Rayovac 2009 Annual Report Download - page 94

Table of Contents
Index to Financial Statements
award, ranged from 50% for achievement of threshold performance levels established by the Compensation Committee, 100% for performance at the target
performance levels, increasing from there up to a maximum payout of 200% of the target award if actual performance had risen to the specified upper
achievement thresholds. As a retention device, the Compensation Committee guaranteed that each of the current executive officers would receive a 2009
MIP award at least equal to 50% of his target award amount. The actual performance of the Company resulted in award amounts in excess of this minimum
level.
In addition, the Compensation Committee retains the flexibility to increase the MIP award amount for individual management personnel on a case by
case basis to the extent it deems it appropriate in light of specific performance circumstances.
The chart below reflects the 2009 MIP award amounts earned by each of the named executive officers, expressed as a percentage of target award
amount, based on the Company’s performance in light of the performance goals established by the Compensation Committee. The dollar amount of the
awards for each named executive are set forth in the “Summary Compensation Table”. These award amounts were paid in December 2009.
Named Executive MIP Award as % of Target
Kent J. Hussey 187.5%
Anthony L. Genito 187.5%
David R. Lumley 192.1%
John A. Heil 144.9%
For Fiscal 2010, as of the date of this report, the Compensation Committee has not finalized various aspects of the 2010 MIP, including the
performance targets that will result in target payout and the thresholds for and levels of minimum and maximum payouts. Those aspects of the 2010 MIP
that have been finalized and approved are described below. As with Fiscal 2009, the Compensation Committee has again established adjusted EBITDA as a
performance goal of the Company, weighted to represent 50% of the total evaluation. Adjusted EBITDA for the 2010 MIP is measured in the same manner
as for the 2009 MIP. The remaining performance metrics will be determined by the Compensation Committee after additional consideration. The
Compensation Committee retains the ability to modify the measurement criteria if, in its view, the circumstances so warrant.
Only our current named executive officers are eligible to participate in the 2010 MIP. As of the date of this report, for purposes of the 2010 MIP, the
target award percentages for each participating named executive officer are as follows:
Named Executive MIP Target as % of Annual Base
Kent J. Hussey 125%
Anthony L. Genito 100%
David R. Lumley 100%
John A. Heil 100%
The Fiscal 2010 MIP performance targets for each of Mr. Hussey and Mr. Genito will continue to be those established for the Company as a whole.
The performance targets for Mr. Heil will again be based 80% on the performance targets established for the Global Pet Supplies business segment and 20%
on the performance targets for the Company as a whole. The performance targets for Mr. Lumley will again be based 50% on the performance targets
established for the Global Batteries & Personal Care business segment, 30% on the performance targets established for the Home and Garden Business, and
20% on the performance targets for the Company as a whole.
It is possible to receive an award amount under the MIP program above or below the target award percentage. With respect to the portion of the 2010
MIP measured by adjusted EBITDA, the potential 2010 MIP
91