Michael McNeil 2006 Bonus Plan Description

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the 2006 Bonus Plan for Michael McNeil, linking his bonus compensation to the company's financial performance. The compensation committee will determine Mr. McNeil's bonus, up to $200,000, based on how well the company meets its annual financial goals. The committee may also adjust these goals at year-end to account for the quality of earnings and other relevant factors.

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EX-10.1 2 a5066509ex101.txt EXHIBIT 10.1 Exhibit 10.1 DESCRIPTION OF MICHAEL MCNEIL 2006 BONUS PLAN The Michael McNeil 2006 Bonus Plan is designed to link Mr. McNeil's compensation more directly to the Company's corporate goals and performance. Under the 2006 Bonus Plan, the compensation committee determines the bonus amount for Mr. McNeil based on the Company's attainment of annual financial goals. Mr. McNeil is eligible to receive up to $200,000 based on the Company's actual earnings relative to the financial goals established. The compensation committee may adjust the earnings goals at the end of the year to address the "quality" of the earnings and other environmental factors that may have contributed positively or negatively to the Company's actual earnings.