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EXHIBIT 10.24
MSX INTERNATIONAL, INC.
EXECUTIVE INCENTIVE COMPENSATION PLAN
1.
PURPOSE.
One of the objectives of MSX
International, Inc.'s ("MSXI" or the "Company")
Corporate Mission is to grow
the earnings and cash flow of its business at least
30% per year. The Executive
Incentive Compensation Plan (the "EICP") provides
financial rewards to certain
key employees in business units which have plans
and results that help the
Company satisfy this objective. Additionally,
sustaining growth in earnings
is an increasing expectation of shareholders as a
key measure of company
performance. The EICP rewards members of business groups
that can achieve
year-over-year growth in EBIT.
2.
DEFINITIONS.
(a)
AWARD OR
INCENTIVE AWARD - The monetary payment that goes to plan
participants. Award amounts are tied to success in meeting
specific
business financial objectives.
(b)
BUSINESS PLAN -
The financial and operating plan of a business unit
for the fiscal year, as approved by the Company's Board
of
Directors, which establishes the unit's commitment to income
and
assets employed.
(c)
BUSINESS UNIT -
Typically, a sizeable unit of the organization for
which profit and loss is measured. Most often a group or
major
sub-group.
(d)
DSO - Average
accounts receivable days sales outstanding. The
average of DSO each month in the fiscal year. DSO is calculated
by
dividing the month end accounts receivable balances (billed
and
unbilled) less customer deposits by the prior month(s) sales
to
determine the number of days sales represented by the
balance.
(e)
EBIT - "Earnings
Before Interest and Taxes," earnings relate to an
individual business unit target after deduction for regional
and
local allocations for shared support services as determined by
MSXI
policy. Any accounting adjustments for facility, computer or
other
asset utilization must be approved by the Chief Financial Officer
in
writing in advance. Taxes in this instance refer to federal or
state
income taxes, Michigan single business tax and Italian IRAP.
All
other taxes are deducted from earnings to determine
EBIT.
(f)
INCENTIVE CHART
- The matrix used to equate business unit
performance with individual incentive earnings.
(g)
INCENTIVE TARGET
- The amount of an Award if performance is exactly
equal to the target set forth in the Incentive Chart. The
Incentive
Target is expressed as a percent of base salary and varies
depending
upon position level.
(h)
PLAN YEAR - The
Plan Year shall be the same as the MSXI corporate
fiscal year.
3.
PARTICIPATION.
(a)
Participants shall be such key employees of the business units as
are
selected by the Company's Chief Executive Officer or his designee
and
approved in advance by the Compensation Committee of the
Company's
Board of Directors (the "Compensation Committee"). Incentive
Targets,
expressed as a percent of base salary, are established according
to
job responsibilities and competitive total compensation.
(b)
Participation during a given Plan Year does not mean that
participation is assured for subsequent years. Participation in
any
one year may also be conditioned upon other specific terms
and
conditions of employment.
(c)
Participants approved prior to January 1 of the Plan Year will be
eligible for the Plan Year unless they transfer, change jobs, or
their
employment with MSXI is terminated. Additionally, management
may,
subject to approval by the Compensation Committee, deem a
Participant
ineligible during the course of the Plan Year based on
unsatisfactory
job performance.
(d)
Transfers between eligible positions having different Incentive
Targets will result in Incentive Awards prorated to months served
in
each position. A Participant transferred from an eligible to
a
non-eligible po
