2008 Employee Bonus Plan Approved by Board of Directors
This agreement outlines the 2008 Bonus Plan approved by the Board of Directors for the company's employees, including executive officers. Bonuses are awarded based on achieving specific performance goals such as cash flow, budgets, revenues, and operational results. The amount of each bonus is calculated as a percentage of the employee's annual base salary, with target and maximum percentages set for different employee levels. The Compensation Committee has full discretion over the final bonus amounts. The plan applies to the fiscal year ending September 30, 2008.
Exhibit 10.29
2008 Bonus Plan
On December 7, 2007, the Compensation Committee recommended that the Board of Directors approve a new Bonus Plan (the “Bonus Plan”) for the fiscal year ending September 30, 2008. The Bonus Plan was approved by the Board of Directors on the same date. Under the Bonus Plan, bonuses may be awarded to the Company’s employees, including the Company’s executive officers, upon the satisfaction of certain goals based on a percentage of annual base salaries. The goals include attaining measured results for some or all of the following categories: cash flow, capital and research and development budgets, revenues, research and development and operations performance, renew and obtain new contracts, and safety.
Under the terms of the Bonus Plan, the Company’s employees, including its executive officers, may receive a bonus calculated based on a percentage of their annual base salary. The ultimate percentage of annual base salary used to calculate bonuses, if any bonuses are paid, will be at the sole discretion of the Compensation Committee. The target percentage and the high percentage of base salary set by the Compensation Committee to be used for purposes of calculating bonuses to the Company’s employees, including its executive officers, are as follows:
|
|
| Target Percentage |
| High Percentage |
|
| Staff (Operations, Accounting & Administrative) |
| 10 | % | 20 | % |
| Manager |
| 15 | % | 30 | % |
| Senior Manager |
| 25 | % | 40 | % |
| Executive (other than President and Chief Executive Officer) |
| 40 | % | 80 | % |
| President and Chief Executive Officer |
| 50 | % | 100 | % |
