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EXHIBIT 10(l)
SPRINGS INDUSTRIES, INC. 1999 ACHIEVEMENT INCENTIVE PLAN
1. PURPOSE. The purpose of the Achievement Incentive Plan (the "Plan") is
to provide key employees of Springs Industries, Inc. (the "Company") and its
affiliates with incentive compensation based upon level of achievement of
financial and other performance criteria. The Company believes the Plan will
enhance the ability of the Company and its affiliates to attract individuals of
exceptional managerial and administration talent upon whom, in large measure,
the sustained progress, growth and profitability of the Company depends.
2. DEFINITIONS. As used in the Plan, the following terms shall have the
meanings set forth below:
(a) "Award" shall mean a cash payment.
(b) "Board" shall mean the Board of Directors of the Company.
(c) "Code" shall mean the Internal Revenue Code of 1986, as
amended from time to time and any successor thereto.
(d) "Compensation Committee" shall mean the Management
Compensation and Organization Committee of the Board (or any successor
committee).
(e) "CMC" shall mean the Corporate Management Committee of the
Company.
(f) "Key Employee" shall mean any exempt salaried employee of the
Company or any affiliate in a salary grade of 11 or higher.
(g) "Participant" shall mean any person selected by the
Compensation Committee to participate in the Plan.
(h) "Performance Year" shall mean the fiscal year in which a
Participant provides services on account of which the Award is made.
(i) "Salary Committee" shall mean the Salary Committee of the CMC.
(j) "Target Award" shall mean an Award level that may be paid if
certain performance criteria are achieved in the Performance Year.
3. ELIGIBILITY. Key Employees employed in active service by the Company or
by any of its subsidiaries or affiliates, if designated by the Salary Committee,
during a Performance Year are eligible to be Participants under the Plan for
such Performance Year.
4. AWARDS-GENERAL. The Salary Committee shall establish Target Awards at
the beginning of each Performance Year for Participants who are not members of
the CMC. The Compensation Committee will establish Target Awards at the
beginning of each Performance
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Year for Participants who are members of the CMC and shall establish the
corporate financial performance criteria to be applicable to Awards for such
Performance Year. The corporate financial performance criteria utilized by the
Compensation Committee may be based on earnings per share; other corporate
financial objectives, such as return on assets or profits from operations;
customer satisfaction indicators; operational efficiency measures; and other
measurable objectives tied to the Company's success or such other criteria as
the Compensation Committee shall determine.
A Participant must be employed by the Company or its subsidiary or
affiliate on the last day of a Performance Year to be eligible to receive an
Award for the year except in the case of termination of employment during the
Performance Year for death, retirement, total disability, as defined in the
Company's Long Term Disability Plan, or economic termination, as defined in the
Company's Springs of Achievement Partnership Plan.
The Award amount with respect to a Participant may be determined
entirely on achievement of corporate financial performance targets established
by the Compensation Committee or in part on achievement of financial performance
targets and in part on achievement of personal objectives (including business
unit financial objectives) as determined by the Compensation Committee or, in
the case of Participants who are not members of the Corporate Management
Committee, as determined by the Salary Committee.
Awards will be made following the end of each Performance Year. Awards
shall be paid as soon as practicable after the Performance Year, except to the
extent that a Participant has made an election to defer the receipt of such
Award pursuant to the Company's Deferred Compensation Plan. The determination of
the Award amount for each Participant shall be made at the end of each
Performance Year and may be less than (including no Award) or greater than the
Target Award, subject to limitations established by the Compensation Committee.
The Salary Committee may in special circumstances make bonus awards to
Participants who are not members of the CMC from time to time in its sole
discretion, and the Compensation Committee may in special circumstances make
bonus awards to CMC members from time to time in its sole discretion.
5. OTHER CONDITIONS.
(a) No person shall have any claim to an Award under the Plan and
there is no obligation for uniformity of treatment of Participants under the
Plan. Awards under the Plan may not be assigned or alienated.
(b) Neither the Plan nor any action taken hereunder shall be
construed as giving to any Participant the right to be retained in the employ of
the Company or any affiliate.
(c) The Company or any affiliate shall have the right to deduct
from any Award to be paid under the Plan any federal, state or local taxes
required by law to be withheld with respect to such payment.
6. DESIGNATION OF BENEFICIARIES. A participant may, if the Compensation
Committee permits, designate a beneficiary or beneficiaries to receive all or
part of the Award
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which may be made to the Participant, or may be payable, after such
Participant's death. A designation of beneficiary shall be made in accordance
with procedures specified by the Company and may be replaced by a new
designation or may be revoked by the Participant at any time. In case of the
Participant's death, an Award with respect to which a designation of beneficiary
has been made (to the extent it is valid and enforceable under the applicable
law) shall be paid to the designated beneficiary or beneficiaries. Any Award
granted or payable to a Participant who is deceased and not subject to such a
designation shall be distributed to the Participant's estate. If there shall be
any question as to the legal right of any beneficiary to receive an Award under
the Plan, the amount in question may be paid to the estate of the Participant,
in which event the Company or its affiliates shall have no further liability to
anyone with respect to such amount.
7. PLAN ADMINISTRATION.
(a) The Compensation Committee shall have full discretionary power
to administer and interpret the Plan and to establish rules for its
administration (including the power to delegate authority to others to act for
and on behalf of the Compensation Committee). In making any determinations under
or referred to in the Plan, the Compensation Committee (and its delegates, if
any) shall be entitled to rely on opinions, reports or statements of employees
of the Company and its affiliates and of counsel, public accountants and other
professional or expert persons.
(b) The Plan shall be governed by the laws of the State of South
Carolina and applicable Federal law.
8. MODIFICATION OR TERMINATION OF PLAN. The Compensation Committee may
modify or terminate the Plan at any time, effective at such date as the
Compensation Committee may determine. The Senior Vice President - Human
Resources of the Company or her delegate with the concurrence of the General
Counsel of the Company or his delegate (or, in each case, any successor to
either of such officer's responsibilities), shall be authorized to make minor or
administrative changes in the Plan or changes required by or made desirable by
law or government regulation. Such a modification may affect present and future
Participants. For purposes of this Section, a change to the Plan that affects
any Award to a Covered Employee shall not be a minor or administrative change.
9. ADOPTION AND EFFECTIVE DATE. This Plan was adopted by the Board of
Directors of the Company at a meeting held on February 11, 1999, effective
January 3, 1999.
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