Exhibit 10.1
APOGEE ENTERPRISES,
INC.
EXECUTIVE MANAGEMENT INCENTIVE
PLAN
BONUS POOL AWARD
AGREEMENT
Fiscal Year
20
Section 1.
Establishment
This Bonus Award Agreement (the
“Agreement”) is entered into as of the
day of
,
20 , by and between Apogee Enterprises,
Inc., a Minnesota corporation (the “Company”), and
,
an individual resident of the State of Minnesota
(“Participant”).
Section 2. The
Plan
The Company has established the
Apogee Enterprises, Inc., Executive Management Incentive Plan (the
“Plan”) for certain executive officers. Participant has
been selected by the Compensation Committee of the Company’s
Board of Directors (the “Committee”) to be eligible to
participate in the Plan. Participant hereby acknowledges receipt of
a copy of the Plan. The Annual Bonus Pool Award made to Participant
hereby is subject to all of the terms and conditions of the Plan,
which terms and conditions are hereby incorporated by reference
herein and made a part hereof.
Section 3. Conditions to
Participation
As a condition to participate in the
Plan and to receive an Annual Bonus Pool Award, Participant shall
execute and return to the Committee a duplicate of this
Agreement.
Section 4. Performance Based
Award
(a) Performance-Based Award .
The Annual Bonus Pool Award is intended to be a Performance-Based
Award within the meaning of the Plan, and all of the terms and
conditions of this Award shall be interpreted in such a manner so
as to qualify all compensation paid hereunder as “qualified
performance-based compensation” within the meaning of
Section 162(m) of the Internal Revenue Code of 1986, as
amended (the “Code”).
(b) Bonus Pool. Not later
than 90 days after the beginning of each fiscal year, the Committee
will establish a bonus pool (the “Bonus Pool”) equal to
a percentage of one or more pre-established, objective Company
performance factors ( e.g ., EBITDA, ROIC or sales) selected
by the Committee for the fiscal year. The performance factors and
the applicable percentage thereof that make up the Bonus Pool for
the 20 fiscal year (the “Performance
Period”) are set forth in Appendix I, along with the
percentage share in the Bonus Pool to be reserved as an Annual
Bonus Pool Award to the Participant for the Performance
Period.
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Section 5. Earned Awards
Following the close of each
Performance Period and prior to payment of any amount to any
Participant under the Plan, the Committee must certify in writing
as to the computation of the Annual Bonus Pool Award. As provided
for in the Plan, the maximum Annual Bonus Pool Award which may be
awarded to the Participant pursuant to the Plan with respect to any
Performance Period shall not exceed $1,500,000.
Section 6. Award
Payments
On or around May 1 following
the close of the Performance Period, and following the computation
of the Annual Bonus Pool Award, the Participant shall be paid in
cash. The Committee shall retain sole and full discretion to
reduce, in whole or in part, the amount of any Annual Bonus Pool
Award otherwise payable to the Participant under the Plan. Payment
of the Annual Bonus Pool Award may be made, subject to any deferred
compensation election which may be permitted pursuant to any
deferred compen
