MANAGEMENT PERFORMANCE INCENTIVE PROGRAMEmployee Bonus Plan Agreement |
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Exhibit 10.05
[DIAMOND LOGO]
MANAGEMENT PERFORMANCE INCENTIVE PROGRAM
I. PURPOSE:
The Management Performance Incentive Program has been developed in order to
reward employees for outstanding performance in achieving Diamond's short and
long-term organizational objectives. The incentive program is constituted by a
two-phase program:
A. Profit Sharing Program
This program is intended to reward employees for contribution towards
maximizing the cooperative's annual return and for the effective execution
of each individual's job requirements.
B. Goal Achievement Program
The goal achievement program is designed to reward outstanding performance
in achieving specified outlined strategic goals and objectives associated
in enhancing the profitability and the long-term viability of the Diamond
association.
II. ELIGIBILITY FOR CONSIDERATION:
To be eligible for consideration for the incentive program, you must be employed
by July 1 to participate in a partial program. The degree of participation to
the program would be proportionate to the portion of the year in which the
individual is employed by Diamond in excess of 6 months and period covered.
III. PROGRAM DESCRIPTION:
A. Goal Achievement Program:
At the beginning of each calendar year, supervisors will submit each
employee's goal achievement program which requires approval by the
department vice president and president.
B. Profit Sharing
The profit share program shall trigger when the Diamond adjusted crop
return exceeds the independent field price by 1 cent a pound.
C. Program Scoring
The goal achievement program will be measured on a scale of 0-200
consisting of 5 key objectives. Each participant will define no more than 5
key objectives based on the strategic thrust of their individual position.
The objectives should be challenging and measurable.
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At the beginning of the year, program objectives will be identified on the
Management Performance Incentive Plan Appraisal Form and approved by the
President/CEO. Program objectives for the President/CEO will be approved by the
Board of Directors.
As a guide:
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