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FUEL SYSTEMS SOLUTIONS, INC. 2009 INCENTIVE BONUS PLAN

Equity Incentive Plan Agreement

FUEL SYSTEMS SOLUTIONS, INC. 2009 INCENTIVE BONUS PLAN | Document Parties: FUEL SYSTEMS SOLUTIONS, INC. You are currently viewing:
This Equity Incentive Plan Agreement involves

FUEL SYSTEMS SOLUTIONS, INC.

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Title: FUEL SYSTEMS SOLUTIONS, INC. 2009 INCENTIVE BONUS PLAN
Date: 7/9/2009
Industry: Auto and Truck Parts     Sector: Consumer Cyclical

FUEL SYSTEMS SOLUTIONS, INC. 2009 INCENTIVE BONUS PLAN, Parties: fuel systems solutions  inc.
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Exhibit 10.1

 

FUEL SYSTEMS SOLUTIONS, INC.
2009 INCENTIVE BONUS PLAN

 

1. Purpose .

     This plan shall be known as the Fuel Systems Solutions, Inc. 2009 Incentive Bonus Plan (the “ Plan ”). The purpose of the Plan shall be to provide incentive compensation for the officers and employees of Fuel Systems Solutions, Inc., its Subsidiaries and divisions.

2.     

Definitions .

 

 

(a)     

Award ” means any grant of incentive compensation.

 

 

(b)     

Award Certificate ” means any written notice pursuant to which Awards are

 

 

granted under the Plan.

 

(c)     

Board of Directors ” and “ Board ” mean the board of directors of the Company.

 

(d)     

Committee ” means the Compensation Committee of the Board.

 

(e)     

Company ” means Fuel Systems Solutions, Inc.

 

(f)     

Corporate Services ” means corporate, finance, accounting, administrative,

 

 

“overhead” and other similar services.

     (g) “ Division ” means any operating or administrative unit of the Company or any of its Subsidiaries for which profit and loss is measured separately and which is designated by the Committee as a “Division” for purposes of this Plan, in the Committee’s sole and absolute discretion.

     (h) “ Eligible Employee ” means a full-time employee (regularly working at least 32 hours per week) of the Company or any of its Subsidiaries who has been continuously employed by the Company or one of its Subsidiaries for at least six months prior to the end of the applicable Performance Year, is employed by the Company or one of its Subsidiaries at the end of the applicable Performance Year, and is employed by the Company or one of its Subsidiaries on the date of grant of the Performance Award. The transfer of an Eligible Employee between Divisions, from the Company to a Subsidiary, from a Subsidiary to the Company, or from one Subsidiary to another shall not be considered a termination of employment; nor shall it be considered a termination of employment if an Eligible Employee is placed on military or sick leave or such other leave of absence which is considered by the Committee in its sole and absolute discretion as continuing intact the employment relationship.


     (i) “ Net Profit ” of a Division means the net profit of the Division over the applicable Performance Year as determined in the sole and absolute discretion of the Committee. For the 2006 Performance Year, Net Profit for any Division shall exclude expenses associated with providing Corporate Services to the Division by the Company or a Subsidiary of the Company, whether or not such services are specifically incurred by the Division itself; the amount of the excluded Corporate Services will be determined in the sole and absolute judgment of the Committee, or the Board as the case may be. For any Performance Year after the 2006 Performance Year, the calculation of Net Profit for a Division may include expenses associated with providing Corporate Services to the Division by the Company or a Subsidiary of the Company, whether or not such services are specifically incurred by the Division itself.

(j)     

Participant ” means an individual who receives an Award under this Plan.

 

(k)     

Performance Award ” means an Award granted to a Participant under Section 6

 

based upon the achievement of applicable performance goals.

     (l) “ Subsidiary ” means a corporation or other entity of which outstanding shares or ownership interests representing 50% or more of the combined voting power of such corporation or other entity entitled to elect the management thereof, or such lesser percentage as may be approved by the Committee, are owned directly or indirectly by the Company.

3. Administration .

     The Plan shall be administered by the Compensation Committee of the Board with respect to (i) executives of the Company who are covered by SEC reporting requirements (Executive Officers), subject to Board ratification, and (ii) all other officers and employees, provided that with respect to all the other officers and employees the Board may at any time administer the Plan with respect of such officers and employees (other than Executive Officers), in which case the term “Committee” shall be deemed to mean the Board for all purposes herein with respect to such officers and employees. Subject to the provisions of the Plan, the Committee or the Board, as the case shall be, shall be authorized to:

(i)     

select persons to participate in the Plan and determine eligibility for benefits under the Plan,

 

(ii)     

determine the form, substance and size of Awards made under the Plan to each Participant, and the conditions and restrictions, if any, subject to which such Awards will be made,

 

(iii)     

approve the form of Award Certificates, if any, used under the Plan,

 

(iv)     

certify that the conditions and restrictions applicable to any Award have been met,

 

(v)     

modify the terms of Awards made under the Plan, including accelerating any payment or waiving any restrictions on or conditions of such Awards, or otherwise adjusting any terms of such Awards, but only if such change is made in writing by an authorized officer of the Company or a subsidiary.

 

2


(vi)     

interpret the Plan and Awards made thereunder,

 

(vii)     

make any adjustments necessary or desirable in connection with Awards made under the Plan to Eligible Employees located outside the United States, including, as appropriate, the establishment of sub-plans under which Awards may be crafted in r


 
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