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Management Objectives and
Formula
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The applicable
Management Objective is average economic value added
(“EVA”) for 2009, 2010 and 2011 (“Average
2009-2011 EVA”). For each such year, EVA will equal
(1) pre-tax operating income for such year
(“PTOI”) less (2) a percentage of net assets as of
the end of the immediately preceding year (“Net
Assets”).
In determining EVA for a particular year:
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(1) Net Assets
will equal total assets less total liabilities, subject to
adjustments to:
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• Remove the Company’s
primary aluminum segment;
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• Remove discontinued
operations;
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• Eliminate fresh start
adjustments for PP&E value and intangible assets, including the
write-up of pre-emergence goodwill;
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• Eliminate assets and
liabilities of voluntary employee beneficiary
associations;
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• Exclude financing
items;
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• Exclude capital expenditures
in progress;
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• Add capitalized value of
long-term leases;
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• Add prorated value of capital
projects and acquisitions larger than 1% of prior year Net
Assets;
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• Exclude any deferred income
tax asset value;
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• Exclude mark-to-market assets
or liabilities associated with Fabricated Products; and
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• Address other items as
recommended by the Company’s Chief Executive Officer and
approved by our Committee; and
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(2) PTOI
will be adjusted to:
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• Exclude LIFO
adjustments;
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• Exclude mark to market and
l
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