Management Incentive Plans (“MIPs”)
|3 Months Ended|
Mar. 31, 2018
|Retirement Benefits [Abstract]|
|Management Incentive Plans (“MIPs”)||
On January 18, 2018, the Company’s Board and Compensation and Stock Option Committee (the “Compensation Committee”) approved individual MIPs for the (“CEO”), Chief Financial Officer (“CFO”), and Executive Vice President (“EVP”) of Strategic Initiatives. Each MIP is effective January 1, 2018 and applicable for the year ended December 31, 2018. Each MIP provides guidelines for the calculation of annual cash incentive based compensation, subject to Compensation Committee oversight and modification. Each MIP awards cash compensation based on achievement of performance thresholds, with the amount of such compensation established as a percentage of the executive’s annual 2018 base salary on the approval date of the MIP. The potential target performance compensation ranges from 5% to 100% of the 2018 base salary for the CEO ($13,350 to $267,000), 5% to 100% of the 2018 base salary for the CFO ($11,475 to $229,494), and 5% to 100% of the 2018 base salary for the EVP of Strategic Initiatives ($11,170 to $223,400).
The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.
Reference 1: http://www.xbrl.org/2003/role/presentationRef