Bonus Arrangement for Executive Vice-President and Chief Operating Officer of Fastenal Company
Fastenal Company has an individual bonus arrangement for its Executive Vice-President and Chief Operating Officer. The bonus is paid quarterly and is determined by how much the company's consolidated net sales and pre-tax income for the quarter exceed those of the same quarter in the previous year. This arrangement directly ties the executive's bonus to the company's financial performance compared to the prior year.
Exhibit 10.3
Bonus Arrangement for Executive Vice-President and Chief Operating Officer
Fastenal Company’s Executive Vice-President and Chief Operating Officer is paid a bonus under an individual bonus arrangement. Under this arrangement, the bonus for any quarter is calculated based on the amounts by which the Company’s consolidated net sales and consolidated pre-tax income for such quarter exceeds, respectively, the Company’s consolidated net sales and consolidated pre-tax income for the same quarter in the prior year.
