Amendment to Ultimate Electronics, Inc. Bonus Plan for Fiscal Year Ending January 31, 2005
This amendment modifies the Ultimate Electronics, Inc. Bonus Plan for the fiscal year ending January 31, 2005. Effective September 27, 2004, it introduces a bonus opportunity for executive officers, vice-presidents, and directors (excluding David J. Workman and David A. Carter) based on meeting individual performance objectives in the fourth quarter of fiscal 2005. Eligible participants may receive bonuses of $50,000, $30,000, or $20,000, as determined at the sole discretion of the company's Compensation and Nominating Committee.
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Exhibit 10.1
AMENDMENT TO
ULTIMATE ELECTRONICS, INC.
BONUS PLAN FOR FISCAL YEAR ENDING
JANUARY 31, 2005
Effective September 27, 2004, the Ultimate Electronics, Inc. Bonus Plan for Fiscal Year Ending January 31, 2005 is amended to provide a bonus tied to the fourth quarter of fiscal 2005. Each executive officer, vice-president, and director (other than David J. Workman and David A. Carter) is eligible to receive $50,000; $30,000; and $20,000, respectively if certain individual performance objectives are met in the fourth quarter of fiscal 2005, as determined in the sole discretion of the Compensation and Nominating Committee of the Ultimate Electronics, Inc. Board of Directors.
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