Park-Ohio Holdings Corp. Annual Cash Bonus Plan Summary for CEO (2005–2007)
Park-Ohio Holdings Corp., through its subsidiary Park-Ohio Industries Inc., has established an annual cash bonus plan for its Chief Executive Officer, Edward Crawford. For the years 2005 to 2007, the Compensation Committee will award Mr. Crawford a cash bonus equal to 4% of the company's consolidated adjusted net income, based on performance criteria set each year by the committee.
Exhibit 10.1
Summary of Annual Cash Bonus Plan
Park-Ohio Holdings Corp. (the “Company”), through its subsidiary Park-Ohio Industries Inc., has an annual cash bonus plan for its current Chief Executive Officer. The Compensation Committee of the Board of Directors of the Company annually determines the performance criteria upon which awards under the plan will be based. For the 2005 – 2007 years, the Compensation Committee has determined that Mr. Edward Crawford, the Chairman and Chief Executive Officer of the Company, will be entitled to an award equal to 4% of the Company’s consolidated adjusted net income.
