Attached files
file | filename |
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10-Q - FORM 10-Q - Waste Connections US, Inc. | c14534e10vq.htm |
EX-32.1 - EXHIBIT 32.1 - Waste Connections US, Inc. | c14534exv32w1.htm |
EX-31.1 - EXHIBIT 31.1 - Waste Connections US, Inc. | c14534exv31w1.htm |
EX-31.2 - EXHIBIT 31.2 - Waste Connections US, Inc. | c14534exv31w2.htm |
EXCEL - IDEA: XBRL DOCUMENT - Waste Connections US, Inc. | Financial_Report.xls |
Exhibit 10.1
Summary of Management Incentive Compensation Program for Eric M. Merrill
On March 25, 2011, the Compensation Committee of our Board of Directors approved the Management
Incentive Compensation Program for corporate and region officers (the MICP), including Eric M.
Merrill, our Senior Vice President People, Safety and Development. Mr. Merrill is one of our
Named Executive Officers or NEOs described in our Proxy Statement related to our 2011 Annual
Meeting of Stockholders, which we filed with the Securities and Exchange Commission on April 7,
2011. The MICP provides Mr. Merrill with an opportunity to earn a performance bonus based on our
achievement of specified levels of financial performance. The principal purposes of the program
are to provide an incentive for our corporate officers, including Mr. Merrill, and region officers
to achieve superior business results and to tie the goals and interests of such employees to those
of Waste Connections, Inc. (the Company) and its stockholders.
Under the terms of the MICP, Mr. Merrills target bonus level is 45% of his annual base salary.
Mr. Merrills actual bonus paid will be based upon the Companys financial performance at the end
of the fiscal year. A minimum bonus may be earned at the threshold MICP targets and no payment
will be awarded if the threshold goals are not achieved. Amounts in excess of target may be earned
if actual performance exceeds target performance. Mr. Merrills MICP bonus is based on four
components:
| Operating income net of any gains or losses on disposal of assets before
depreciation and amortization (EBITDA); |
| Operating income net of any gains or losses on disposal of assets (EBIT); |
| EBIT as a percentage of revenue (EBIT Margin); and |
| Net cash provided by operating activities as a percentage of revenue (CFFO Margin). |
Payment under the MICP is contingent on Mr. Merrills continued employment at the time of payout.
In addition, the payment of a bonus to Mr. Merrill under the MICP is within the absolute discretion
of the Compensation Committee, and the Committee may determine to reduce or not pay any bonus under
the MICP notwithstanding the attainment of any specific objectives.