Document:

2012 Annual Incentive Plan for Salaried Employees

 EXHIBIT 10.1 
 2012 ANNUAL INCENTIVE PLAN 
 FOR SALARIED EMPLOYEES 

 

	1.	Purpose. The purpose of the Plan is to promote the interests of the Company by (i) motivating Participants to achieve certain corporate and Business Segment
performance objectives and to reward them when those objectives are met or exceeded; (ii) attracting and retaining salaried employees of outstanding ability; (iii) providing annual incentive compensation opportunities that are competitive
with those of other major corporations; and (iv) enabling Participants to participate in the growth and financial success of the Company. All capitalized terms are defined in Definitions, Section 10. 

 

	2.	Performance Goals. 

  

	 	a.	The Performance Measures and Portion of Goal Opportunity for each are as follows: 

 

					
	 Performance

Measure
	  	Portion of
Goal 
Opportunity	  	 Description

	Adjusted EBITDAR	  	75%	  	Consists of EBITDAR (Earnings before interest, taxes, depreciation, amortization and equipment rents), adjusted to eliminate the impact of certain non-cash and non-recurring items,
that are included in net income and are not considered indicative of our ongoing operating performance
			
	Safety Incidence Rate	  	12.5%	  	Safety Incidence Rate is calculated using the number of recordable injuries × 200,000 divided by the number of employee hours worked
			
	Safety Severity Rate	  	12.5%	  	Safety Severity Rate is calculated using the number of lost and restricted workdays × 200,000 divided by the number of employee hours worked

  

	 	a.	The Performance Goals for the Performance Measures for each Participant will be based on the Business Segment to which such Participant is assigned and will be
communicated to Participants separately. The communication will designate the Performance Goals at three levels, including minimum, target and superior levels. 

 

	 	b.	The Performance Measure Score must be at least the minimum level designated for the applicable Business Segment for an Award to be earned. Additionally, if the Adjusted
EBITDAR Performance Measure Score is less than the minimum designated for the Business Segment, the Safety Incidence Rate and Safety Severity Rate Portions of the Goal Opportunities will be reduced by 50%. 

 

	 	c.	The Business Segment EBITDAR Performance Measure Scores will be based on the following: 

 

	 	i.	Jeffboat—Manufacturing segment EBITDAR based upon the financial results reported in CBLC’s financial statements filed on Form 10-K for the year 2012.

  

	 	ii.	Transportation Services—Transportation Services EBITDAR based upon the financial results reported in CBLC’s financial statements filed on Form 10-K for the
year 2012. 

  

	 	iii.	Corporate – EBITDAR based upon the financial results reported in CBLC’s consolidated financial statements filed on Form 10-K for the year 2012.

  

	3.	Award Calculation. The total amount of all Awards will be fixed at the end of the calendar year and calculated based on the following formula for Participants
employed as of December 31, 2012.The calculation of the Award will be the sum of the following for each Performance Measure: Base Earnings × Bonus Opportunity x Portion of Goal Opportunity × Performance Measure Score. Performance
Measure Scores between minimum and target or between target and superior will be calculated proportionally. Participants that change Bonus Opportunity levels or Business Segments during the year will have their Award prorated based on the Base
Earnings and Bonus Opportunity levels for each period of time. The individual Awards may be adjusted upward or downward based on individual performance by the Committee in its sole discretion. However, the net of these adjustments may
not increase the total amount of all Awards fixed at the end of the year. 

	4.	Administration. The Board or the Committee shall have the authority to interpret the Plan, and to establish, amend and rescind rules for the administration of
the Plan. All such interpretations and rules shall be conclusive and binding on all persons. In addition, the Committee may delegate to one or more executive officers of the Company the right to administer the Plan as it pertains to Participants who
are not executive officers of the Company or any Affiliate. The Board or the Committee, each in its sole discretion, may, at any time with or without notice, amend, modify, suspend or terminate this Plan, including the right to suspend or eliminate
some or all Awards. Notwithstanding anything herein to the contrary, the Plan is not intended to provide for a deferral of compensation within the meaning of I.R.S. Code Section 409A and shall be interpreted and administered consistent with
that intent. This Plan shall be governed by the laws of the State of Indiana. 

  

	5.	Eligibility. Except as otherwise provided by the Committee, all full-time active salaried employees of the Company and its Affiliates are eligible to
participate in the Plan provided that: (i) the employee’s employment start date is on or before September 30, 2012, (ii) the employee remains employed by the Company or its Affiliates through the date the Awards are paid, and
(ii) the employee has an average performance rating that is satisfactory or higher and is not in a performance improvement program or suspended from employment for any reason. 

 

	6.	Payment of Awards. Awards shall be paid as soon as practicable after the 2012 financial results have been tabulated, outside auditors have finished their audit
and the Committee has approved the payment, estimated to be completed by March 15, 2013 and no later than December 31, 2013. The Company shall have the right to deduct from Awards all applicable payroll deductions, including any applicable
taxes. 

  

	7.	Transferability. Awards to which a Participant may be entitled under the Plan may not be assigned or alienated. 

 

	8.	No Right to Participate; Employment. Neither the adoption of the Plan nor any provision of the Plan or action of the Board or the Committee shall be deemed to
(i) give any employee any right to be designated as a Participant under the Plan, (ii) confer upon any employee any right of continued employment with the Company or any Affiliate, or (iii) limit or diminish in any way the right of
the Company or any Affiliate to terminate an employee’s employment at any time with or without cause. 

  

	9.	Nonexclusivity of the Plan. This Plan is not intended to and shall not preclude the Board from adopting or continuing such additional compensation arrangements
as it deems desirable for Participants, including any thrift, savings, investment, stock purchase, stock option, profit sharing, pension, retirement, insurance or other incentive, compensation or benefit plan or program. 

 

	10.	Definitions. 

  

	 	a.	“Affiliate’” means any direct or indirect subsidiary of the Company and ACL I Corporation. 

 

	 	b.	“Award” means an amount determined to be payable to a Participant under the Plan. 

 

	 	c.	“Base Earnings” means the Participant’s actual base salary compensation paid from January 1, 2012 through December 31, 2012.

  

	 	d.	“Bonus Opportunity” is the bonus opportunity determined based on the Participant’s position and grade level or as otherwise specifically set forth in an
employment offer letter or schedule. 

  

	 	e.	“Board” means the Board of Directors of the Company. 

  

	 	f.	“Business Segment” means one of the following: Jeffboat, Transportation Services, or Corporate. 

 

	 	g.	“CBLC” means Commercial Barge Line Company. 

  

	 	h.	“Committee” means a Compensation Committee designated by the Board. 

 

	 	i.	“Company” means American Commercial Lines Inc. 

  

	 	j.	“Participant” means an employee who is eligible to participate in the Plan pursuant to Section 5. 

 

	 	k.	“Performance Goals” are the metrics attributable to each Performance Measure. 

 

	 	l.	“Performance Measures” are business metrics on which the Performance Goals are based and are more fully described in Section 2(a).

  

	 	m.	“Performance Measure Score” means the score attained for each Performance Measure based on description set forth in Section 2. 

 

	 	n.	“Plan” means the 2012 Annual Incentive Plan for Salaried Employees. 

 

	 	o.	“Portion of Goal Opportunity” means the portion of the Goal Opportunity allocated for each Performance Measure. 

  
 2ex_426.htm

 

 

EXHIBIT 4.26

 

NORTHCORE TECHNOLOGIES INC.

 

(the “Company”)

 

AUDIT COMMITTEE CHARTER

 

 

Originally Adopted by the Board of Directors on May 18, 2005

Organization

There shall be a committee of the Board of Directors (the “Board”) to be known as the Audit Committee (the “Committee”).  The Committee shall be composed of at least three directors and any vacancies shall be filled as soon as practicable.

 

All of the members of the Committee must be “independent”1 as such term is defined in Multilateral Instrument 52-110 “Audit Committees” (the “Instrument”) (or exempt therefrom), and free of any relationship that, in the opinion of the Board, would interfere with the exercise of his or her independent judgment as a member of the Committee.

 

All members of the Committee should have a working familiarity with basic finance and accounting practices and be “financially literate”2 as such term is defined in the Instrument.

 

The Committee members and the Committee chairman shall be appointed by the Board and members of the Committee shall hold office until the next annual meeting of the shareholders or until they cease to be directors of the Company.  Where a vacancy occurs at any time in the membership of the Committee, it may be filled by the Board on the recommendation of the Committee, and shall be filled by the Board if membership of the Committee falls below three directors.  If the Chair of the Committee is absent from any meeting, the Committee shall select one of the other members of the Committee to preside at the meeting.

 

The Chair of the Committee shall be responsible for:

 

(i) developing and setting the agenda for Committee meetings; and

 

(ii) determining the time, place and frequency of Committee meetings.

 

Any member of the Committee or the external auditor may call a meeting of the Committee.

 

 

The quorum for a meeting of the Committee is a majority of the members. With the exemption of the foregoing quorum requirement, the Committee may determine its own procedures.

 

  

1 Meaning of Independence pursuant to s. 1.4 of the Instrument –  A member of an audit committee is independent if the member has no direct or indirect material relationship with the issuer and subject to subsections 1.4(2) through (8) of the Instrument.

  

2 Meaning of Financial Literacy pursuant to s. 1.5 of the Instrument - An individual is financially literate if he or she has the ability to read and understand a set of financial statements that presents a breadth and level of complexity of accounting issues that are general comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the issuer’s financial statements.

Notice of the time and place of every meeting shall be given in writing, verbally, by facsimile or by phone to each member of the Committee, the Chairman of the Board, the Chief Executive Officer of the Company and the Chief Financial Officer of the Company, at least 48 hours prior to the time fixed for the meeting.  The notice period may be waived by all members of the Committee. The external auditor of the Company shall be given notice of every meeting of the Committee, and, at the expense of the Company, shall be entitled to attend and be heard thereat. If requested by a member of the Committee, the external auditor shall attend every meeting of the Committee held during the term of office of the external auditor.

 

  

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Statement of Policy

 

The Committee shall provide assistance to the Board in fulfilling their responsibility to the shareholders, potential shareholders and the investment community relating to:

 

(i) corporate accounting;

 

(ii)  reporting practices of the Company;

 

(iii)  the quality and integrity of the financial reports of the Company;

 

(iv) the Company’s compliance with legal and regulatory requirements, as they relate to the Company’s financial statements;

 

(v) the qualifications, independence and performance of the external auditor;

 

(vi) internal controls and disclosure controls;

 

(v) the performance of the Company’s internal audit function; and

 

(vi) performing the additional duties set out in this Charter or otherwise delegated to the Committee by the Board.

 

In so doing, it is the responsibility of the Committee to maintain free and open means of communications between and among the auditors, the directors and the financial management of the Company.

 

Authority and Responsibilities

 

In carrying out its responsibilities, the Committee believes its policies and procedures should remain flexible, in order to best react to changing conditions and to ensure that the corporate accounting and reporting practices of the Company are in accordance with all applicable requirements and are of the highest quality.  The duties and responsibilities of the members of the Committee are in addition to those of a member of the Board.

 

The Company’s external auditor is required to report directly to the Committee.

 

In carrying out these responsibilities, the audit committee will:

 

	
1.

	
General. Provide an open avenue of communication among the directors, auditors and financial management of the Company.

 

	
  

	
The Committee has the authority:

 

	
  

	
(i) to engage independent counsel and other advisors as it determines necessary to carry out its duties,

	
  

	
(ii) to set and pay the compensation for any advisors employed by the audit committee, and

	
  

	
(iii) to communicate directly with the internal and external auditors.

 

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2.

	
Committee Charter. Review and update the Committee’s charter annually.

  

 

	
3.

	
Auditor Selection. Review and recommend to the Board the auditors to be selected to be nominated for the purpose of preparing or issuing an auditor’s report or performing other audit, review or attest services for the Company and review and recommend the compensation of the independent auditor.

 

	
4.

	
Auditor Oversight.  Be directly responsible for overseeing the work of the external auditor engaged for the purpose of preparing or issuing an auditor's report or performing other audit, review or attest services for the issuer, including the resolution of disagreements between management and the external auditor regarding financial reporting.

 

	
5.

	
Review of Audit. Meet with the auditors, the Board and financial management of the Company to review the scope of the proposed audit for the current year and the audit procedures to be utilized, and at the conclusion thereof, review such audit, including any comments or recommendations of the auditors.

 

	
6.

	
Appointment of CFO. Review and concur in the appointment, replacement, reassignment, or dismissal of the Chief Financial Officer (the “CFO”) and any other key financial executives involved in the financial reporting process.

 

	
7.

	
Auditor Independence. Confirm and assure the independence of the auditors.

 

	
8.

	
Review Financial Reporting and Accounting Standards. Review with the auditors, the competitiveness and suitability of the financial and accounting personnel and the adequacy and effectiveness of the financial reporting and accounting standards and controls of the Company, and elicit any recommendations for the improvement of such internal control procedures or particular areas where new or more detailed controls or procedures are desirable.  Particular emphasis should be given to the adequacy of such internal controls to expose any payments, transactions, or procedures that might be deemed illegal or otherwise improper.   The Committee is also responsible for reviewing the Company’s accounting policy note to ensure completeness and acceptability with GAAP as part of the approval of the financial statements.

 

	
9.

	
Internal Audit Function. Review the applicability of an internal audit function of the Company including the independence and authority of its reporting obligations, the proposed audit plans for the coming year and the coordination of such plans with the auditors.

 

	
10.

	
Pre-approval of Non-audit Services. Be responsible for the pre-approval of all non-audit services to be provided to the Company or its subsidiary entities by the independent auditor.

 

	
11.

	
Review Annual Financial Statements. Review the annual financial statements and MD&A contained in the annual report to shareholders with management and the auditors to determine that the auditors are satisfied with the disclosure and content of the financial statements to be presented to the shareholders. Upon review, recommend the annual financial statements and MD&A for approval by the Board.  Any changes in accounting principles should be reviewed.

 

	
12.

	
Review Interim Financials. Review with management and the CFO the interim financial reports and MD&A and recommend that such reports and MD&A be approved by the Board before they are filed with the OSC, SEC or other regulators.

 

	
13.

	
Risk and Uncertainty.  The Committee is responsible for reviewing, as part of its approval of the financial statements, uncertainty notes and disclosures, and MD&A disclosures.

 

  

70

  

	
14.

	
Press Releases and MD&A. Prior to release, review with management and, where necessary, recommend for approval by the Board any press releases and MD&A that disclose annual or interim financial results or that contain other significant financial information.

 

	
  

	
The Committee is responsible for being satisfied that adequate procedures are in place for the review of the Company’s public disclosure of financial information extracted or derived from the Company’s financial statements, other than the public disclosure referred to in the preceding paragraph, and must periodically assess the adequacy of those procedures.

 

	
15.

	
Review Related Party and Conflicts of Interest. Review with management and the independent auditor significant risks or exposures and assess the steps management has taken to minimize such risk to the Company.  This includes a review of related party transactions and conflict of interest transactions and the public disclosure of such transactions, if required.

 

	
16.

	
Review of Accounting and Financial Disclosure Policies. Provide sufficient opportunity for the auditors to meet with the members of the audit committee without members of management present.  Among the items to be discussed in these meetings are the auditors’ evaluation of the Company’s accounting policies and the clarity of the financial information and disclosure practices adopted by the Company, and the cooperation that the auditors received during the course of the audit.

 

	
17.

	
Audit Resources. Review accounting and financial human resources and succession planning and audit efforts of the Company to assure completeness of coverage, reduction of redundant efforts and the effective use of audit resources.

 

	
18.

	
Committee Minutes. Appoint a secretary to the Committee who need not be a director or officer of the Company and will submit the minutes of all meetings of the audit committee to, or discuss the matters discussed at each committee meeting with, the Board.

 

	
19.

	
Committee Reports. Report the Committee’s actions to the Board, including recommendations that the Committee may deem appropriate.

 

	
20.

	
Review Internal Controls. Be responsible for reviewing the plan and scope of the annual audit with respect to planned reliance and testing of controls, and for reviewing major points contained in the auditor’s management letter resulting from control evaluation and testing.  The Committee is also responsible for receiving reports from management when significant control deviations occur.

 

	
  

	
The Committee will also establish and review the Company’s procedures for the:

 

·         Receipt, retention and treatment of complaints regarding accounting, financial disclosure, internal controls or auditing matters; and

 

·         Confidential, anonymous submission by employees regarding questionable accounting auditing and financial reporting and disclosure matters.

 

	
21.

	
Hiring Policies.  Be responsible for reviewing and approving the Company’s hiring policies regarding partners, employees and former partners and employees of the present and former external auditor of the Company.

 

	
22.

	
Authority to Investigate. Investigate any matter brought to its attention within the scope of its duties, with the power to retain outside counsel, accountants and others for this purpose if, in its judgment, that is appropriate.

 

  

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23.

	
Review of Expense Accounts and Perquisites. Review policies and procedures with respect to expense accounts and perquisites, including their use of Company assets and address the results of any review of these areas with the CFO.

 

	
24.

	
Legal and Regulatory Matters. Review legal and regulatory matters that may have a material impact on the Company’s financial statements and on its compliance policies programs and procedures, including compliance with tax and financial reporting laws and regulations, if and when issues arise.

 

	
25.

	
Committee Letter for Annual Report. Prepare a letter for inclusion in the annual report that describes the Committee’s composition and responsibilities, and how they were discharged.

 

	
26.

	
Other Functions and Powers. The Committee will perform such other functions and exercise such other powers as are assigned by the Company’s charter or bylaws, or the Board or are prescribed from time to time for the audit committee of a reporting company in Parts 2 and 4 of the Instrument and other relevant legislation.

 

 

 

 

 

 

 

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