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EXHIBIT 10.15
REXNORD CORPORATION EXECUTIVE BONUS PLAN
GENERAL DESCRIPTION
Rexnord Corporation (the "Company") provides an incentive compensation bonus
plan for key officers and directors (the "Executive Bonus Plan"). The purpose of
the Executive Bonus Plan is to provide a variable component of pay that provides
an incentive for the leadership of the company to achieve key business
objectives.
Each bonus fiscal year will begin on April 1 and end on March 31. The first
bonus fiscal year will begin on April 1, 2003 and end on March 31, 2004.
The form of bonus to be received by participating executives is called the
Performance Bonus and is based on (i) the performance of the Company during the
bonus fiscal year and (ii) the performance of the executive in meeting
individual goals as determined by the Compensation Committee, not to exceed five
personal performance goals.
ELIGIBILITY
The [Executive's title] of the Company will participate in the Executive Bonus
Plan and be eligible to receive a bonus for each bonus fiscal year in which the
Debt Repayment equals or exceeds 90% of the Debt Repayment target as described
below in the Section entitled "Achievement Targets". If Debt Repayment is less
than 90% of the Debt Repayment Target for a given bonus fiscal year, but EBITDA
equals or exceeds 90% of the EBITDA target for such given bonus fiscal year, the
Compensation Committee, at its sole discretion, may determine that the
[Executive's title] is eligible for a Performance Bonus.
PARTICIPATION LEVEL
- ELIGIBLE BONUS AMOUNT
If the executive is eligible to receive a bonus, then the amount of the
bonus (the "Eligible Bonus Amount") that the executive will be eligible to
receive will be determined by the level of achievement of the EBITDA Target for
a given bonus fiscal year, as set forth in the table below. The Eligible Bonus
Amount is based on [percentage of compensation]% of the [Executive's title]'s
base pay (the "Base Bonus"). Accordingly, if the Company achieves 100% of the
EBITDA Target for a given bonus fiscal year, the [Executive's title]'s Eligible
Bonus Amount will be the Base Bonus (E.G., [percentage of compensation]% of the
[Executive's title]'s base pay during the bonus fiscal year). If the Company
achieves greater or less than 100% of the EBITDA Target, the [Executive's
title]'s Eligible Bonus Amount will increase or decrease as a percentage of the
Base Bonus as set forth in the table below.
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<Table>
<Caption>
PERCENT OF LESS THAN 90% 90% 95% 100% 105% 110% 115% 120% 125% 130%
EBITDA of of of of of of of of of or GREATER THAN of
TARGET ACHIEVEMENT Target Target Target Target Target Target Target Target Target Target
PERCENT OF BASE
BONUS 0% 50% 75% 100% 125% 150% 200% 250% 300% 350%
and GREATER THAN *
</Table>
* For each additional 5% increase in the percent of Bonus Plan achievement
target after an achievement of 115%, the executive will receive an increase of
50% of the percentage of the Base Bonus.
- CALCULATION OF PERFORMANCE BONUS
The Performance Bonus to be received by the executive for each fiscal
year will be based on the financial performance of the Company and the personal
performance of the executive. Once the Eligible Bonus is determined, as
described above, the Performance Bonus will be calculated in the following
manner: (A) 80% of the Eligible Bonus Amount will be paid to the executive if
the Company achieves at least 90% of the EBITDA Target and (B) the Compensation
Committee shall target a payment of 20% of the Eligible Bonus Amount payable
upon achievement of the executive's personal performance goals, as determined by
the Compensation Committee in its sole discretion. Notwithstanding subsection
(B) of the preceding sentence, the Compensation Committee may, at its
discretion, award a percentage of the Eligible Bonus Amount pursuant to
subsection (B) ranging from 0 to 40%.
- ACHIEVEMENT TARGETS
For the 2004 fiscal year, the EBITDA target shall be $137.6 million and
the Debt Repayment Target shall be $38 million. The EBITDA and Debt Repayment
Targets for the 2005 through 2008 fiscal years shall be determined in good faith
by the Compensation Committee at its sole discretion.
"EBITDA" for a given bonus fiscal year shall mean consolidated earnings
before interest, taxes, depreciation, amortization, and any management fees paid
to TC Group, L.L.C. reduced by any bonuses paid with respect to the applicable
bonus fiscal year. "Debt Repayment" for a given bonus fiscal year shall mean the
positive excess, if any, of (a) the weighted average of the debt outstanding
during the 60 calendar days preceding April 30 of the applicable bonus fiscal
year, over (b) the weighted average of the debt outstanding during the 60
calendar days preceding April 30 of the bonus fiscal year immediately following
the bonus fiscal year referenced in (a).
The EBITDA and Debt Repayment Targets are based upon certain revenue
and expense assumptions about the future business of the Company. Accordingly,
in the event that the Compensation Committee determines, in its sole discretion,
that an adjustment to target(s) is appropriate in order to maintain eligibility
or prevent dilution or enlargement of the Performance Bonus intended to be made
available under the Executive Bonus Plan, the Compensation Committee shall
adjust the financial targets in good faith and in any manner as it may deem
equitable. Notwithstanding the foregoing, if the targets are adjusted to an
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amount greater than the amounts set forth in the table below ("Base Targets"),
the [Executive's title] will be deemed to have achieved 100% of the targets if
EBITDA or Debt Repayment is an amount between the Base Target and the adjusted
target. The adjusted target will be used to calculate the Eligible Bonus Amount
for target achievements above 100%.
<Table>
<Caption>
BASE TARGETS 2004 2005 2006 2007 2008
- ------------- ------- ------- ------- ------- -------
DEBT REPAYMENT TARGET $ 38 $ 48 $ 58 $ 58 $ 65
(IN MILLIONS)
EBITDA TARGET $ 137.6 $ 150.7 $ 171.6 $ 183.6 $ 194.1
(IN MILLIONS)
</Table>
- PAYMENT OF PERFORMANCE BONUS
The Performance Bonus is calculated once the bonus fiscal year ends,
the Company receives its year-end financial audit, and performance reviews are
completed. The Compensation Committee shall determine whether the [Executive's
title] is eligible to receive a Performance Bonus under the terms of the
Executive Bonus Plan and the amount of bonus the Performance Bonus the
[Executive's title] shall receive.
If the [Executive's title] leaves the Company prior to the end of the
bonus fiscal year, he is not eligible for a bonus payment. The only exceptions
are if the [Executive's title] is terminated because he formally retires under
the pension plan (or retires meeting the requirements of that plan), resigns
with Good Reason or is terminated for other than Cause (as such terms are
defined in the ______ employment agreement). Under these circumstances, a
pro-rated bonus will be paid at the time bonuses are paid to other executives.
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