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VICE PRESIDENT, CHIEF FINANCIAL OFFICER

Executive Compensation Plan Agreement

VICE PRESIDENT, CHIEF FINANCIAL OFFICER | Document Parties: PERMA FIX ENVIRONMENTAL SERVICES INC | Perma-Fix Environmental Services, Inc You are currently viewing:
This Executive Compensation Plan Agreement involves

PERMA FIX ENVIRONMENTAL SERVICES INC | Perma-Fix Environmental Services, Inc

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Title: VICE PRESIDENT, CHIEF FINANCIAL OFFICER
Date: 3/23/2011
Industry: Waste Management Services     Sector: Services

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Exhibit 10.2

 

 

VICE PRESIDENT, CHIEF FINANCIAL OFFICER

 

 

Effective: January 1, 2011

 

 

 


 

 

VICE PRESIDENT, CHIEF FINANCIAL OFFICER

 

PURPOSE:  To define the compensation plan for the Vice President, Chief Financial Officer.

 

SCOPE:  Perma-Fix Environmental Services, Inc.

 

POLICY:  The Vice President, Chief Financial Officer Compensation Plan is designed to retain, motivate and reward the incumbent to support and achieve the business, operating and financial objectives of Perma-Fix Environmental Services, Inc (the “Company”).

 

BASE SALARY:  The Base Salary indicated below is paid in equal periodic installments per the regularly scheduled payroll.

 

PERFORMANCE INCENTIVE COMPENSATION: Performance Incentive Compensation is available based on the Company’s financial results noted in Schedule A.  Effective date of plan is January 1, 2011 and incentive will be for entire year. Performance incentive compensation will be paid on or about 90 days after year-end, or sooner, based on final 10-K financial statement.

 

SEPARATION:  Upon voluntary or involuntary separation from the Company the employee will be paid the base salary due to the last day of employment.  If employment is separated prior to the annual incentive compensation payment period as noted above, no incentive compensation is due to the incumbent.

 

ACKNOWLEDGEMENT:  Payment of Performance Incentive Compensation of any type will be forfeited, unless the Human Resources Department has received a signed acknowledgement of receipt of the Compensation Plan prior to the applicable payment date.

 

INTERPRETATIONS:  The Compensation Committee of the Board of Directors retains the right to modify, change or terminate the Compensation Plan at any time and for any reason.  It also reserves the right to determine the final interpretation of any provision contained in the Compensation Plan and it reserves the right to modify or change the Net Income Target or other applicable targets as defined herein in the event of the sale or disposition of any of the assets of the Company.  While the plan is intended to represent all situations and circumstances, some issues may not easily be addressed.  The Compensation Committee will endeavor to review all standard and non-standard issues related to the Compensation Plan and will provide quick interpretations that are in the best interest of the Company, its shareholders and the incumbent.

 

 

 


 

 

VICE PRESIDENT, CHIEF FINANCIAL OFFICER

 

Base Pay and Performance Incentive Compensation Targets

 

The compensation for the below named individual as follows:

 

Annualized Base Pay:

 

$

208,000

 

Performance Incentive Compensation Target (at 100% of Plan):

 

 

52,000

 

Total Annual Target Compensation (at 100% of Plan):

 

$

260,000

 

 

The Performance Incentive Compensation Target is based on the Schedule A below.

 

Target Objectives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Target Thresholds

 

 

 

Weights

 

 

100%+

 

 

98-99%

 

 

96-97%

 

 

94-95%

 

 

92-93%

 

 

90-91%

 

 

88-89%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Administrative

 

 

15

%

 

 

7,800

 

 

 

9,360

 

 

 

9,751

 

 

 

10,531

 

 

 

11,700

 

 

 

12,480

 

 

 

13,650

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Target Thresholds

 

 

 

Weights

 

 

85-100%

 

 

101-120%

 

 

121-130%

 

 

131-140%

 

 

141-150%

 

 

151-160%

 

 

161%+

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

25

%

 

 

13,000

 

 

 

15,600

 

 

 

16,900

 

 

 

18,200

 

 

 

19,500

 

 

 

20,800

 

 

 

22,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounting

 

 

10

%

 

 

5,200

 

 

 

6,240

 

 

 

6,760

 

 

 

7,280

 

 

 

7,800

 

 

 

8,320

 

 

 

9,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts Receivable

 

 

10

%

 

 

5,200

 

 

 

6,240

 

 

 

6,760

 

 

 

7,280

 

 

 

7,800

 

 

 

8,320

 

 

 

9,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOX Compliance

 

 

10

%

 

 

5,200

 

 

 

6,240

 

 

 

6,760

 

 

 

7,280

 

 

 

7,800

 

 

 

8,320

 

 

 

9,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Centralization & IT Objectives

 

 

30

%

 

 

15,600

 

 

 

18,720

 

 

 

20,280

 

 

 

21,840

 

 

 

23,400

 

 

 

24,960

 

 

 

27,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unbilled Receivables

 

* If criteria (Item #7) for reducing unbilled AR are not met bonus will be reduced by 15%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52,000

 

 

 

62,400

 

 

 

67,211

 

 

 

72,411

 

 

 

78,000

 

 

 

83,200

 

 

 

91,000

 

 

1)

Administrative Expense is defined as the total consolidated administrative expenses from continuing operations as publicly reported in the Company’s financial statements.  Administrative expenses will be inclusive of all subsidiaries from


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