Annual Report — [x] Reg. S-K Item 405 — Form 10-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 10-K405 Form 10-K 34 132K
3: EX-10.29 Exh 10.29 7 21K
4: EX-10.30 Exh 10.30 8 44K
5: EX-10.31 Exh 10.31 7 30K
2: EX-10.5 Exh 10.5 2± 7K
6: EX-11.1 Exh 11.1 2± 10K
7: EX-13.1 Ehxibit 13.1 22± 91K
8: EX-27 Financial Data Schedule (Pre-XBRL) 2 7K
EX-10.5 — Exh 10.5
EX-10.5 | TOC | ↑Top | Previous | Next | ↓Bottom | Just 1st |
---|
SUMMARY
COMPENSATION SYSTEM CHANGES
1. LOCATION BONUS
PROPOSED: 6.0% times location EBT (AFTER WORKING CAPITAL)
CHANGE: None
2. DISTRICT MANAGER BONUS POOL
PROPOSED: A. 2% of Corporate net earnings after tax.
B. 50% of amount derived in "A" to be paid out based on
their district's performance.
CHANGE: Previous plan was based on .13% of Corporate EAT for each
district manager plus .5% of their unit's operating income.
The new method would more equitably distribute bonuses based
on both corporate and individual district performance.
3. CORPORATE DEPARTMENT MANAGER AND OTHER KEY EMPLOYEE BONUES
PROPOSED: 1.8% times corporate net income divided among participants
based on salary.
CHANGE: Consolidate existing practice of two different pools of
corporate key department managers and other key personnel
into one pool.
4. OFFICER BONUS
PROPOSED: A. 5.2% times corporate net income divided among
participants based on salary.
B. An additional 1.0% times corporate net income for the
CEO.
CHANGE: None
5. OUR 401(K) PROGRAM INCLUDES A 50% MATCH OF THE 1ST 2% AND 25% OF THE
NEXT 3% AN EMPLOYEE SAVES.
PROPOSED: A. Effective 4-1-97 (if company performance is on budget)
improve the match to 50% of the first 3% and 25% of the
next 2% in order to improve employee participation.
B Cost is estimated to be $100,000 to $150,000 depending
upon participation. This improvement (WHICH WAS
ORIGINALLY PLANNED AS IMPROVING THE MATCH FROM 50% OF
THE FIRST 2% TO 75% ON 7-1-95 AND HAS BEEN DELAYED
SINCE THAT TIME) is a necessary step in our gradual
effort to improve nonunion retirement plans. Current
costs for our nonunion 401(k) plan is $350.00 per year
for an employee earning $20,000. A similar union
employee costs $2400 - 3600 per year.
CHANGED: None
6. 401(K) PROFIT SHARING STOCK PLAN
PROPOSED: 5.0% times corporate net income
CHANGE: None
7. SUPPLEMENTAL RETIREMENT PLANS
PROPOSED: 6.0% times corporate net income.
CHANGE: None
↑Top
Filing Submission 0000912057-97-011163 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
About — Privacy — Redactions — Help —
Tue., Mar. 19, 8:19:19.1am ET