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MARTIN
MARIETTA MATERIALS, INC.
AMENDED AND RESTATED EXECUTIVE INCENTIVE PLAN
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The purpose of the Martin Marietta Materials, Inc. Executive
Incentive Plan (the “Plan”) is to enhance profits and
overall performance by providing for its key management an
additional inducement for achieving and exceeding Martin Marietta
Materials, Inc. (“MMM” or the
“Corporation”) performance objectives. Additionally,
the Plan will allow a level of compensation that is appropriate
when compared with compensation levels of other comparable
organizations.
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STANDARD OF CONDUCT AND PERFORMANCE EXPECTATION
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It is expected that the business and individual goals and
objectives established for this Plan will be accomplished in
accordance with the Corporation’s policy on ethical conduct
in business. It is a prerequisite before any award can be
considered that a participant will have acted in accordance with
the Martin Marietta Materials, Inc. Code of Ethics and Standards of
Conduct and fostered an atmosphere to encourage all employees
acting under the participant’s supervision to perform their
duties in accordance with the highest ethical standards. Ethical
behavior is imperative. Thus, in achieving one’s goals, the
individual’s commitment and adherence to the
Corporation’s ethical standards will be considered paramount
in determining awards under this Plan.
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Plan participants whose individual performance is determined to be
less than acceptable are not eligible to receive incentive
awards.
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The Plan will become effective each year commencing January
1.
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BASIC PROGRAM ELIGIBILITY
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Subject to the discretion of the Chief Executive Officer of the
Corporation, an employee will be eligible to participate in the
Plan for any Plan year in which the employee is classified no later
than July 1 of that year as one of the following:
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President
Vice President
General Manager
Director
Others recommended by a Corporate Officer
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A Corporate Officer is any elected officer of the
Corporation.
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Awards will be paid based on the actual base salary paid to each
participant during each Plan year, and will be determined based on
the following criteria:
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80-100
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Designated
VPs of major functions
reporting to the Corporation’s President
or Chief Executive Officer
(Corporate Unit Head)
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Vice
President/General Manager
reporting to a Division President or
Corporate Unit Head
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Designated
Directors/General Managers/
Vice Presidents
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The award percentages noted above may be adjusted up or down
subject to the discretion of the Chief Executive Officer of the
Corporation.
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Total incentive awards will be based on a combination of the
performance of MMM, the Operating Unit (as defined below), the
Corporate Unit (as defined below) and the individual, depending on
the position occupied by the participant and other factors
described below. An “Operating Unit” is an operating
unit(s) of the Corporation for which the individual is responsible
(for example, one or more segments, divisions, regions, districts,
etc.) as designated by the Chief Executive Officer. A
“Corporate Unit” is a non-operating unit(s) of the
Corporation for which the individual is responsible (for example,
one or more of finance, legal, marketing, purchasing, etc.) as
designated by the Chief Executive Officer. The portion of the total
award determined by the performance of MMM, the Operating Unit, the
Corporate Unit and the individual is outlined below.
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