American Consumers, Inc. 2007 Executive Officer Cash Bonus Plan Board Approval Summary
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Summary
American Consumers, Inc.'s Board of Directors approved a Cash Bonus Plan for its executive officers for the fiscal year ending May 2007. Under this plan, executive officers may receive a discretionary cash bonus based on a fixed percentage of the company's pre-tax net income, with specific percentages set for each officer. The final bonus amounts will be determined by the Compensation Committee. No bonuses were paid for the previous year due to a net loss.
EX-10.2 3 ex10_2.txt EXHIBIT 10.2 EXHIBIT 10.2 NARRATIVE SUMMARY OF BOARD ACTION ESTABLISHING ---------------------------------------------- CASH BONUS PLAN FOR FISCAL 2007 ------------------------------- On August 15, 2006, the Board of Directors of American Consumers, Inc. (the "Company"), acting upon the recommendation of the Board's Compensation Committee, established the Cash Bonus Plan applicable to the Company's executive officers with respect to Company performance during the fiscal year ending in May 2007. During fiscal 2007, the Company's executive officers will be eligible to receive a discretionary cash bonus equal to a fixed percentage of the Company's net income before taxes for such year. Such action included establishment of the following potential bonus percentages for those executive officers who serve as directors of the Company (Mr. Richardson also qualifies as a "named executive officer" pursuant to Item 402(a)(3) of Securities and Exchange Commission Regulation S-K):
These potential bonus percentages remained unchanged from fiscal year 2006 levels. The amount of any bonus ultimately paid will be determined in the discretion of the Compensation Committee. No bonuses were paid for fiscal 2006 due to the Company's net loss for the year.
