SEC Contract Filing

Filing Date: 2024-03-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>3
<FILENAME>dt2023q410kex1011.htm
<DESCRIPTION>EX-10.11
<TEXT>
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<title>Document</title></head><body><div id="i78ee4ca93eeb4fcdbb56d2d0dba88f96_35"></div><div style="min-height:54pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit 10.11</font></div></div><div style="text-align:center"><img alt="daveylogo.jpg" src="daveylogo.jpg" style="height:55px;margin-bottom:5pt;vertical-align:text-bottom;width:182px"></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:700;line-height:112%">MANAGEMENT INCENTIVE COMPENSATION PLAN</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:700;line-height:112%">Effective January 1, 2013</font></div><div style="margin-bottom:9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:700;line-height:120%">I. PURPOSE</font></div><div style="margin-bottom:9pt;padding-left:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">To provide an incentive to senior and operations management to achieve corporate performance that is superior to Davey&#8217;s peer group of service companies. Performance criteria shall be established, that can be reviewed and adjusted annually, that will reward the company&#8217;s stakeholders, but that will not compromise long-term decision-making.</font></div><div style="margin-bottom:9pt;padding-left:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">To reward managers who are not directly involved in service-line activities, but who are significantly important to the success of the Company.</font></div><div style="margin-bottom:9pt;padding-left:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Bonuses are paid on or before March 15 of each year.</font></div><div style="margin-bottom:9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:700;line-height:120%">II. PHILOSOPHY</font></div><div style="margin-bottom:9pt;padding-left:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Incentive compensation should comprise approx. 50% of management&#8217;s base compensation (i.e. 66%&#47;33%) when the company is performing well. The range, however, should vary from 0% to 100%.</font></div><div style="margin-bottom:9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:700;line-height:120%">III. PARTICIPANTS</font></div><div style="margin-bottom:9pt;padding-left:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Officers, operations General Managers (&#8220;GM&#8217;s&#8221;), operations Vice Presidents (&#8220;VP&#8217;s&#8221;), all key non service-line managers who are significantly important to the success of the operating groups, and other select participants at the discretion of the Chief Executive Officer (&#8220;CEO&#8221;).</font></div><div style="margin-bottom:9pt;padding-left:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Operations GM&#8217;s and VP&#8217;s will receive one-half of their award from the corporate calculation and one-half of their award from their service-line calculation.</font></div><div style="margin-bottom:9pt;padding-left:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Participants must be active employees at the date the bonus is paid to receive the bonus unless advance approval is granted by senior management. If a participant is not active on the date the bonus is to be paid their calculated amount will be added back to the total bonus pool for allocation to active participants.</font></div><div style="margin-bottom:9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:700;line-height:120%">IV. AWARDS CALCULATION</font></div><div style="margin-bottom:9pt;padding-left:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">A. Target OP %</font></div><div style="margin-bottom:9pt;padding-left:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Each year, a &#8220;Target&#8221; operating profit percentage (&#8220;OP %&#8221;) and a &#8220;Target&#8221; operating profit (&#8220;OP $&#8221;) amount will be recommended by the CEO and the Compensation Committee, and approved by the Board of Directors. The target OP % may or may not be the OP % in the annual plan.</font></div><div style="margin-bottom:9pt;padding-left:18pt"><font><br></font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Revised&#58; 12&#47;07&#47;2023</font></div><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Page 1</font></div></div></div><hr style="page-break-after:always"><div style="min-height:54pt;width:100%"><div style="margin-bottom:21pt;text-align:right"><font><br></font></div></div><div style="margin-bottom:9pt;padding-left:18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">B. Award Pool</font></div><div style="margin-bottom:9pt;padding-left:36pt"