Attached files
| file | filename |
|---|---|
| 10-K - Limoneira CO | v209038_10k.htm |
| EX-3.10 - Limoneira CO | v209038_ex3-10.htm |
| EX-31.1 - Limoneira CO | v209038_ex31-1.htm |
| EX-32.1 - Limoneira CO | v209038_ex32-1.htm |
| EX-31.2 - Limoneira CO | v209038_ex31-2.htm |
| EX-32.2 - Limoneira CO | v209038_ex32-2.htm |
Exhibit
10.16
MANAGEMENT
INCENTIVE PLAN
2009-2010
|
I.
|
Purpose
|
The
objective of this plan is to reward excellent performance.
|
II.
|
Participants
|
|
|
a.
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Those
employees whose contributions and decisions significantly and directly
affect net profits and the future operations of the
Company
|
|
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b.
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The
employees eligible may be changed or substituted from time to time by the
President and will be reported to the Board of Directors. No
other change in the plan will be made without the authorization of the
Board of Directors. No additional positions will be added to
the eligibility groups without authorizations of the Board of
Directors.
|
PARTICIPANTS
SENIOR
VICE PRESIDENT
CHIEF
FINANCIAL OFFICER
DIRECTOR
OF COMPLIANCE AND SPECIAL PROJECTS
VICE
PRESIDENT – LEMON OPERATIONS
VICE
PRESIDENT - CONTROLLER
DIRECTOR
OF SOUTHERN OPERATIONS
DIRECTOR
OF NORTHERN FARMING OPERATIONS
DIRECTOR
OF INFORMATION SYSTEMS
DIRECTOR
OF MARKETING
DIRECTOR
OF HUMAN RESOURCES
DIRECTOR-GLOBAL
MARKETING, LEMON OPERATIONS
HARVEST
MANAGER
PROPERTY
MANAGER
AGRITOURISM
OPERATIONS MANAGER
SALES
MANAGER – LEMON OPERATIONS
FOOD
SAFETY AND SUSTAINABILITY MANAGER
|
III.
|
Plan
Funding
|
The
management incentive plan (MIP) will be based on earnings before tax from
operating activities of the Limoneira Company. Sixty (60) percent
will be based solely on earnings before tax with the remaining forty (40)
percent subject to completion of agreed upon individual objectives contained in
the Performance Management Program.
The
amount of the incentive paid to each individual will be based on the
participant’s annual salary as of October 31, 2010.
|
IV.
|
Payment
|
Payment
will be made to all employees deemed eligible for the plan who are employees of
the Company at October 31, 2010.
Payment
due under this plan, less applicable payroll taxes, will be made to participants
as soon after the close of the fiscal year as is practical, but in no case later
than January 15th
following the close of the fiscal year. Payments will be subject to
any contractual agreements that may exist between the Limoneira Company and the
participants. The schedule of payment will be reported to and
approved by the Compensation Committee of the Board of Directors and the full
Board of Directors. Partial year participants deemed eligible
for the plan by the President (e.g. mid-year hires) would be funded based on
their period of eligible service to the total year in full
weeks. Example: A participant serves for 14 weeks of the
fiscal year. The eligibility would be 14/52 of the funding level (see
Funding Level Exhibit A) in use.
If a
participant dies, becomes disabled and unable to work, retires or is granted a
leave of absence by the President during the year, eligibility for the earnings
before tax based portion will be based upon the percentage of the year
worked. Awarding of the performance portion of the plan will be at
the discretion of the President.
If a
participant leaves the Company for any reason other than those listed above,
participation in the plan is forfeited for the fiscal year in which the
participant leaves. A prior year bonus earned but not paid would not
be affected by departure from the Company.
|
V.
|
President
and Chief Executive Officer
|
The Board
of Directors has established a separate plan for the President and Chief
Executive Officer. The annual additional compensation will be
established by the Board at their
discretion. (Reference: Board Minutes dated November 1,
1985, page 5)
|
VI.
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Discontinuance
|
The Board
of Directors may select to discontinue the plan for the following plan year by
giving notice to the President no later than the October Board Meeting of the
current year.