2012 Incentive Compensation Plan for Employees and Executive Officers
The company has established an incentive compensation plan for the fiscal year ending August 25, 2012, covering all employees, including executive officers. The total cash incentive pool is determined by the company's operating income for the year, before any incentive accruals. The Compensation Committee of the Board of Directors will decide the final amounts distributed, with payments expected in November 2012 after the company's financial statements are audited. Executive officers may receive up to 100% (CEO) or 80% (other officers) of their base salary as a maximum incentive payment.
EXHIBIT 10.1
Incentive Compensation Plan
On June 14, 2012, the Company adopted a compensation plan for the fiscal year ending August 25, 2012 that provides for an aggregate amount of incentive cash compensation to be available for distribution to employees of the Company, including its executive officers. The aggregate amount distributable under such plan will be based on the Company’s operating income, prior to any incentive plan accrual, for fiscal year ending August 25, 2012. Amounts ultimately paid under the plan to employees, including executive officers, would be at the discretion of the Compensation Committee of the Board of Directors (the “Committee”). The Committee’s determination and payment of any amounts under the plan likely would be made in November 2012, in connection with the completion of the audited financial statements of the Company. The maximum amounts that could be paid to any executive officer under the plan has been set as a percentage of such officer’s base salary for the 2012 fiscal year. For the Chief Executive Officer that percentage is 100% of base salary and for each of the other executive officers that percentage is 80% of base salary.
