2006 Executive Bonus Plan Description for CEO and Executive Officers
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Bonus & Incentive Agreements
Summary
This agreement outlines the 2006 Executive Bonus Plan for the Chief Executive Officer and other executive officers. The plan establishes a bonus pool based on the company's net income performance compared to 2005. If net income increases by at least 7.3% over 2005, the CEO receives a bonus starting at 20% of base salary, and other executives receive 10%. Bonuses increase proportionally, reaching a maximum of 100% of base salary for the CEO and 50% for other executives if net income rises by 31.6% or more over 2005.
EX-10.2 3 ex_10-2.htm Unassociated Document
Exhibit 10.2
Description of 2006 Executive Bonus Plan
Establish a bonus pool with target cash payouts for the Chief Executive Officer and other executive officers. The key performance measure for the plan is net income. Under the Plan, incentive awards will begin at an increase from 2005’s earnings of 7.3%, where payouts would begin at 20% of base salary for the Chief Executive Officer, and 10% of a base salary for other Executive Officers. Payouts under the plan would increase on a pro-rata basis to 100% of base salary for the Chief Executive Officer and 50% of base salary for other Executive Officers upon attainment of an earnings increase over 2005 of 31.6%.
