2006 Executive Officer Bonus Plan Agreement for Executive Officers
This agreement outlines the 2006 bonus plan for executive officers, including the President & CEO, Executive Vice President, and Senior Vice Presidents. Bonuses are based on performance metrics set by the Board of Directors, with payouts increasing linearly up to a maximum of 200% of the target bonus. The Compensation Committee has discretion to adjust actual payments based on company and individual performance. Bonuses will be accrued and paid at year-end, and a 2% 401(k) match is included.
Exhibit 10.76
2006 EXECUTIVE OFFICER BONUS PLAN
The proposed bonus plan covers executive officers.
The basis for the bonus plan is the XXXXXXX per the plan presented to the Board of Directors on Nov. 10, 2005 (the 2006 Plan). The payout will be linear up to XXX% of the XXXXXXXXXXXXXXX in the 2006 Plan, so XXX% of the bonus plan will be paid at XXX% of the XXXXXXXXXXXXXXX in the 2006 plan. From XXX% of the XXXXXXXXXXXXXXX in the 2006 Plan up to XXX% of the XXXXXXXXXXXXXXX in the plan, the payout will increase linearly from 100% of the bonus plan to 200% of the bonus plan. The plan is capped at 200%. The actual bonus payments under such awards may, at the discretion of the Compensation Committee, be less than or greater than the target amounts, depending on the Corporation’s business performance, and performance of individuals, regardless of whether the goals upon which such bonuses are based are achieved.
The distribution for the proposed bonus plan is contained in the Table below.
| Title |
| Name |
| 2006 Base |
| 2006 Bonus |
|
| Pres. & CEO |
| Ofer Gneezy |
| 208,000 |
| 400,000 |
|
| Exec. Vice President |
| Gordon VanderBrug |
| 187,000 |
| 360,000 |
|
| SVP Finance & CFO |
| Richard Tennant |
| 185,000 |
| 200,000 |
|
| SVP Engr. & Operations |
| Paul Floyd |
| 185,000 |
| 200,000 |
|
| SVP, Retail |
| Tim Enright |
| 180,000 |
| 90,000 |
|
| SVP, Worldwide Sales |
| Dan Powdermaker |
| 154,500 |
| 81,000 |
|
These bonuses will be accrued XXXXX. It will be paid at the end of the year. The 2006 Plan includes the accrual for the proposed bonuses.
As with the entire employee population, a small Corporation match for the 401K plan is proposed. The proposal is for 2% match.
