2006 Cash Bonus Plan for Executive Officers of
EXHIBIT 10.2
2006 Cash Bonus Plan for
Executive Officers of
Ceradyne, Inc.
Executive Officers of Ceradyne, Inc. are entitled to receive a cash bonus for services rendered during 2006 based on a percentage of pre-tax profits as set forth in the following table, except as otherwise noted. Bonuses are calculated on a calendar quarter basis and are paid following completion of the quarter provided that the executive is still employed by the Company as of the date of payment. If there is a pre-tax loss in one quarter, that loss will be subtracted from the pre-tax profit in the subsequent quarter when calculating the bonus earned for the subsequent quarter. In no event will the bonus payable to any executive officer exceed 150% of such officer’s annual base salary.
| Name | Title | 2006 Bonus | ||
| Joel P. Moskowitz | Chairman of the Board, Chief Executive Officer and President | 1.0% of consolidated pre-tax profit | ||
| David P. Reed | Vice President, and President of North American Operations | 1.0% of North American pre-tax profit | ||
| Jerrold J. Pellizzon | Chief Financial Officer, Chief Administrative Officer and Corporate Secretary | 0.5% of consolidated pre-tax profit | ||
| Bruce Lockhart | Vice President, and President of Thermo Materials Division | 1.0% of Thermo Materials division pre-tax profit | ||
| Jeffrey J. Waldal | Vice President, and President of Semicon Associates Division | 3.0% of Semicon Associates division pre-tax profit | ||
| Marc A. King | Vice President of Armor Operations | Director level Advanced Ceramics Operations division bonus | ||
| Michael A. Kraft | Vice President of Sales, Marketing and Business Development | 0.2% of consolidated pre-tax profit | ||
| Alvin Gerk | Vice President Operations | Director level Advanced Ceramics Operations division bonus | ||
