Summary of Management Incentive Plan
This document outlines the company's Management Incentive Plan, which sets financial performance targets and corresponding bonus opportunities for many employees each year. After the year ends, employees may receive cash bonuses ranging from 0% to over 100% of their targeted bonus, depending on how well the company meets its financial goals. The plan is established annually during the budgeting process.
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EXHIBIT 10(11)
SUMMARY OF MANAGEMENT INCENTIVE PLAN
In the first quarter of each year, in connection with the budgeting process, the Company establishes financial performance targets and a related targeted bonus for many of its employees. Under the Management Incentive Plan, cash bonuses become payable to these employees after the end of the year and may vary from 0% to 100% or more of the employee's targeted bonus based on the extent to which the financial performance targets are met.
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