2021 Incentive Plan for Certain Key Employees
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Summary
This agreement outlines a discretionary annual incentive program for certain exempt salaried employees of the company. Under the plan, eligible employees may receive cash payments based on a percentage of their base annual salary. The actual incentive amount depends on the employee's grade level, the company's earnings compared to a set target, and the employee's base salary for the fiscal year. Payments are adjusted upward if company performance exceeds the target and reduced if performance falls short.
EX-10.8 3 q42020exhibit108.htm EX-10.8 Document
Exhibit 10.8
2021 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.
