Document:

EX-10.6 Amendment dated June 21, 2007

 

    Exhibit 10.6

 

    AMENDMENT
    TO THE PEDIATRIX MEDICAL GROUP, INC.

    1996 NON-QUALIFIED EMPLOYEE STOCK PURCHASE PLAN

 

    This amendment, made this 21st day of June, 2007 by
    Pediatrix Medical Group, Inc. (hereinafter called the
    “Company”).

 

    WITNESSETH:

 

    WHEREAS, the Company did establish the 1996 Pediatrix Medical
    Group, Inc. Non-Qualified Employee Stock Purchase Plan effective
    as of April 1, 1996, which plan was amended and restated in
    its entirety effective as of October 1, 2006 (as so amended
    and restated, the “Plan”); and

 

    WHEREAS, pursuant to the terms of the Plan, on each Purchase
    Date for each Purchase Period under the Plan, shares of the
    Company’s common stock are to be purchased on the open
    market or from the Company for each Participant with the
    accumulated Participant payroll deductions elected by the
    Participant and made by the Company for the Purchase
    Period; and

 

    WHEREAS the current Purchase Period is the three month period
    ending June 30, 2007 and the Purchase Date for that
    Purchase Period would be the first Business Day after
    June 30, 2007; and

 

    WHEREAS because the Company has not yet filed its Annual Report
    on
    Form 10-K
    for the year ended 2006, the registration statement on
    Form S-8
    pursuant to which shares issued pursuant to the Plan have been
    registered (the
    “Form S-8”)
    is not current and the Company may not issue and sell shares
    thereunder; and

 

    WHEREAS as a result of the foregoing, it is not contemplated
    that shares of the Company’s common stock will be able to
    be purchased pursuant to the Plan on the first Business Day
    after June 30, 2007; and

 

    WHEREAS the Company wants to suspend purchases pursuant to the
    Plan until such time as the
    Form S-8
    for the Plan has been updated in accordance with the
    requirements of the Securities Act of 1933, as amended and the
    rules and regulations of the Securities and Exchange Commission
    thereunder; and

 

    WHEREAS the Company wants to provide participants with various
    options regarding the disposition of the amounts held by the
    Company as a result of payroll deductions for the Purchase
    Period ending June 30, 2007 and any other Purchase Periods
    with respect to which a
    Form S-8
    is not effective on what otherwise would be the Purchase Date
    for that Purchase Period;

 

    NOW THEREFORE, pursuant to Section 17 thereof, the Plan is
    hereby amended, effective as of January 1, 2007, as follows:

 

    1. The definition of Purchase Date is hereby amended to
    read as follows:

 

    “PURCHASE DATE — each March 31,
    June 30, September 30, and December 31, or if
    such date is not a Business Day the first Business Day, after
    the end of each Purchase Period on which it is administratively
    possible to do the purchase; provided however that unless a
    Registration Statement on
    Form S-8
    with respect to the shares of Common Stock to be issued and sold
    under the Plan contains current information in accordance with
    the Securities Act of 1933, as amended, and the rules and
    regulations of the Securities and Exchange Commission thereunder
    as determined by the General Counsel of the Company (a
    “Current
    S-8”)
    on the date that otherwise would be a Purchase Date, no purchase
    shall be made on that date and instead the amounts withheld by
    payroll deduction shall be carried over into the next Purchase
    Period and, if and to the extent not withdrawn pursuant to the
    provisions of this Plan, the Purchase Date for those carried
    over amounts shall be the fifth Business Day immediately
    following the date on which a Current
    S-8
    thereafter is first available.”

 

    2. Section 6 of the Plan is hereby amended by adding
    the following at the end thereof:

 

    “In the event that shares of Common Stock are not purchased
    under the Plan on a Purchase Date because a Current
    S-8 is not
    available on that Purchase Date, then the Company shall permit
    Participants to elect any of the following:

 

    (i) to cease to have any additional payroll deductions made
    until such time as a Current
    S-8 is
    available, but to have any payroll deductions that are not used
    to purchase shares on the Purchase Date because a Current
    S-8 is not
    available on that Purchase Date carried over to the next
    Purchase Period and used to purchase shares on the fifth
    Business Day immediately following the date on which a Current
    S-8
    thereafter is first available;

 

    (ii) to withdraw all payroll deductions and cease future
    payroll deductions until such time as a Current
    S-8 is
    available; or

 

    (iii) to continue to have payroll deductions taken and to
    have any payroll deductions that are not used to purchase shares
    on the Purchase Date because a Current
    S-8 is not
    available on that Purchase Date carried over to the next
    Purchase Period and used to purchase shares on the fifth
    Business Day immediately following the date on which a Current
    S-8
    thereafter is first available.

 

    Notwithstanding anything in the second paragraph of
    Section 9 hereof to the contrary, a Participant who elects
    to cease payroll deductions during a Purchase Period pursuant to
    the foregoing clauses (i) or (ii) shall be eligible to
    participate again in the first Purchase Period that immediately
    follows the one in which he or she ceased deductions
    and/or
    withdrew prior payroll deductions.”

 

    3. In all other respects, the Plan shall remain unchanged
    by this Amendment.

    

    2Exhibit 10.07

 

EXHIBIT 10.07

MARTIN MARIETTA MATERIALS, INC.

AMENDED AND RESTATED EXECUTIVE INCENTIVE PLAN

	I.	 	PURPOSE

The purpose of the Martin Marietta Materials, Inc. Executive Incentive Plan (the “Plan”) is
to enhance profits and overall performance by providing for its key management an additional
inducement for achieving and exceeding Martin Marietta Materials, Inc. (“MMM” or the
“Corporation”) performance objectives. Additionally, the Plan will allow a level of
compensation that is appropriate when compared with compensation levels of other comparable
organizations.

	II.	 	STANDARD OF CONDUCT AND PERFORMANCE EXPECTATION

	 	A.	 	It is expected that the business and individual goals and objectives
established for this Plan will be accomplished in accordance with the Corporation’s
policy on ethical conduct in business. It is a prerequisite before any award can be
considered that a participant will have acted in accordance with the Martin Marietta
Materials, Inc. Code of Ethics and Standards of Conduct and fostered an atmosphere to
encourage all employees acting under the participant’s supervision to perform their
duties in accordance with the highest ethical standards. Ethical behavior is
imperative. Thus, in achieving one’s goals, the individual’s commitment and adherence
to the Corporation’s ethical standards will be considered paramount in determining
awards under this Plan.

	 
	 	B.	 	Plan participants whose individual performance is determined to be less than
acceptable are not eligible to receive incentive awards.

	III.	 	EFFECTIVE DATE

The Plan will become effective each year commencing January 1.

	IV.	 	BASIC PROGRAM ELIGIBILITY

Subject to the discretion of the Chief Executive Officer of the
Corporation, an employee will be eligible to participate in the Plan
for any Plan year in which the employee is classified no later than
July 1 of that year as one of the following:

President 

Vice President

General Manager

Director

Others recommended by a Corporate Officer

A Corporate Officer is any elected officer of the Corporation.

 

 

	V.	 	BASIS FOR AWARDS

Awards will be paid based on the actual base salary paid to each participant during each
Plan year, and will be determined based on the following criteria:

	 	 	 	 	 
	A.	 	                   Responsibility	 	Target Incentive Award
	 	 	                         Level	 	(% of Annual Salary)
	 
	 	       Chief Operating Officer	 	80-100%
	 
	 	 	 	 
	 
	 	       Division Presidents	 	60%-80%
	 
	 	 	 	 
	 
	 	       Designated VPs of major functions	 	60%-80%
	 
	 	       reporting to the Corporation’s President	 	 
	 
	 	       or Chief Executive Officer	 	 
	 
	 	       (Corporate Unit Head)	 	 
	 
	 	 	 	 
	 
	 	       Vice President/General Manager	 	40%-50%
	 
	 	       reporting to a Division President or	 	 
	 
	 	       Corporate Unit Head	 	 
	 
	 	 	 	 
	 
	 	       Designated Directors/General Managers/	 	30%-50%
	 
	 	       Vice Presidents	 	 
	 
	 	 	 	 
	 
	 	       Other Directors/Managers	 	30%-35%

The award percentages noted above may be adjusted up or down subject to the discretion of
the Chief Executive Officer of the Corporation.

	B.	 	Available Award

Total incentive awards will be based on a combination of the performance of MMM, the
Operating Unit (as defined below), the Corporate Unit (as defined below) and the
individual, depending on the position occupied by the participant and other factors
described below. An “Operating Unit” is an operating unit(s) of the Corporation for
which the individual is responsible (for example, one or more segments, divisions,
regions, districts, etc.) as designated by the Chief Executive Officer. A “Corporate
Unit” is a non-operating unit(s) of the Corporation for which the individual is
responsible (for example, one or more of finance, legal, marketing, purchasing, etc.)
as designated by the Chief Executive Officer. The portion of the total award
determined by the performance of MMM, the Operating Unit, the Corporate Unit and the
individual is outlined below.

 

 

	1.	 	Operating Units 

For Division Presidents, participants reporting to Division Presidents, and
participants whose work is primarily related to an Operating Unit, the award
will be based on the following:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Operating Unit	 	Division	 	MMM	 	Individual
	 	 	Performance	 	Performance	 	Performance	 	Performance
	Divisions
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Line Management
	 	 	50	%	 	 	—	 	 	 	25	%	 	 	25	%
	Staff
	 	 	37.5	%	 	 	—	 	 	 	25	%	 	 	37.5	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Areas,
Districts & Regions
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Line Management
	 	 	50	%	 	 	12.5	%	 	 	12.5	%	 	 	25	%
	Staff
	 	 	37.5	%	 	 	12.5	%	 	 	12.5	%	 	 	37.5	%

	2.	 	Corporate Units

For individuals reporting to the Chief Executive Officer who are responsible
for a Corporate Unit and are not in an Operating Unit (“Corporate Unit head”),
participants reporting to a Corporate Unit head, and participants whose work
is primarily related to the Corporation, the award will be based on the
following:

	 	•	 	Fifty percent (50%) of the award will be based on MMM performance, as
defined in Paragraph V.C.1 below.

	 
	 	•	 	Fifty percent (50%) of the award will be based on individual
performance, as defined in Paragraph V.C.2 above.

	3.	 	Combined Responsibilities

For individuals who have responsibilities described in both Paragraphs V.B.1
and V.B.2 above, the award will be based on the following:

	 	•	 	Sixty-five percent (65%) of the award will be based on the performance
of MMM and the Operating Unit(s) which that individual is responsible, as
defined in Paragraph V.C.1 below.

	 
	 	•	 	Thirty-five percent (35%) of the award will be based on individual
performance, as defined in Paragraph V.C.2 below.

 

 

	C.	 	Performance Criteria

	 	1.	 	MMM, Operating Units and Corporate Units 

MMM, Operating Unit and Corporate Unit performance will be measured by profit
contribution, cash flow, sales and production metrics and/or other appropriate
financial performance, return, safety and other factors reflecting the
performance of the Corporation, Operating Unit and Corporate Unit.

The Management Development and Compensation Committee of the Board of
Directors will determine the percentage that was achieved by MMM and the Chief
Executive Officer of the Corporation will determine the percentage that was
achieved by the Operating Units and the Corporate Units, each based on an
assessment of the factors listed above and on a subjective evaluation of the
overall contribution to the Corporation and will apply that percentage to the
portion of the total award that is available for MMM, the Operating Unit(s)
and/or the Corporate Unit(s) as outlined in Paragraph V.B. above.

	 	2.	 	Individual Performance

The portion of the total award based on individual performance, if applicable,
will be based on an assessment of the actual achievement of the individual
relative to quantitative, measurable goals established for the Plan year,
conduct in accordance with the Corporation’s Code of Ethics and Standards of
Conduct and a subjective evaluation of the relative significance of one’s
efforts in respect to its bearing on the overall Corporation, Operating
Unit(s) and/or Corporate Unit(s).

The Chief Executive Officer will determine the percentage that was achieved by
the individual based on an assessment of the factors listed above and on a
subjective evaluation of the overall contribution of the individual, and will
apply that percentage to the portion of the total award that is available for
the individual, as outlined in Paragraph V.B. above.

	D.	 	Discretion of the Chief Executive Officer

Subject to approval by the Management Development and Compensation Committee of the
Board of Directors, the Chief Executive Officer of the Corporation may modify the
percentage of available award for any or all of the MMM, Operating Unit, Corporate
Unit and/or individual awards, based on an assessment of organizational and/or
individual contribution. The participant’s individual performance may impact the
percent of available MMM, Operating Unit and/or Corporate Unit award. The
performance of MMM, the Operating Unit and/or Corporate Unit may impact the percent
of available individual award.

	E.	 	Payment of Awards

Awards under the Plan shall be payable in a lump sum, excluding the amounts, if any,
credited on an elective or non-elective basis to stock units pursuant to the Martin
Marietta Materials, Inc. Incentive Stock Plan, as soon as practicable following the
close of the Plan year.

 

 

	F.	 	Changes in Participation

An employee must be a full-time employee of the Corporation on December 31 of the
Plan Year to be eligible to participate in the Plan. It is recognized that during a
Plan year, individual changes in the eligibility group may occur as participants
change jobs or terminate through death, retirement or other reasons. As these
circumstances occur, the Chief Executive Officer of the Corporation may, in his
discretion, give consideration to recommend the grant of the award under the Plan
and/or to adjust the amount of incentive award paid.

Persons in the eligibility group hired during a Plan year may be eligible for an
award under the Plan in that year at the discretion and approval of the Chief
Executive Officer.

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