2006 Executive Bonus Plan Agreement
This agreement sets up a bonus plan for company executives for the year 2006. The plan creates a bonus pool targeted at 100% of the executives' total salaries, with the actual amount determined by a committee at year-end based on company performance and at least 20% growth in economic value. The bonus pool may be as little as zero or up to twice the target amount. Individual executive bonuses can range from 0% to 200% of their salary, depending on performance and committee decisions.
Exhibit 10.3
2006 Bonus Plan
Establish a Bonus Pool for executives with a target of 100% of salaries of the executives. The actual Bonus Pool will be established at the end of 2006 by the Committee, after considering the President’s recommendations, according to its judgment of overall accomplishments against the 2006 Business Plan and growth in the Economic Value of the Company of at least 20%. The Bonus Pool can range from 0 to 2x the target. Individual executive bonuses from this Bonus Pool can range from 0% of salary to 200% of salary.
