||||||||||||||||||||||
|
Revenue
|
15 | % | 19,741 | 23,690 | 25,664 | 27,638 | 29,612 | 31,586 | 34,547 | |||||||||||||||||||||||
|
Net
Income
|
55 | % | 72,385 | 86,862 | 94,100 | 101,339 | 108,577 | 115,816 | 126,674 | |||||||||||||||||||||||
|
Health
& Safety
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15 | % | 19,741 | 23,690 | 25,664 | 27,638 | 29,612 | 31,586 | 34,547 | |||||||||||||||||||||||
|
Permit
& License Violations
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15 | % | 19,741 | 23,690 | 25,664 | 27,638 | 29,612 | 31,586 | 34,547 | |||||||||||||||||||||||
|
Unbilled
Receivables
|
*
If criteria (Item #5) for reducing unbilled AR are not met bonus will be
reduced by 15%
|
|||||||||||||||||||||||||||||||
| 131,609 | 157,931 | 171,092 | 184,253 | 197,414 | 210,574 | 230,316 | ||||||||||||||||||||||||||
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1)
|
Revenue
is defined as the total consolidated third party top line revenue as
publicly reported in the Company’s financial statements. The
percentage achieved is determined by comparing the actual consolidated
revenue to the Board approved budgeted revenue. The Board
reserves the right to modify or change the Revenue Targets as defined
herein in the event of the sale or disposition of any of the assets of the
Company or in the event of an
acquisition.
|
|
2)
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Net
Income is defined as the total consolidated pre-tax net income applicable
to Common Stock as publicly reported in the Company’s financial
statements. The net income will include all subsidiaries,
corporate charges, dividends and discounted operations. The
percentage achieved is determined by comparing the actual net income to
the Board approved budgeted net income. The Board reserves the
right to make adjustments to net income so as not to penalize the employee
for actions in the current year which will contribute to net income in
future years and it reserves the right to modify or change the Net Income
Targets as defined herein in the event of the sale or disposition of any
of the assets of the Company or in the event of an
acquisition. The Board further reserves the right to adjust net
income to reflect charges resulting from the vesting of incentive
stock options.
|
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3)
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The
Health and Safety Incentive target is based upon the actual number of
Worker’s Compensation Lost Time Accidents, as provided by the Company’s
Worker’s Compensation carrier. The Corporate Treasurer will
submit a report on a quarterly basis documenting and confirming the number
of Worker’s Compensation Lost Time Accidents, supported by the AIG
Worker’s Compensation Loss Report. Such claims will be
identified on the loss report as “indemnity claims.” The
following number of Worker’s Compensation Lost Time Accidents and
corresponding Performance Target Thresholds has been established for the
annual Incentive Compensation Plan calculation for
2010.
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Exhibit
10.1-CEO 2010 Incentive Plan
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Work
Comp.
Claim
Number
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Performance
Target
|
|
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7
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85%
- 100%
|
|
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6
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101%
- 120%
|
|
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5
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121%
- 130%
|
|
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4
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131%
- 140%
|
|
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3
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141%
- 150%
|
|
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2
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151%
- 160%
|
|
|
1
|
161%
Plus
|
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4)
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Permits
or License Violations incentive is earned/determined according to the
scale set forth below: An “official notice of non-compliance” is
defined as an official communication from a local, state, or federal
regulatory authority alleging one or more violations of an otherwise
applicable Environmental, Health or Safety requirement or permit
provision, which results in a facility’s implementation of corrective
action(s).
|
|
Permit
and
License
Violations
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Performance
Target
|
|
|
7
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85%
- 100%
|
|
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6
|
101%
- 120%
|
|
|
5
|
121%
- 130%
|
|
|
4
|
131%
- 140%
|
|
|
3
|
141%
- 150%
|
|
|
2
|
151%
- 160%
|
|
|
1
|
161%
Plus
|
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5)
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Unbilled
trade receivables is the amount of unbilled reported per 10Q or 10K
combining both the long term and current portion of
unbilled. Unbilled trade
receivable balances older than 12/31/07 should be reduced by $2.5 million
from $3,380,000 as of 12/31/09 to $880,000 by
12/31/10.
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6)
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No
performance incentive compensation will be payable for achieving the
health and safety and permit and license violation targets unless a
minimum of 70% of the net income target is
achieved.
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Exhibit
10.1-CEO 2010 Incentive Plan
Performance Incentive
Compensation Payment
Effective
date of plan is January 1, 2010 and incentive will be for entire year.
Performance incentive compensation will be paid on or about 90 days after
year-end, or sooner, based on final 10K financial statement.
ACKNOWLEDGMENT:
I
acknowledge receipt of the aforementioned Chairman, Chief Executive Officer and
President 2010 - Compensation Plan. I have read and understand and
accept employment under the terms and conditions set forth therein.
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/s/
Dr. Louis Centofanti
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3/2/2010
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||
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/S/
Dr. Louis Centofanti
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Date
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/s/
Mark Zwecker
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3/2/2010
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||
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/S/
Board of Directors
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Date
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Exhibit
10.1-CEO 2010 Incentive Plan