RTW, Inc. 2006 Employee Performance Incentive Program Description

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

RTW, Inc. and its subsidiaries have established a 2006 Performance Incentive Program for all employees. Under this program, employees are eligible to receive cash bonuses based on the company's year-end pre-tax earnings, with payments distributed in 2007 after the annual audit. Executive officers may also receive stock options and additional discretionary bonuses if the company exceeds its earnings plan. The program outlines how incentives are calculated and distributed, and specifies that all payments are made after the completion of the year-end audit.

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EX-10.7 3 c03761exv10w7.htm DESCRIPTION OF THE 2006 PERFORMANCE INCENTIVE PROGRAM exv10w7  

Exhibit 10.7
2006 Performance Incentive Programs
Employees of the Company are eligible to receive cash incentives based on the 2006 year-end results of RTW, Inc. and its Subsidiaries. All employees of the Company are eligible to participate in this program. Under the program, a portion of plan pre-tax earnings and pre-tax earnings in excess of planned results, excluding investment income, are contributed to a general pool and distributed in 2007. Incentive amounts will be distributed as a percentage (%) of salary and on a discretionary basis to employees. Any incentive program payment will be made annually after completing the year-end audit.
Executive officers, additionally, earn stock options based upon exceeding the Company’s pre-tax, pre-cash incentive, pre-investment income earnings plan for 2006 and are eligible for an additional discretionary bonus. Executive officers are eligible for a fixed number of options, pro-rated on a sliding scale, in excess of the profit plan, up to a maximum level. Any stock option grant will be made annually after completing the 2006 year-end audit.