Summary of Compensation Arrangements with Executive Officer Carrie L. Majeski for 2010 Fiscal Year
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Summary
This document outlines the compensation arrangements for Carrie L. Majeski, President, CEO, and Principal Financial Officer of Art’s-Way Manufacturing Co., Inc., for the 2010 fiscal year. Ms. Majeski's employment is at-will and not governed by a written contract. She is to receive an annual base salary of $120,000, as approved by the Board, and is eligible for a discretionary cash bonus after the fiscal year ends, based on the company's financial performance and recommendations from the Compensation and Stock Option Committee.
EX-10.8 3 ex10-8.htm EXHIBIT 10.8 Unassociated Document
Exhibit 10.8
Summary of Compensation Arrangements with Executive Officer
2010 Fiscal Year
Carrie L. Majeski currently serves as the President, Chief Executive Officer and Principal Financial Officer of Art’s-Way Manufacturing Co., Inc. (the “Company”). The “at-will” employment relationship between Ms. Majeski and the Company is not currently governed by a written employment agreement. During the 2010 fiscal year, the Company orally agreed to pay Ms. Majeski an annual base salary of $120,000, based on a recommendation by the Compensation and Stock Option Committee that was approved by the Board.
In addition, the Compensation and the Stock Option Committee recommended, and the Board determined, that Ms. Majeski would be eligible for a discretionary cash bonus following fiscal year end, based on an evaluation of the Company’s year-end financial statements, and in accordance with a recommendation by the Compensation and Stock Option Committee.
