Exhibit 10.22
SPECIALIZED TECHNOLOGY RESOURCES,
INC.
MANAGEMENT INCENTIVE PLAN
1.
Purpose . This Plan includes a continuation of
the management compensation program of the Company, which has been
in place but informally documented for many years, and is designed
to give to key managers of the Company additional incentive to
promote the Company’s further development and
success.
2.
Definitions . The following terms shall have the
meanings given below unless the context otherwise
requires:
(a)
“Individual Incentive Plan” means, with respect to each
Manager, an annual statement of goals or objectives for such
Manager based primarily on the EBITDA or revenues of the Company
and its Subsidiaries as a whole, or of such profit center or SBU of
the Company as the Committee may determine, with respect to the
performance or achievement of which the Manager’s bonus
entitlement under the Plan shall be determined. The Individual
Incentive Plan with respect to any Manager may also include such
other qualitative or quantitative objectives or conditions as the
Committee may determine in its sole discretion, in which event the
Individual Incentive Plan shall include, as appropriate, a
statement as to how such objectives shall be weighted in
determining the Manager’s performance.
(b)
“Chief Executive Officer” means the President and Chief
Executive Officer of the Company.
(c)
“Company” means Specialized Technology
Resources, Inc. Unless the context otherwise requires,
references to the Company shall be deemed to include its
Subsidiaries.
(d)
“Committee” means the Compensation Committee of the
Board of Directors of the Company.
(e)
“EBITDA” means earnings before interest, taxes,
depreciation and amortization.
(f)
“Manager” means an eligible employee of the Company who
has been granted a bonus under the Plan.
(g)
“Plan” means the Specialized Technology
Resources, Inc. Management Incentive Plan.
(h)
“Plan Year” means a fiscal year of the
Company.