Document:

exv10w1

 

Exhibit
10.1

Fisher Communications, Inc. Management Short Term Incentive Plan FINAL-2008

Purpose

The purpose of the Management Short Term Incentive Plan (the Plan) is to reward performance by
focusing Fisher Communications key management employees on setting high standards and achieving
performance goals.

Administration
of the Plan

The Compensation Committee of the Board of Directors of Fisher Communications (the Committee) will
approve final disposition of all matters pertaining to the administration of the Plan. The
Committee’s decisions affecting the construction of the Plan will be final and binding on all
parties.

The President and Chief Executive Officer (CEO) of Fisher Communications, on behalf of the
Committee, has the responsibility to administer the Plan. The CEO will review goals for all plan
participants. The Committee will review and approve Company financial goals, individual goals and
final performance results and payouts.

Responsibilities for actions taken under the Plan and associated time frames are:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Finance and	 	 
	Responsibilities	 	CEO	 	Participant	 	Administration	 	Committee
	Goal setting for upcoming year
(Company financial and
individual)

	 	December-January
	 	December-January
	 	October-December	 	 
	 
	 	 	 	 	 	 	 	 
	Goal approval for upcoming year

	 	 	 	 	 	 	 	March
	 
	 	 	 	 	 	 	 	 
	Evaluation of performance
results at the end of the Plan
period

	 	January-February
	 	 	 	January-February	 	 
	 
	 	 	 	 	 	 	 	 
	Calculation of payouts

	 	March
	 	 	 	March	 	 
	 
	 	 	 	 	 	 	 	 
	Approval of payouts for
previous year

	 	 	 	 	 	 	 	March meeting
	 
	 	 	 	 	 	 	 	 
	Communication of payouts

	 	March	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Payouts to participants

	 	 	 	March	 	 	 	 

	 	 	 
	Page 1 of 4

	 	March 2008

 

 

Fisher Communications, Inc. Management Short Term Incentive Plan FINAL-2008

Plan Period

The plan period is defined as January 1 through December 31.

Plan Participants

Participants in the Plan will be corporate officers and other key management employees approved by
the Committee that are responsible for directing and performing functions that have significant
impact on Fisher Communications’ performance. At the current time they are:

	 	 	 	 	 
	 

	 	n
	 	President/CEO
	 

	 	n
	 	Sr. VP/CFO/Corporate Secretary
	 

	 	n
	 	Sr. VP (2)
	 

	 	n
	 	VP/Finance
	 

	 	n
	 	VP/Engineering
	 

	 	n
	 	VP/Human Resources
	 

	 	n
	 	VP/Special Projects
	 

	 	n
	 	VP/Market Development

Newly hired employees who are added as participants to the Plan during the year may receive
prorated incentive awards as recommended by the CEO and approved by the Committee.

Plan Performance Measures and Weights

	 	 	Performance measures are established before the start of the Plan period.

Performance measures for all of the above employees will consist entirely of Company Financial
Performance based on Net Income (which may be adjusted for certain circumstances by the
Compensation Committee). Please refer to Matrix A.

Award Schedule

At the beginning of the Plan year, a performance/payout schedule will be developed that specifies
threshold, target, and maximum Company financial performance levels and the corresponding
percentage of the target award that would be earned for each performance level.

	 	 	 
	Page 2 of 4

	 	March 2008

 

 

Fisher Communications, Inc. Management Short Term Incentive Plan FINAL-2008

Target Incentive Awards

Target incentive awards are expressed as a percentage of base salary and vary by position level and
accountabilities.

Payment of Awards

A participant’s payout is calculated as follows:

	 	 	 
	n

	 	Confirm target opportunity as % of base salary
	n

	 	Assess level of Company financial performance versus target performance
	n

	 	Determine payout as a percent of target for Company financial results

Termination

Retirement or Disability — In the event of termination of employment through retirement or as a
result of total disability as defined in Fisher Broadcasting benefit plans, the award will be
prorated for the number of months of the year completed prior to termination. The award is
contingent upon actual performance against goals during the months served. The award will be paid
out at the normal payout date or earlier, at the discretion of the Committee.

Death — If the participant dies, any unpaid awards will be paid to his or her estate in one lump
sum. The amount of the award will be prorated for the number of months of the year completed prior
to the participant’s death. The award is contingent upon actual performance against goals during
the months served. The award will be paid out at the normal payout date or earlier, at the
discretion of the Committee.

Termination for Reasons Other Than Retirement, Disability or Death — In the event of termination of
employment for any other reason, the participant will not be entitled to any incentive compensation
for the Plan period subsequent to termination, unless otherwise approved by the Committee.

Amendment or Termination of the Plan — The Committee may terminate, amend or modify this Plan at
any time.

Other Considerations

Right of Assignment — No right or interest in the Plan is assignable or transferable, or subject to
any lien, directly, by operation of law, or otherwise, including levy, garnishment, attachment,
pledge, or bankruptcy.

Right of Employment — Participation under this Plan does not guarantee any right to continued
employment; management reserves the right to dismiss participants. Participation in any one Plan
period does not guarantee the participant the right to participation in any subsequent Plan period.

	 	 	 
	Page 3 of 4

	 	March 2008

 

 

Fisher Communications, Inc. Management Short Term Incentive Plan FINAL-2008

     Withholding for Taxes — Fisher Broadcasting has the right to deduct from all awards under this Plan
any taxes required by law to be withheld with respect to such payments.

Matrix A

	 	 	 
	Corporate Performance	 	 
	(Net Income)	 	 
	as % of target	 	Payout as % target
	110%
	 	200%
	109%
	 	180%
	108%
	 	160%
	107%
	 	150%
	106%
	 	140%
	105%
	 	130%
	104%
	 	120%
	103%
	 	115%
	102%
	 	110%
	101%
	 	105%
	100%
	 	100%
	99%
	 	93%
	98%
	 	75%
	97%
	 	67%
	96%
	 	57%
	<96%
	 	0%

	 	 	 
	Page 4 of 4

	 	March 2008exv10w2

 

Exhibit 10.2

Target Bonuses for Named Executive Officers under

Fisher Communications, Inc. Management Short-Term Incentive Plan

	 	 	 	 	 
	 	 	Target Bonus as a Percentage of
	Name and Title	 	Base Salary
	Colleen B. Brown
	 	 	50	%
	President and Chief Executive Officer
	 	 	 	 
	 
	 	 	 	 
	S. Mae Fujita Numata (1)
	 	 	45	%
	Former Senior Vice President, Chief Financial
Officer and Corporate Secretary
	 	 	 	 
	 
	 	 	 	 
	Jodi A. Colligan
	 	 	25	%
	Vice President Finance and Chief Accounting Officer
	 	 	 	 
	 
	 	 	 	 
	Robert I. Dunlop
	 	 	45	%
	Senior Vice President
	 	 	 	 
	 
	 	 	 	 
	Joseph L. Lovejoy
	 	 	45	%
	Senior Vice President and Acting Chief Financial
Officer
	 	 	 	 

 

			
	(1)	 	Ms. Numata is not entitled to the target bonus due to her resignation from her position as
Senior Vice President, Chief Financial Officer and Corporate Secretary of Fisher Communications,
Inc. on April 1, 2008.exv10w1

 

Exhibit 10.1

WESTMORELAND COAL COMPANY

Incentive Stock Option Agreement

Granted under the 2007 Equity Incentive Plan for Employees and Non-Employee Directors

1. Grant of Option.

     This agreement evidences the grant by Westmoreland Coal Company, a Delaware corporation (the
“Company”), on                     , 2008 (the “Grant Date”) to
                    , a[n] [employee][officer] of the Company (the “Participant”), of
an option to purchase, in whole or in part, on the terms provided herein and in the Company’s 2007
Equity Incentive Plan for Employees and Non-Employee Directors (the “Plan”), a total of
                    
shares (the “Shares”) of common stock, $2.50 par value per
share, of the Company (“Common Stock”) at $                    per Share. Unless earlier
terminated, this option shall expire at 5:00 p.m., Eastern time, on                      (the “Final
Exercise Date”).

     It is intended that the option evidenced by this agreement shall be an incentive stock option
as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any regulations
promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the
term “Participant”, as used in this option, shall be deemed to include any person who acquires the
right to exercise this option validly under its terms.

2. Vesting Schedule.

     This option will become exercisable (“vest”) as to                     % of the original
number of Shares on the [first anniversary] of the Grant Date and as to an additional
                    % of the original number of Shares at the end of each successive                      period following the
[first anniversary] of the Grant Date until the                      anniversary of the Grant Date.

     The right of exercise shall be cumulative so that to the extent the option is not exercised in
any period to the maximum extent permissible it shall continue to be exercisable, in whole or in
part, with respect to all Shares for which it is vested until the earlier of the Final Exercise
Date or the termination of this option under Section 3 hereof or the Plan.

3. Exercise of Option.

     (a) Form of Exercise. Each election to exercise this option shall be in writing,
signed by the Participant, and received by the Company at its principal office, accompanied by this
agreement, and payment in full in the manner provided in the Plan. The Participant may purchase
less than the number of shares covered hereby, provided that no partial exercise of this option may
be for any fractional share.

     (b) Continuous Relationship with the Company Required. Except as otherwise provided
in this Section 3, this option may not be exercised unless the Participant, at the time he
or she exercises this option, is, and has been at all times since the Grant Date, an employee or
officer of, or consultant or advisor to, the Company or any parent or subsidiary of the Company as
defined in Section 424(e) or (f) of the Code (an “Eligible Participant”).

 

 

     (c) Termination of Relationship with the Company. If the Participant ceases to be an
Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e) below, the
right to exercise this option shall terminate 181 days after such cessation (but in no event after
the Final Exercise Date), provided that this option shall be exercisable only to
the extent that the Participant was entitled to exercise this option on the date of such cessation.
Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the
non-competition or confidentiality provisions of any employment contract, confidentiality and
nondisclosure agreement or other agreement between the Participant and the Company, the right to
exercise this option shall terminate immediately upon written notice to the Participant from the
Company describing such violation.

     (d) Exercise Period Upon Death or Disability. If the Participant dies or becomes
disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date
while he or she is an Eligible Participant and the Company has not terminated such relationship for
“cause” as specified in paragraph (e) below, this option shall be exercisable, within the period of
one year following the date of death or disability of the Participant, by the Participant (or in
the case of death by an authorized transferee), provided that this option shall be
exercisable only to the extent that this option was exercisable by the Participant on the date of
his or her death or disability, and further provided that this option shall not be exercisable
after the Final Exercise Date.

     (e) Termination for Cause. If, prior to the Final Exercise Date, the Participant’s
employment is terminated by the Company for Cause (as defined below), the right to exercise this
option shall terminate immediately upon the effective date of such termination of employment. If,
prior to the Final Exercise Date, the Participant is given notice by the Company of the termination
of his or her employment by the Company for Cause, and the effective date of such employment
termination is subsequent to the date of delivery of such notice, the right to exercise this option
shall be suspended from the time of the delivery of such notice until the earlier of (i) such time
as it is determined or otherwise agreed that the Participant’s employment shall not be terminated
for Cause as provided in such notice or (ii) the effective date of such termination of employment
(in which case the right to exercise this option shall, pursuant to the preceding sentence,
terminate upon the effective date of such termination of employment). If the Participant is party
to an employment or severance agreement with the Company that contains a definition of “cause” for
termination of employment, “Cause” shall have the meaning ascribed to such term in such
agreement. Otherwise, “Cause” shall mean willful misconduct by the Participant or willful
failure by the Participant to perform his or her responsibilities to the Company (including,
without limitation, breach by the Participant of any provision of any employment, consulting,
advisory, nondisclosure, non-competition or other similar agreement between the Participant and the
Company), as determined by the Company, which determination shall be conclusive. The Participant
shall be considered to have been discharged for Cause if the Company determines, within 30 days
after the Participant’s resignation, that discharge for cause was warranted.

4. Tax Matters.

     (a) Withholding. No Shares will be issued pursuant to the exercise of this option
unless and until the Participant pays to the Company, or makes provision satisfactory to the
Company for payment of, any federal, state or local withholding taxes required by law to be
withheld in respect of this option.

2

 

     (b) Disqualifying Disposition. If the Participant disposes of Shares acquired upon
exercise of this option within two years from the Grant Date or one year after such Shares were
acquired pursuant to exercise of this option, the Participant shall notify the Company in writing
of such disposition.

5. Nontransferability of Option.

     This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the
Participant, either voluntarily or by operation of law, except by will or the laws of descent and
distribution, and, during the lifetime of the Participant, this option shall be exercisable only by
the Participant.

6. Provisions of the Plan.

     This option is subject to the provisions of the Plan (including the provisions relating to
amendments to the Plan), a copy of which is furnished to the Participant with this option.

     IN WITNESS WHEREOF, the Company has caused this option to be executed under its corporate seal
by its duly authorized officer. This option shall take effect as a sealed instrument.

	 	 	 	 	 
	 	WESTMORELAND COAL COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

3

 

PARTICIPANT’S ACCEPTANCE

     The undersigned hereby accepts the foregoing option and agrees to the terms and conditions
thereof. The undersigned hereby acknowledges receipt of a copy of the Company’s 2007 Equity
Incentive Plan for Employees and Non-Employee Directors.

	 	 	 	 	 	 	 
	 	 	PARTICIPANT:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

4

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