ex1012020stip






                                                                                                       Exhibit 10.1 2020 Short Term Incentive Program (STIP)          Plan Provision                                           Terms of the Plan Program Participation           . Section 16 Officers                                 . All exempt, non‐exempt and hourly employees eligible for variable compensation  Financial Objectives            . Corporate – Adjusted EBITDA, Adjusted Cash Flow                                 . Division – Adjusted EBITDA, Adjusted Cash Flow, Working Capital Non‐Financial Objectives        . For both Corporate and Divisions includes Safety and Environmental objectives  Weighting                       . Corporate – Adjusted EBITDA (65%); Cash Flow (15%); Non‐Financial (20%)                                 . Divisions – Adjusted EBITDA (65%); Cash Flow (15%); Non‐Financial (20%)  Target Setting                  . Adjusted EBITDA Target set by averaging prior year actual performance and current year budget                                 . Cash Flow Target is equal to current year budget                                 . Working Capital Target is equal to current year budget  Leverage                        . Threshold – 75%                                 . Maximum – 125%                                 . No individual award may exceed 200% of target (applies to all participants including Officers)  Financial Objectives Payouts    . Financial objectives at Threshold payout is 50%                                  . Financial objectives below Threshold payout is Zero                                  . If Adjusted EBITDA is less than Threshold, all financial payouts are discretionary                                 . Payout at Maximum for financial objectives is 160%, based on weighting                                 . Payouts scale down 2.0% for every 1% below target; Scale up 4.0% for every 1% above target  Non‐Financial Objectives Payouts . Payout on achievement of Non‐Financial Objectives is independent of performance on Financial                                    Objectives                                    . Payout at 100% achievement of Non‐Financial Objectives is 20%                                                        Page 1





 






2020 Short Term Incentive Program (STIP) Financial Objectives Payout Scale (Example)                                               Total Payout On    Target Achievement  Payout Percentage Financial Targets after Weighting       Below 75%             0%                     0%         75%                 50%                    40%         80%                 60%                    48%         85%                 70%                    56%         90%                 80%                    64%         95%                 90%                    72%         100%               100%                    80%         105%               120%                    96%         110%               140%                   112%         115%               160%                   128%         120%               180%                   144%         125%               200%                   160%   Note:  This scale will be applied to each financial objective independently.  However, if Adjusted EBITDA is less than Threshold (75% of Target),   then all financial payouts are discretionary with the Compensation Committee.                                 Page 2