Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
The 2021 MIP establishes target bonus amounts for each participating officer ranging from 40% to 110% of such officer's base salary. Participants are eligible for awards of between 0% and 200% of their target bonus depending on the achievement of certain Company financial performance criteria and strategic goal performance criteria. The Company financial performance component and strategic goal performance component are weighted as 80% and 20% of the overall performance criteria for each participant, respectively. The Company financial performance component is based on achieving stated goals for fiscal 2021 revenue and operating margin percentage, with target bonuses for these subcomponents keyed to the Company's fiscal 2021 operating budget. The amount of bonus awarded under the strategic goal performance component is dependent upon demonstrated employee alignment with the Company's culture of continuous improvement, based on the results of an organizational health survey to be administered by a third-party consultant.
Item 9.01. Financial Statements and Exhibits.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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