2010 Cash Bonus Arrangements for Named Executive Officers
This document outlines the 2010 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 and maximum bonuses are set at 100% and 200% of base salary, respectively, while the chief financial officer's are 65% and 130%. The Compensation Committee has discretion over individual performance factors, and overall bonus percentages may be adjusted based on company results.
Exhibit 10.1
Description of 2010 Cash Bonus Arrangements for Named Executive Officers
· Each named executive may receive a cash bonus for 2010 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 2010.
· 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 65% of his base salary.
· The aggregate maximum bonus for our chief financial officer will be 130% of his base salary.
· The overall maximum bonus percentages also may be increased or reduced based on the Company’s financial performance.
