2009 Cash Bonus Arrangements for Named Executive Officers
This document outlines the 2009 cash bonus plan for the company's named executive officers. Each executive is eligible for a cash bonus based on a target percentage of their base salary, with the CEO eligible for up to 120% and the CFO up to 100%. Half of the bonus depends on the company's financial performance, specifically fully diluted earnings per share, while the other half is based on individual performance as determined by the Compensation Committee. The maximum bonus percentages may be adjusted depending on the company's financial results.
Exhibit 10.1
Description of 2009 Cash Bonus Arrangements for Named Executive Officers
| · | Each named executive will be entitled to receive a cash bonus for 2009 equal to a target percentage of that executive’s base salary. | ||
|
|
| ||
|
| · | The maximum bonus for our chief executive officer will be 120% of his base salary. | |
|
|
|
| |
|
| · | The maximum bonus for our chief financial officer will be 100% of his base salary. | |
|
|
| ||
| · | One half of the bonus will be based upon the Company’s overall financial performance, as measured by the Company’s fully diluted earnings per share for fiscal year 2009. | ||
|
|
| ||
| · | One half of the bonus will be based upon each executive’s individual performance, as measured by factors the Compensation Committee may deem appropriate. | ||
|
|
| ||
| · | The overall maximum bonus percentages also may be increased or reduced based on the Company’s financial performance. | ||
