Supplemental Bonus Arrangement for Executive Officers and Division Manager (July 28, 2006)
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Summary
The Board of Directors approved a supplemental bonus plan for certain executive officers and a division manager. Don T. Scartz, Executive Vice President and CFO, may receive a $20,000 bonus, while two other executive officers and the General Manager of the Defense & Space Systems division may each receive $12,000. These bonuses are contingent on the company or division exceeding internal operating income forecasts for the remainder of 2006 by a significant amount, as determined by the Board.
EX-10.4 5 g03651exv10w4.htm EX-10.4 DESCRIPTION OF SUPPLEMENTAL BONUS ARRANGEMENT EX-10.4 DESCRIPTION/SUPPLEMENTAL BONUS ARRANGEMENT
EXHIBIT 10.4
Description of Supplemental Bonus Arrangements
Adopted July 28, 2006
Adopted July 28, 2006
On July 28, 2006, the Registrant’s Board of Directors, acting pursuant to the recommendation of its Compensation Committee, approved potential incentive compensation of $20,000 to Don T. Scartz, Executive Vice President and Chief Financial Officer, and $12,000 to each of two other executive officers, in each case payable if the Registrant’s operating income for the balance of 2006 exceeds management’s then-current internal forecasts by a specified amount believed by the Board to be significant. The Board similarly approved potential incentive compensation of $12,000 to the General Manager of the Defense & Space Systems division, payable if that division’s operating income for the balance of 2006 exceeds management’s current internal forecasts by a specified amount believed by the Board to be significant.
