Summary Description of the 2001 Bonus Plan for Certain Key Employees
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Summary
This agreement outlines the 2001 Bonus Plan for certain key employees of the company. Under this discretionary program, exempt salaried employees, excluding the CEO and Chairman, may receive bonuses based on a percentage of their annual base salary, determined by business unit performance and earnings before tax. The CEO and Chairman are also eligible, but their bonuses are set by the board of directors. The plan is designed to reward employees for meeting performance guidelines.
EX-10.7 3 0003.txt SUMMARY DESCRIPTION OF THE 2001 BONUS PLAN FOR CERTAIN KEY EMPLOYEES 2001 BONUS PLAN FOR CERTAIN KEY EMPLOYEES The Company has a discretionary bonus program under which exempt salaried employees (other than the CEO and Chairman) may be paid bonuses based on a percentage of base annual salary. The CEO and Chairman participate in this plan, however their bonuses are specifically determined by the board of directors. The bonus percent is based on a variety of guidelines including the performance levels of the respective business units measured by earnings before tax. -1-
