Fresh Choice, Inc. 2003 Home Office Incentive Plan
Fresh Choice, Inc. established this 2003 incentive plan to reward eligible Home Office officers and department managers for helping the company reach its year-end profit goals. To qualify, participants must be employed as of December 30, 2002, or be hired later with pro-rated eligibility, and must remain employed through the final calculation date. Incentive pay is based on a percentage of base salary and company performance, and is only paid if the company achieves more than 80% of its financial plan. Fresh Choice may change or end the plan at any time.
Exhibit 10.60
FRESH CHOICE, INC.
2003 HOME OFFICE INCENTIVE PLAN
Purpose: To reward Home Office management for accomplishments resulting in targeted year-end profit for the Company.
Eligibility: Officers and Department Managers designated as Directors of the Company who are actively employed by Fresh Choice on December 30, 2002. Those hired after December 30, 2002 may participate at a pro-rated amount unless other arrangements have been made. Participants must be employed by Fresh Choice on the date final incentive pay calculations are completed; incentive pay is not earned until that date. Participants are only eligible to receive incentive pay if the Company achieves more than 80% of Plan. 2003 targets include the expense of this program.
Plan Year: The plan begins on December 30, 2002 and ends on December 28, 2003.
Incentive Pay Available: The incentive pay available is a percentage of the participant’s base salary as of December 30, 2002 at Plan plus 20% of before tax earnings above plan. The pool is allocated among the designated participants based on a predetermined percentage amount. Actual bonus paid is interpolated according to actual results.
Distribution of Incentive Pay: Incentive pay will be paid as soon as practical after year end financials are audited and provided that the Company met or exceeded defined levels of performance.
Plan Intent: Fresh Choice intends to maintain the plan under the terms listed above. However, Fresh Choice reserves the right to modify or terminate the plan at any time.
