INTRODUCTION
This guide provides a summary of
Corinthian Colleges, Inc.’s (the company) Executive Bonus
Plan (the plan), for July 1 st , 2009 –
June 30 th , 2010 (plan term).
The plan provides a lump-sum cash
payment following the completion the fiscal year for achievement of
annual budgeted operating profit and other goals based on
predetermined performance and award schedules.
ELIGIBILITY
Current Employees
For a current employee in a position to be eligible, the employee
must be employed in a bonus-eligible position on the first day of
the plan term and remain employed by the company on the payment
date.
New Hires, Promotions and
Transfers
If an employee starts in a bonus eligible position after the start
of the fiscal year (new hire or employee moving from no bonus plan
to this bonus plan), the employee is eligible for a bonus on the
first day of the next month following their start date, promotion
date or transfer date. Annual overachievement bonus will be based
on the company’s performance over the full fiscal year but
the employee’s bonus will be prorated based on the number of
full months the employee was in the position.
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Example : If an employee is hired on February 3
rd , 2010, his or her proration would be for 4 full
months of service (March, April, May and June).
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Any time an employee moves from
an annual plan to a quarterly plan (or a quarterly plan with an
annual overachievement), the employee begins eligibility in the new
plan on the first day of the next fiscal quarter, and remains
eligible under the old plan up until that date.
Any time an employee moves from a
quarterly plan (or a quarterly plan with an annual overachievement)
to an annual plan, the employee begins eligibility i
