2009 Incentive Plan for Certain Key Employees
Contract Categories:
Human Resources
›
Bonus & Incentive Agreements
Summary
This agreement outlines the 2009 Incentive Plan for certain key employees of the company, 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, the employee's base salary for the year, and an assessment of individual performance. The plan is discretionary and aims to reward employees for meeting or exceeding business performance goals.
EX-10.24 6 ex10_24.htm SUMMARY DESCRIPTION OF 2009 INCENTIVE PLAN ex10_24.htm
Exhibit 10.24
2009 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 the performance levels of the respective business units 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, (iii) base salary paid during the fiscal year, and (iv) discretionary ranking of the individual's performance.
