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News Release by KING PHARMACEUTICALS ($KG) - Executive Management Incentive Awards program

On January 18, 2011, the Compensation and Human Resources Committee (the "Committee") of the Board of Directors of King Pharmaceuticals, Inc. ("King") undertook its annual review of, and approved, the performance goals for King's Executive Management Incentive Awards program (the "2011 EMIA"), which defines the parameters under which certain executives of King will be eligible to receive cash awards for achievement of certain accomplishments during 2011. Under the 2011 EMIA, adopted pursuant to the King Pharmaceuticals, Inc. Incentive Plan, awards to executive officers (as defined by the Securities Exchange Act of 1934 and referred to in this document as "Executive Officers") and other participating executives will be based upon achievement of a financial objective (the "Financial Objective"). Under the terms of the 2011 EMIA, the Committee has established and approved the Financial Objective and must approve any amendments to that objective. Potential EMIA awards for Executive Officers are based upon a prospective financial goal, the accomplishment of which is substantially uncertain at the time of its establishment. Payment of any 2011 EMIA award is contingent upon the Committee's determination that the Financial Objective has been met, and at what achievement level that objective has been met. In addition, in order to receive a 2011 EMIA award, the EMIA Participant must, except for certain circumstances, continue to be employed by King on December 31, 2011. The Committee, in its discretion, may reduce or eliminate any EMIA award if it determines such action to be in the best interests of King. The Committee may also amend or terminate the 2011 EMIA program.

Tags: Executive Incentive Program
2 total votes | Comments (0) | Created by steve on 2011-01-25 - Login to vote or comment!

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