2012 Cash Bonus Arrangements for Named Executive Officers
This document outlines the 2012 cash bonus plan for the company's named executive officers. Bonuses are based on a percentage of each executive's base salary, with half determined by the company's financial performance and half by individual performance. The chief executive officer's target bonus is 100% of base salary (maximum 200%), while the chief financial officer's target is 75% (maximum 150%). The Compensation Committee may adjust bonus percentages based on company results. The plan sets clear criteria for how bonuses are calculated and awarded.
Exhibit 10.1
Description of 2012 Cash Bonus Arrangements for Named Executive Officers
· Each named executive may receive a cash bonus for 2012 based on a percentage of that executive’s base salary as in effect at the time of the determination of the bonus.
· One half of the bonus percentage will be determined by the Company’s overall financial performance, as measured by the Company’s fully diluted earnings per share for fiscal year 2012.
· One half of the bonus percentage will be determined by the executive’s individual performance, as measured by factors the Compensation Committee may deem appropriate.
· The aggregate target bonus for our chief executive officer will be 100% of his base salary.
· The aggregate maximum bonus for our chief executive officer will be 200% of his base salary.
· The aggregate target bonus for our chief financial officer will be 75% of his base salary.
· The aggregate maximum bonus for our chief financial officer will be 150% of his base salary.
· The overall maximum bonus percentages also may be increased or reduced based on the Company’s financial performance.
