Supercuts 2005 Annual Report Download - page 114

Download and view the complete annual report

Please find page 114 of the 2005 Supercuts annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 121

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121

The Committee shall have the authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the
Plan as it shall, from time to time, deem advisable, to interpret the terms and provisions of the Plan and any Award issued under the Plan and to
otherwise supervise the administration of the Plan. The Committee’s policies and procedures may differ with respect to Awards granted at
different times and may differ with respect to a Participant from time to time, or with respect to different Participants at the same or different
times.
Any determination made by the Committee pursuant to the provisions of the Plan shall be made in its sole discretion, and in the case
of any determination relating to an Award may be made at the time of the grant of the Award or, unless in contravention of any express term of
the Plan, at any time thereafter. All decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding on all
persons, including the Company and Participants. Any determination shall not be subject to de novo review if challenged in court.
ARTICLE IV
ELIGIBILITY
4.1 Eligibility . The Participants for each fiscal year (“ Award Year ”) shall consist of (a) the Covered Employees for the
immediately preceding fiscal year, except as excluded in writing by the Committee prior to the commencement of the Award Year plus (b) any
other person that the Committee expects to be a Covered Employee for the Award Year and designates as a Participant before the
commencement of the Award Year.
ARTICLE V
AWARDS
5.1 General . The Committee shall have authority to grant Awards under the Plan at any time or from time to time. Awards
consist of the right to receive cash upon achievement of certain Performance Goals. The Committee shall have complete discretion to
determine the Awards granted to each Participant. The time period during which an Award shall be earned shall be the “ Performance Period ,”
and shall be one fiscal year in length.
5.2 Award Amounts .
(a) Target Pay-out . The target amount that may be paid with respect to an Award (the “ Target Pay-out ”) shall be
determined by the Committee and shall be based on a percentage of a Participant’s actual annual base salary at the time of grant (“
Participation
Factor ”), within the range established by this Section and any Appendix to the Plan. Any such amount shall be subject to adjustment as
provided below in this Section 5.2. The Participation Factors are intended to reflect a Participant’s level of responsibility and other factors
deemed
5