2015 Incentive Plan for Certain Key Employees
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Summary
This agreement outlines the Company's 2015 Incentive Plan for certain key employees, providing a discretionary annual cash incentive based on a percentage of each employee's base 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 year. Payments are adjusted upward or downward depending on whether company performance exceeds or falls short of the target. The plan is designed to reward exempt salaried employees for business unit and company performance.
EX-10.12 3 ex1012.htm SUMMARY DESCRIPTION OF THE REGISTRANT'S 2015 INCENTIVE PLAN FOR CERTAIN KEY EMPLOYEES ex1012.htm
Exhibit 10.12
2015 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.
