2005 Cash Bonus Plan for Executive Officers of Ceradyne, Inc.
EXHIBIT 10.2
2005 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 2005 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 | 2005 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 | ||
| Earl E. Conabee | Vice President, and Director of Marketing at Thermo Materials | (1) | ||
| Jeff Waldal | Vice President, and President of Semicon Associates Division | 3.0% of Semicon Associates division pre-tax profit | ||
| (1) | Bonus is discretionary |
