Amendment to Annual Bonus and Deferral Plan for Senior Officers (November 19, 1998)

Summary

This amendment modifies the Annual Bonus and Deferral Plan for Senior Officers, specifically changing how bonus distributions are calculated and paid. Under the new terms, after each of the first three fiscal quarters, eligible participants may receive 25% of their positive account balance, and after the fourth quarter, they may receive 100% of the positive balance for the full year. The amendment is effective as of November 19, 1998.

EX-10.3 4 ex10_3.txt AMENDMENT TO ANNUAL BONUS AND DEFERRAL PLAN Exhibit 10.3 ------------ Modification of Bonus Plan Effective November 19, 1998 RESOLVED, that Paragraph 7(a) of the Annual Bonus and Deferral Plan for Senior Officers (relating to bonus distributions), be, and hereby is, amended to read in its entirety as follows: a. (i) After each of the first three fiscal quarters, of each year, following any accrual to or deduction from the account balance for such quarter or the year to date required by the Plan, an amount equal to 25% of the positive balance, if any, of such participant's account and (ii) after the fourth fiscal quarter of each year, following any accrual to or deduction from the account balance for such full year required by the Plan, an amount equal to 100% of the positive balance, if any, of such participant's account.