2025 Incentive Plan for Certain Key Employees
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Bonus & Incentive Agreements
Summary
This agreement outlines a discretionary annual incentive program for exempt salaried employees of the company. Eligible employees may receive cash payments based on a percentage of their base annual salary, determined by their grade level, the company's actual earnings compared to a set target, and their base salary for the fiscal year. The incentive amount increases if company performance exceeds the target and decreases if performance falls short. The plan is designed to reward employees for contributing to the company's financial success.
EX-10.7 3 q42024exhibit107.htm EX-10.7 Document
Exhibit 10.7
2025 INCENTIVE PLAN FOR CERTAIN KEY EMPLOYEES
The Company has a discretionary annual incentive program under which exempt salaried employees may earn cash payments based on a percentage of base annual salary. The actual percent is based on a variety of guidelines including performance levels of the respective business units primarily measured by operating income subject to certain adjustments.
The payment to an employee is based upon (i) their assigned grade level, (ii) actual company earnings achieved relative to a pre-determined target, which is adjusted upward if company performance exceeds target and reduced if company performance is less than target, and (iii) base salary paid during the fiscal year.
