CHANNELL COMMERCIAL CORPORATION LONG-TERM INCENTIVE PLANExecutive Compensation Plan Agreement |
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Exhibit 10.1
CHANNELL COMMERCIAL CORPORATION
LONG-TERM INCENTIVE PLAN
1. Preface
In accordance with the Channell Commercial Corporation 2004 Incentive Bonus Plan (the “Incentive Bonus Plan”), the Compensation Committee (the “Committee”) of the Board of Directors of Channell Commercial Corporation, a Delaware corporation (the “Company”) has implemented this Long-Term Incentive Plan (this “Plan”) effective as of December 9, 2003. The purpose of this Plan is to provide additional compensation as an incentive to specified executive officers of the Company to attain the market capitalization goals set forth below and to ensure the continued availability of their full-time or part-time services to the Company and its subsidiary and affiliated corporations. Certain capitalized terms used in this Plan are defined in Exhibit A hereto.
The terms of the Incentive Bonus Plan shall govern the administration of this Plan. In the event any provision or provisions of this Plan conflict with a provision or provisions of the Incentive Bonus Plan, the applicable provision or provisions of the Incentive Bonus Plan shall control.
2. Participants
The participant (the “Participant”) in this Plan shall be the Chief Executive Officer of the Company.
3. Awards
a.
Market Capitalization Criteria
This Plan provides awards based on achieving goals for individual fiscal years during, as well as cumulative goals for, the period from January 1, 2004 to December 31, 2006 (the “Three Year Service Period”). Subject to the following conditions, the Participant shall be entitled to the following awards:
(a)
for each fiscal year during the Three
Year Service Period, if the Percentage Market Capitalization Increase for such
year equals or exceeds ten percent (10%), the Participant shall be entitled to
an award equal to three percent (3%) of the Absolute Market Capitalization
Increase for such year (each yearly award, an “Annual Award”); provided,
that no Annual Award shall exceed $500,000; and
1
(b) &






