Employment Compensation Arrangement between United Fire Group, Inc. and Randy A. Ramlo
This agreement outlines the compensation package for Randy A. Ramlo as an employee of United Fire Group, Inc. As of May 14, 2007, Mr. Ramlo receives a base salary of $300,000 per year, is eligible for an annual bonus of up to 48% of his salary based on company performance, participates in the company's deferred compensation plan, and may receive annual equity awards under the Employee Stock Option Plan. He is also entitled to standard employee benefits. The arrangement is unwritten and ongoing, subject to company policies and performance criteria.
Exhibit 10.1
Pursuant to an unwritten employment arrangement between the Company and Randy A. Ramlo as of May 14, 2007, Mr. Ramlo’s compensation package consists of the following components:
|
| § | Base salary of $300,000 per year; |
|
| § | Participation in the Company’s Annual Incentive Plan with the potential for an annual bonus of up to 48 percent of annual base salary, depending upon the achievement of certain corporate goals; |
|
| § | Participation in the Company’s deferred compensation plan; |
|
| § | Eligibility for an annual equity award pursuant to the Company’s Employee Stock Option Plan; and |
Other benefits provided by the Company to all employees.
