2005 Officer and Employee Bonus Plan Established by Board of Directors
This agreement outlines a bonus plan established by the company's board of directors on February 2, 2005. Under this plan, officers and salaried employees are eligible to receive quarterly cash bonuses, with the maximum potential bonus amounts set annually at the board's discretion. Actual bonus payments depend on the board's quarterly review and approval, considering both company and individual performance. The board also sets annual performance goals for each eligible participant. The plan gives the board full discretion over all key decisions related to bonus awards.
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Exhibit 10.12
BONUS PLAN
On February 2, 2005, our board of directors established a bonus plan under which officers and salaried employees will be eligible to receive cash bonuses, payable quarterly, in an amount to be determined by the board of directors. The potential maximum target bonus amounts will be determined annually by the board of directors in its sole discretion. Individual bonuses may be paid quarterly only upon the board of directors' review and approval. In making its quarterly bonus determinations, the board, in its discretion, will consider a number of factors including corporate performance for the most recent quarter, as well as individual performance based on quarterly performance reviews. The goals for each officer and salaried employee will be determined at the board of directors' discretion on an annual basis.
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- Exhibit 10.12
