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Exhibit 10.21

IEC Electronics Corp.

 

Summary of 2011 Long-Term Incentive Plan

 


 

The purpose of the Company's Long-Term Incentive Plan ("LTIP") is to motivate the Named Executive Officers and certain designated key employees (collectively, the "Participants") to enhance the long-term value of the Company by providing opportunities for the Participants to participate in stockholder gains and by rewarding them for achieving a high level of corporate financial performance.  The LTIP is also designed to help attract and retain talented personnel with outstanding abilities and skills.  The LTIP is an equity-based program and by using a mix of stock options and restricted stock, the Company is enabling and encouraging the Participants to increase their ownership in the Company.  The LTIP for fiscal 2011 was approved by the Compensation Committee at its meeting on October 15, 2010 and by the Board of Directors at its meeting on November 17, 2010.

 

The LTIP measures Company performance over a one-year fiscal period and the equity award ("Equity Award") is paid out at the end of the fiscal period based on the attainment of the pre-established performance goals ("Performance Goals") in the fiscal period.  The Equity Award is paid out in stock options or in restricted stock.

 

The Performance Goals established for fiscal 2011 are based on two metrics which the Compensation Committee believes are key to the Company's long-term financial success - Net Income Before Tax and Return on Sales.  Each Performance Goal is weighted 50%.

 

If the target goal (the “Target Goal”) for a Performance Goal is ac


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