Document:

Exhibit 10.8

 

2001
VALMONT EXECUTIVE INCENTIVE PLAN

 

 

        
1. PURPOSE. The principal purpose of the Valmont Industries, Inc. Executive
Incentive Plan (the “Plan”) is to provide incentives to executive officers and
other senior management officers of Valmont (“Valmont”) who have significant
responsibility for the success and growth of Valmont and to assist Valmont in
attracting, motivating and retaining executive officers on a competitive
basis.

 

        
2. ADMINISTRATION OF THE PLAN. The Plan shall be administered by the Compensation
Committee of the Board of Directors (the “Committee”). The Committee shall
have the sole discretion to interpret the Plan; approve a pre-established
objective performance measure or measures annually; certify the level to which
each performance measure was attained prior to any payment under the Plan;
approve the amount of awards made under the Plan; and determine who shall receive
any payment under the Plan.

 

        
The Committee shall have full power and authority to administer and interpret the
Plan and to adopt such rules, regulations and guidelines for the administration
of the Plan and for the conduct of its business as the Committee deems necessary
or advisable. The Committee’s interpretations of the Plan, and all actions
taken and determinations made by the Committee pursuant to the powers vested in
it hereunder, shall be conclusive and binding on all parties concerned,
including Valmont, its stockholders and any person receiving an award under the Plan.

 

        
3. ELIGIBILITY. Executive officers and other senior management officers of
Valmont shall be eligible to receive awards under the Plan. The Committee shall
designate the executive officers and other senior management officers who
will participate in the Plan each year.

 

        
4. AWARDS. The Committee shall establish annual and/or long-term incentive award
targets for participants. If an individual becomes an executive officer or
senior management officer during the year, such individual may be granted eligibility
for an incentive award for that year upon such individual assuming such
position; provided, if such person is a covered employee under Section 162(m)
of the Internal Revenue Code, the eligibility of such person shall be
conditioned on compliance with Section 162(m) for tax deductibility of the award.

 

        
The Committee shall also establish annual and/or long-term performance targets which
must be achieved in order for an award to be earned under the Plan. Such
targets shall be based on earnings, earnings per share, growth in earnings per
share, achievement of annual operating profit plans, return on equity
performance, or similar financial performance measures as may be determined by
the Committee. The specific performance targets for each participant
shall be established in writing by the Committee within ninety days after the
commencement of the fiscal year (or within such other time period as may be required
by Section 162(m) of the Internal Revenue Code) to which the performance
target relates. The performance target shall be established in such a manner than a third party having knowledge
of the relevant facts could determine whether the
performance goal has been met.

 

        
Awards shall be payable following the completion of the applicable fiscal year upon
certification by the Committee that Valmont achieved the specified
performance target established for the participant. Awards may be paid in cash or
common stock. Notwithstanding the attainment by Valmont of the specified
performance targets, the Committee has the discretion, for each participant, to
reduce some or all of an award that would otherwise be paid. However, in no
event may a participant receive an award of more than 400% of such participant’s
base salary under the Plan in any fiscal year; for this purpose, a
participant’s base salary shall be the base salary in effect at the 

 

 

time the Committee
establishes the performance targets for a fiscal year or period.

 

        
5. MISCELLANEOUS PROVISIONS. Valmont shall have the right to deduct from all awards
hereunder paid in cash any federal, state, local or foreign taxes required
by law to be withheld with respect to such awards. Neither the Plan nor any
action taken hereunder shall be construed as giving any employee any right to be
retained in the employ of Valmont. The costs and expenses of administering
the Plan shall be borne by Valmont and shall not be charged to any award or to any
participant receiving an award.

 

        
6. EFFECTIVE DATE, AMENDMENTS AND TERMINATION. The original Plan became effective on
December 19, 1995 and was approved by the stockholders of Valmont in April 1996.
This amended Plan was approved by directors on February 26, 2001 subject to
approval by Valmont stockholders at the 2001 annual meeting of stockholders.
The Committee may at any time terminate or from time to time amend the Plan in
whole or in part, but no such action shall adversely affect any rights or
obligations with respect to any awards previously made under the Plan. However, without
stockholder approval no amendment of the Plan shall be effective which
would increase the maximum amount which can be paid to any one executive
officer under the Plan in any fiscal year, which would change the performance
targets permitted under the Plan for payment of awards, or which would modify the
requirement as to eligibility for participation in the Plan.Exhibit 10.9

 

2006
VALMONT EXECUTIVE INCENTIVE PLAN

 

                1. PURPOSE.  The
principal purpose of the Valmont Industries, Inc. Executive Incentive Plan (the
“Plan”) is to provide incentives to executive officers and other senior
management officers of Valmont Industries, Inc. (“Valmont”) who have
significant responsibility for the success and growth of Valmont and to assist
Valmont in attracting, motivating and retaining executive officers on a
competitive basis.

 

                2. ADMINISTRATION OF THE PLAN.  The Plan shall be administered by the
Compensation Committee of the Board of Directors (the “Committee”).  The Committee shall have the sole discretion
to interpret the Plan; approve a pre-established objective performance measure
or measures annually; certify the level to which each performance measure was
attained prior to any payment under the Plan; approve the amount of awards made
under the Plan; and determine who shall receive any payment under the Plan.

 

                The Committee shall have full power and authority to
administer and interpret the Plan and to adopt such rules, regulations and
guidelines for the administration of the Plan and for the conduct of its
business as the Committee deems necessary or advisable.  The Committee’s interpretations of the Plan,
and all actions taken and determinations made by the Committee pursuant to the
powers vested in it hereunder, shall be conclusive and binding on all parties
concerned, including Valmont, its stockholders and any person receiving an
award under the Plan.

 

                3. ELIGIBILITY. Executive officers and other senior
management officers of Valmont shall be eligible to receive awards under the
Plan.  Such participants include the
Chief Executive Officer, other executive officers and senior management
officers and any persons performing similar duties in the future.  The Committee shall designate the executive
officers and other senior management officers who will participate in the Plan
each year.

 

                4. AWARDS.  The
Committee shall establish annual and/or long-term incentive award targets for
participants.  If an individual becomes
an executive officer or senior management officer during the year, such
individual may be granted eligibility for an incentive award for that year upon
such individual assuming such position; provided, if such person is a covered
employee under Section 162(m) of the Internal Revenue Code, the eligibility of
such person shall be conditioned on compliance with Section 162(m) for tax
deductibility of the award.

 

                The Committee shall establish annual and/or long-term
performance targets which must be achieved in order for an award to be earned
under the Plan.  Such targets shall be
based on stock price, earnings, earnings per share, growth in earnings per
share, total shareholder return, achievement of annual operating profit plans,
operating income performance, return on equity performance, return on capital,
sales growth, expense or working capital targets, margin improvement, or any of
the foregoing before the effect of acquisitions, divestitures, accounting charges,
or other nonrecurring expenses, all as determined by the Committee.  The specific performance targets for each
participant shall be established in writing by the Committee within ninety days
after the commencement of the fiscal year (or within
such other time period as may be required by Section 162(m) of the Internal
Revenue Code) to which the performance target relates.  The performance target shall be established in
such a manner than a third party having knowledge of the relevant facts could
determine whether the performance goal has been met.

 

                Awards shall be payable following the completion of the
applicable fiscal year upon certification by the Committee that Valmont
achieved the specified performance target 

 

 

established for the
participant. Awards may be paid in cash or securities.  Grants or awards of stock options, other
securities or stock appreciation rights shall be based on a stock price that is
not less than current fair market value at the time of grant, and shall be
subject to the restrictions and conditions contained in a Valmont stockholder
approved Stock Plan.  Notwithstanding the
attainment by Valmont of the specified performance targets, the Committee has
the discretion, for each participant, to reduce some or all of an award that
would otherwise be paid.  However, in no
event may a participant receive aggregate compensation with respect to the
Company’s short-term and long-term incentive plans under the Plan in any fiscal
year of more than 400% of such participant’s base salary; for this purpose, a
participant’s base salary shall be the base salary in effect at the time the
Committee establishes the performance targets for a fiscal year or period.

 

                5. MISCELLANEOUS PROVISIONS.  Valmont shall have the right to deduct from
all awards hereunder any federal, state, local or foreign taxes required by law
to be withheld with respect to such awards.  Neither the Plan nor any action taken
hereunder shall be construed as giving any employee any right to be retained in
the employ of Valmont.  The costs and
expenses of administering the Plan shall be borne by Valmont and shall not be
charged to any award or to any participant receiving an award.

 

                6. AMENDMENTS AND TERMINATION.  The Committee may at any time terminate or
from time to time amend the Plan in whole or in part, but no such action shall
adversely affect any rights or obligations with respect to any awards previously
made under the Plan.  However, unless the
stockholders of Valmont shall have first approved thereof, no amendment of the
Plan shall be effective which would increase the maximum amount which can be
paid to any one participant under the Plan in any fiscal year, which would
change the performance targets permissible under the Plan for payment of
awards, or which would modify the requirement as to eligibility for
participation in the Plan.

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