American Consumers, Inc. Executive Officer Cash Bonus Plan for Fiscal 2008

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

American Consumers, Inc. has established a Cash Bonus Plan for fiscal year 2008 for its named executive officers, Michael A. Richardson and Paul R. Cook. Under this plan, these officers are eligible for discretionary cash bonuses based on a fixed percentage of the company's pre-tax income—6% for Mr. Richardson and 4% for Mr. Cook. The final bonus amounts are determined at the discretion of the Compensation Committee. The plan continues the same bonus percentages as the previous year.

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EX-10.26 11 ex10_26.txt EXHIBIT 10.26 EXHIBIT 10.26 NARRATIVE SUMMARY OF AMERICAN CONSUMERS, INC. --------------------------------------------- EXECUTIVE OFFICER CASH BONUS PLAN FOR FISCAL 2008 ------------------------------------------------- The following is a description of the Cash Bonus Plan applicable to the fiscal year ending in May 2008 for those executive officers of American Consumers, Inc. (the "Company") who qualify as "named executive officers" pursuant to Item 402(a)(3) of Securities and Exchange Commission Regulation S-K. The Board of Directors of the Company, acting upon the recommendation of the Board's Compensation Committee, has elected to leave these potential bonus percentages unchanged from the potential bonus percentages established for these officers for the Company's 2007 fiscal year. During fiscal 2008, the following named executive officers of the Company will be eligible to receive a discretionary cash bonus equal to the fixed percentage of the Company's net income before taxes for such year set forth below for each such officer:
POTENTIAL BONUS AS A NAME: TITLE: PERCENTAGE OF PRE-TAX INCOME: - ---------------------- ----------------------------------- ------------------------------ Michael A. Richardson Chairman of the Board, President 6% and Chief Executive Officer Paul R. Cook Executive Vice President, Treasurer 4% and Chief Financial Officer
The amount of any bonus ultimately paid will be determined in the discretion of the Compensation Committee. As reported in the Company's proxy statement for its 2007 Annual Meeting of Shareholders, such officers were paid bonuses in the following amounts with respect the Company's performance in fiscal 2007: Mr. Richardson - $7,219 and Mr. Cook - $4,813.