Item 1.01 Entry into a Material Definitive Agreement.
On March 3, 2021, the Company's Board of Directors approved amendments to the
Company's Executive Bonus Plan (the "Amended EBP") with respect to the
methodology for calculating bonus awards following a performance year. Pursuant
to the Amended EBP, at the beginning of each plan year starting in 2021, the
Compensation Committee of the Board will determine the portion of an executive's
target award that will be earned based on financial performance measures (the
"Financial Performance Portion") and portion that will be earned based on
strategic performance measures (the "Strategic Performance Portion"), with
separate adjustment factors to be applied to each of the Financial Performance
Portion and Strategic Performance Portion, and which when added together,
determine an executive's overall annual bonus award.
The description of the Amended EBP above is a summary and is qualified in its
entirety by the Amended EBP, filed as Exhibit 10.1 to this Current Report on
Form 8-K, which is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
10.1+ Executive Bonus Plan
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
+ Denotes a management contract or compensatory arrangement
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