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EXHIBIT 10.14
FISCAL YEAR 2003
EXECUTIVE BONUS
PLAN
Airgas, Inc.
April 2002
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PURPOSE OF THIS DOCUMENT
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The purpose of this document is to allow bonus eligible employees at Airgas,
Inc. to understand the mechanics, measures, and other design features of the
Fiscal Year 2003 Executive Bonus Plan, and serve as a guide in the
implementation and administration of the plan. Included are payout schedules,
specific definitions and terminology, and basic plan governance.
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AIRGAS, INC. FISCAL YEAR 2003 EXECUTIVE BONUS PLAN
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PURPOSE OF THE PLAN
The purpose of the Airgas, Inc. Fiscal Year 2003 Executive Bonus Plan (the
"Plan") is to align Management's efforts with the strategic goals of the Company
through competitive annual incentive opportunities. This plan will be effective
from April 1, 2002 to March 31, 2003 (the "Plan Year").
ELIGIBILITY
Participation in the plan is determined by the function manager
(e.g., CFO, CIO, Senior Vice President, Legal, and Corporate Development).
TARGET AWARDS
Participants in the Executive Bonus Plan will be eligible for an annual cash
incentive award (the "Award") based on the achievement of predetermined goals.
An annual incentive or bonus target is generally determined based on the
participant's position in the organization, and can vary according to the
judgement of management.
PERFORMANCE MEASUREMENT
Final Award payments are determined by adjusting the target award upward or
downward based on achievement relative to a variety of performance measures,
including: corporate financial goals, individual accountabilities, Operating
Company and Area performance metrics. Depending upon an individual's position
and responsibilities, these various performance measures, assessed based on
different weightings, will determine the Award. Participants at the corporate
level will not be measured on the financial performance of any operating
company. There will be four different types of bonus plans: Corporate, Project
One, Operating Company Management and Area Managers. Each of these plans is
described below.
TOTAL AIRGAS PERFORMANCE
Assessment of Total Airgas performance is based on achievement relative to
EARNING PER SHARE (EPS) AND RETURN ON CAPITAL (ROC). The Management Committee
chose these measures since generating profitable growth is a critical factor in
driving appreciation in stock price and it is critical for Airgas to raise its
return on investment. Performance against these measures will be determined
based on achievement relative to predetermined targets for the Plan Year, as set
forth by the Management Committee. Earnings per share and Return on Capital, for
the purposes of the Plan, are defined below:
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Net Profit After Taxes
EPS
Weighted Average Shares Outstanding During the year
*Net profit is after bonus accruals and excludes any
large, non-recurring, one-time gains or charges at the
discretion of the Management Committee.
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ROC EBITDA - (80% x Depreciation Expense) - Unleveraged Cash Taxes
Average Capital Outstanding During the Year
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INDIVIDUAL ACCOUNTABILITIES
Individual performance is measured based on achievement relative to at least one
"line-of-sight" goal in the Plan Year. Prior to each Plan Year, each participant
will meet with his/her manager to develop individual performance goals that are
quantifiable where possible and are aligned to the Company goals and key
financial performance metrics. In addition, these goals should represent a
"stretch", and are attainable, yet challenging.
OPERATING COMPANY METRICS
Assessment of operating company performance is based on achievement relative to
financial performance goals set for the operating company in which the
individual works. For the upcoming Plan Year, financial performance at the
operating company level will be based on three measures with Return on Average
Capital Employed used only for Operating Company Management:
o Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA);
o Sales; and
o Return on Average Capital Employed (RACE).
Performance against these measures will be determined based on achievement
relative to predetermined targets for the Plan Year, as set forth by the
Management Committee.
AREA PERFORMANCE METRICS
The term "Area" can be defined as either a specific geographic area (group of
branches or sales territory) or functional area. For the upcoming Plan Year,
financial performance at the Area level will be based on two measures:
o Earning Before Interest, Taxes, Depreciation, and Amortization (EBITDA);
and
o Sales
We recognize that EBITDA may not be an appropriate measure for Area performance
in all cases. Where necessary, Operating company management will use a measure
that is closely aligned with EBITDA.
Performance against these measures will be determined based on achievement
relative to predetermined targets for the Plan Year, as set forth by the
Management Committee.
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WEIGHTING OF PERFORMANCE GOALS
CORPORATE EMPLOYEES
For corporate employees, Award payments will be awarded based on the relative
achievement of these goals carrying the following weights:
<Table>
<Caption>
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Total Airgas Individual Performance
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75% 25%
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EPS ROC
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50% 25%
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</Table>
PROJECT ONE
For Project One team members, Award payments will be awarded based
on the relative achievement of these goals carrying the following weights:
<Table>
<Caption>
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Total Airgas Individual Performance
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50% 50%
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EPS ROC
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30% 20%
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</Table>
OPERATING COMPANY MANAGEMENT
For operating company management, Award payments will be awarded based on the
relative achievement of these goals carrying the following weights:
<Table>
<Caption>
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Total Airgas Operating Company Performance Individual Performance
25% 60% 15%
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EPS ROC Sales EBITDA RACE
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15% 10% 15% 25% 20%
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</Table>
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AREA MANAGERS
For Area managers within the operating companies, Award payments will be awarded
based on the relative achievement of these goals carrying the following weights:
<Table>
<Caption>
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Operating Company
Area Performance Performance Individual Performance
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50% 25% 25%
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Sales EBITDA Sales EBITDA Metric 1 Metric 2
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20% 30% 10% 15% 12.5% 12.5%
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</Table>
DETERMINING INCENTIVE PAYOUTS
Achievement relative to these specific goals determines the extent to which a
participant receives an Award. For quantitative goals, such as corporate,
operating company and Area financial measures, performance is assessed relative
to threshold, target, and maximum levels. Prior to the Plan Year, the Management
Committee will approve tables that identify corresponding incentive payout
levels related to threshold, target, and maximum performance levels for
quantitative goals. Levels of performance between these levels will be
interpolated as appropriate (see graphs below).
For individual accountabilities a maximum achievement percentage for any single
goal or group of goals is 100%, and anything short of full achievement of such
goals will be given an achievement percentage between 0% and 100%. Prior to the
Plan Year, the participant and his or her manager will agree on the performance
framework.
PAY FOR PERFORMANCE RELATIONSHIP
The following graphs indicate the relationship between the achievement of a
particular financial goal and the payout for that goal associated with that
level of achievement. The weighting of these financial goals in determining an
overall incentive payout depends on the participant's position and level of
responsibility.
<Table>
<Caption>
EPS
ACHIEVEMENT PAYOUT %
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($0.10) 50%
($0.09) 50%
($0.08) 60%
($0.07) 60%
($0.06) 70%
($0.05) 70%
($0.04) 80%
($0.03) 80% [GRAPH]
($0.02) 90%
($0.01) 90%
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$0.00 100%
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$0.01 100%
$0.02 110%
$0.03 110%
$0.04 115%
$0.05 115%
$0.06 120%
$0.07 120%
$0.08 125%
$0.09 125%
$0.10 130%
</Table>
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<Table>
<Caption>
ROC
ACHIEVEMENT PAYOUT %
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-0.8% 50%
-0.7% 50%
-0.6% 70%
-0.5% 70%
-0.4% 90%
-0.3% 90%
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-0.2% 100%
-0.1% 100%
0.0% 100%
0.1% 100%
0.2% 100%
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0.3% 110%
0.4% 110%
0.5% 120%
0.6% 120%
0.7% 130%
0.8% 130%
</Table>
<Table>
<Caption>
RACE
ACHIEVEMENT PAYOUT %
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90% 20%
91% 30%
92% 40%
93% 50%
94% 60%
95% 70%
96% 80%
97% 90%
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98% 100%
99% 100%
100% 100%
101% 100%
102% 100%
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103% 110%
104% 120%
105% 130%
106% 140%
107% 150%
</Table>
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<Table>
<Caption>
EBITDA
ACHIEVEMENT PAYOUT %
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90% 30%
91% 40%
92% 50%
93% 60%
94% 70%
95% 80%
96% 90%
97% 90%
98% 95%
99% 95%
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100% 100% [GRAPH]
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101% 105%
102% 110%
103% 115%
104% 120%
105% 130%
106% 140%
107% 150%
</Table>
<Table>
<Caption>
SALES
ACHIEVEMENT PAYOUT %
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97% 25%
98% 50%
99% 75%
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100% 100% [GRAPH]
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101% 110%
102% 120%
103% 130%
104% 140%
105% 150%
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</Table>
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EXAMPLES
1.Corporate
This employee earns $50,000 and has a target percentage of 10% of her base
salary or $5,000. At the end of the Plan year, this example assumes the
following performance results:
o EPS was .01 above Plan target, which means a payout of 100%;
o ROC was at 0.1% above target, leading to a payout of 100%;
o This employee met 80% of individual goals
<Table>
<Caption>
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PERFORMANCE TARGET MULTIPLIED PERFORMANCE MEASURE MULTIPLIED ACTUAL
MEASURE BONUS BY WEIGHTING EQUALS TARGET BY RESULTS EQUALS PAYOUT
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EPS $5,000 X 50% = $2,500 X 100% = $2,500
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ROC $5,000 X 25% = $1,250 X 100% = $1,250
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Individual $5,000 X 25% = $1,250 X 80% = $1,000
Performance
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Totals 100% $5,000 $4,750
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</Table>
2. Project One
This employee earns $50,000 and has a target percentage of 10% of her base
salary or $5,000. At the end of the Plan year, this example assumes the
following performance results:
o EPS was .01 above Plan target, which means a payout of 100%;
o ROC was at 0.1% above target, leading to a payout of 100%;
o This employee met 80% of individual goals
<Table>
<Caption>
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PERFORMANCE TARGET MULTIPLIED PERFORMANCE MEASURE MULTIPLIED ACTUAL
MEASURE BONUS BY WEIGHTING EQUALS TARGET BY RESULTS EQUALS PAYOUT
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EPS $5,000 X 30% = $1,500 X 100% = $1,500
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ROC $5,000 X 20% = $1,000 X 100% = $1,000
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Individual $5,000 X 50% = $2,500 X 80% = $2,000
Performance
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Totals 100% $5,000 $4,500
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</Table>
3. Operating Company Management
This employee earns $50,000 and has a target percentage of 10% of her base
salary or $5,000. At the end of the Plan year, this example assumes the
following performance results:
o EPS was .01 above Plan target, which means a payout of 100%;
o ROC was at 0.1% above target, leading to a payout of 100%;
o EBITDA at the operating company was 100% of target, leading to a
payout of 100%;
o Sales at Operating company were 101% of target, leading to a payout of
110%;
o RACE at Operating company was 101% of target, leading to a payout of
100%;
o Employee met 80% of individual performance goals.
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<Table>
<Caption>
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Performance Target Multiplied Performance Equals Measure Multiplied Actual
Measure Bonus By Weighting Target By Results Equals Payout
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Total Airgas
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- EPS $5,000 X 15% = $750 X 100% = $750
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- ROC $5,000 X 10% = $500 X 100% = $500
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Operating Company
Performance
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- EBITDA $5,000 X 25% = $1250 X 100% = $1250
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- Sales $5,000 X 15% = $750 X 110% = $825
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- RACE $5,000 X 20% = $1,000 X 100% = $1000
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Individual $5,000 X 15% = $750 X 80% = $600
Performance
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Totals 100% $5,000 $4,925
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</Table>
3. Area Managers - Operating Company
This employee earns $50,000 and has a target percentage of 10% of her base
salary or $5,000. At the end of the Plan year, this example assumes the
following performance results:
o EBITDA at the Area level was 100% of target, leading to a payout of
100%;
o Sales at the Area level was 101% of target, leading to a payout of
110%;
o EBITDA at the Operating company was 101% of target, leading to a
payout of 105%;
o Sales at the Operating company were 102% of target, yielding a 120%
payout;
o This employee on individual performance met 60% of Metric 1 and 80% of
Metric 2.
To calculate her actual bonus, we multiply each measure target dollar amount by
actual performance results:
<Table>
<Caption>
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Performance Measure Bonus Multiplied Performance Measure Multiplied Actual
Target By Weighting Equals Target By Results Equals Payout
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Area Performance
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- EBITDA $5,000 X 30% = $1,500 X 100% = $1,500
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- Sales $5,000 X 20% = $1,000 X 110% = $1,100
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Operating Company
Performance
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- EBITDA $5,000 X 15% = $750 X 105% = $787.50
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- Sales $5,000 X 10% = $500 X 120% = $600
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Individual
Performance
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Metric 1 $5,000 X 12.5% $625 X 60% $375
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Metric 2 $5,000 X 12.5% = $625 X 80% = $500
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Totals 100% $5,000 $4,862.50
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</Table>
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FUNDING
The Plan will be self-funding, as corporate profitability targets will be
established net of target Award payments under the Plan. Therefore, achievement
of corporate profitability targets will ensure that the Plan has funded itself.
EXECUTIVE BONUS PLAN PAYMENT
At the end of the Plan Year, after all financial results have been finalized,
including corporate and operating performance, the actual award payment will be
determined. The Award will be paid in cash no later than 75 days following the
end of the fiscal year.
ADMINISTRATION OF THE PLAN
The Management Committee of Airgas, Inc. shall have full power to administer and
interpret the Plan and, in its sole discretion, may establish or amend rules of
general application for the administration of the plan. The Executive Committee
may amend or terminate the Plan at any time.
PARTIAL YEAR ELIGIBILITY
Employees who are eligible for the Plan for a portion of the year will receive a
prorated Award based on the base salary earned while they are eligible for the
Plan.
o New hires
- New employees will immediately be eligible for the Plan.
- Base salary will be accumulated from the date of hire to the end of
the Plan Year, unless eligibility ceases prior to that date.
Transfers--For employees who transfer from one job or employee status
to another, eligibility will depend on their award eligibility before
and after transferring.
- If an employee transfers from a position that is not bonus eligible to
a position that is eligible for an Award under the Plan, the annual
incentive award will be prorated based on the time in the bonus
eligible position. All calculations are done using year-end financial
data.
- If an employee transfers from a position that is eligible for an Award
under the Plan to a position that is not bonus eligible, the annual
incentive award will be prorated based on the length of time in the
bonus eligible position. All calculations are done using year-end
financial data.
- If an employee transfers from one position that is eligible for an
Award under the plan to another position that is eligible for an award
under the plan, participation in the Plan will continue uninterrupted.
However, if the transfer involves a move that will change the
weightings used to determine an individual's annual incentive award,
the bonus calculation will be based on the pro-rated time spent in
each position. All calculations will be done using year-end data.
Accountabilities must be separately established and assessed for each
position separately.
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o Promotions
- If an employee is promoted during the fiscal year, new
accountabilities must be established to reflect the new position.
o Terminations
- Employees who are not employed by Airgas, Inc. on the date the annual
incentive award is paid will receive no payment, unless it is
contractually stated in a separation agreement and except for the
following circumstances.
- Employees who retire or die during the plan year will be eligible for
a prorated annual incentive award. The annual incentive award will be
calculated from the date when they become eligible, normally the
beginning of the Plan Year to the date of retirement or death.
o Leave of absence
- If an employee is on a leave of absence at the end of the fiscal year,
he or she will be eligible for an Award provided that he or she
returns to work as an active employee. Any Award paid will be prorated
based upon the length of time the employee was actively working
during the fiscal year. The calculation will be made using year-end
financial data. The Award payment will be made in the next regularly
scheduled payroll cycle at the end of the associate's first month of
employment following his or her return from leave of absence.
- If an employee is on a leave of absence during the fiscal year, and
returns during the year, he or she will be eligible for an Award. Any
Award paid will be prorated based upon the length of time an associate
was actively working during the fiscal year. The calculation will be
made using year-end financial data.
TAX CONSIDERATIONS AND WITHHOLDING
Participants will be required to report taxable income in the year the award is
received. The company will withhold taxes in the appropriate amount on all
payouts.
BANKRUPTCY
In the event Airgas, Inc. declares bankruptcy, the Executive Committee, at its
discretion, may immediately discontinue the Plan. In the event that the Plan is
discontinued, all participants will forfeit the right to any payments under the
Plan.
FUTURE EMPLOYMENT
Payment of an annual incentive award under this plan does not imply contractual
agreement to extend or continue employment of an employee beyond receipt of the
annual incentive award.
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