2011 Incentive Plan for Certain Key Employees
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Summary
This agreement outlines the company's 2011 Incentive Plan for certain key employees, excluding the Chairman. Under this plan, eligible salaried employees may receive annual cash bonuses based on a percentage of their base salary. The bonus amount depends on the employee's grade level, the company's actual earnings compared to a set target, and the employee's base salary for the year. The incentive is adjusted upward if company performance exceeds the target and reduced if performance falls short.
EX-10.18 2 ex10_18.htm SUMMARY DESCRIPTION OF THE 2011 INCENTIVE PLAN ex10_18.htm
Exhibit 10.18
2011 INCENTIVE PLAN FOR CERTAIN KEY EMPLOYEES
The Company has a discretionary annual incentive program under which exempt salaried employees (other than the Chairman) 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.
