Retention Bonus Plan Agreement for Jack W. Oehlke, Craig D. Gates, and Ronald F. Klawitter
This agreement outlines a retention bonus plan for three executives—Jack W. Oehlke, Craig D. Gates, and Ronald F. Klawitter. Each executive is eligible for specified bonus payments on set dates, provided they remain employed by the company or are terminated without cause. Bonus amounts may be reduced by any incentive payments received from other company plans in the prior fiscal year. The plan was approved by the Board of Directors on October 24, 2002.
EXHIBIT 10.1
RETENTION BONUS PLAN
| Participants | Payment Date | Bonus Payment | ||
| Jack W. Oehlke | 08/01/03 | $ 211,250 | ||
| President & CEO | 08/02/04 | 243,750 | ||
| 08/01/05 | 276,250 | |||
| Craig D. Gates | 08/01/03 | 119,000 | ||
| Executive Vice President & General Manager | 08/02/04 | 142,800 | ||
| 08/01/05 | 166,600 | |||
| Ronald F. Klawitter | 08/01/03 | 119,000 | ||
| Executive Vice President & CFO | 08/02/04 | 142,800 | ||
| 08/01/05 | 166,600 | |||
| Total Plan Bonus Payments | $1,588,050 |
Terms
| • | In order to earn and receive the bonus payment on the payment date, the participant must be employed by the Company on the payment date or have been terminated by the Company without cause. |
| • | Bonus payments shall be reduced by the amount of any incentive payments earned by a participant pursuant to any other Company incentive plan during the fiscal year immediately preceding the payment date. |
Approved by Board of Directors – October 24, 2002.
