Exhibit 10.1
EAGLE MATERIALS INC .
SALARIED INCENTIVE COMPENSATION PROGRAM
FOR FISCAL YEAR 2009
1. Purpose
The purpose of the Eagle Materials
Inc. Salaried Incentive Compensation Program for Fiscal Year 2009
(the “Plan”) is to establish an incentive bonus program
which: (i) focuses on the performance of Eagle Materials Inc.
(the “Company”) as well as individual performance; and
(ii) aligns the interest of participants with those of the
Company’s shareholders. The Plan is adopted by the
Compensation Committee of the Board of Directors (the
“Committee”) under the structure of the Company’s
Incentive Plan, as amended, (the “Incentive Plan”) and
is subject to all the terms and conditions of such Incentive Plan,
including, without limitation the limits set forth in
Section 8 of the Plan. The Plan shall be in effect for the
fiscal year ending March 31, 2009.
2. Eligibility
The Company’s Chief Executive
Officer (the “CEO”) and his direct reports are eligible
to participate in the Plan. The CEO may also include in the Plan
additional exempt salaried employees at the corporate level of the
Company.
Participants must be an exempt
salaried manager or professional. No hourly or non-exempt employee
may participate. Participants in the Plan may not participate in
any other Company incentive plan providing for monetary awards,
except for the Eagle Materials Long Term Compensation Program and
the Eagle Materials Special Situation Program.
3. Bonus Pool
To ensure reasonableness and
affordability, available funds for bonus payments under the Plan
are to be determined as a percentage of earnings before interest
and taxes (“EBIT”) of the Company. The actual
percentage may vary from year to year as recommend by the CEO and
approved by the Committee. For Fiscal Year 2009, 1.2% of the
Company’s EBIT will fund the corporate bonus pool.
Participants must be employed on
March 31, 2009 to be eligible for any bonus award.
Awards
