Exhibit
10.L.3
FINOVA 2006 Annual Incentive
Plan Rules
February 2006
All employees who are in good
standing as at January 1 st 2006
New hires may be subject to a
probation period (no longer than 90 days) before being eligible to
participate in the plan. Upon satisfactory completion of the
probation period new hire participation will be effective from the
hire date and pro-rated for service during 2006. Past employees who
are re-hired are eligible for immediate participation.
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2.
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Performance
Incentive Bonuses:
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Incentive
Amounts All
participants may be paid a percentage of their earnings paid from
January 1, 2006 to December 31, 2006. Earnings include
pay for regular time, overtime, holiday and PTO it excludes
payments received for short-term disability, sick pay, payment
under any recognition program or other bonus plan. The bonus
percentage will be based on participant’s pay grade and
criticality. The amount of the bonus will be subject to the
recommendation of the participant’s supervisor and the
approval of the CEO.
Form and Timing of Incentive
Payment. All
Incentive Bonuses will be paid as lump sums, less applicable taxes,
by the last working day of February 2007. Participants, whose
employment involuntarily terminates during 2006, other than for
cause or documented unsatisfactory performance, will receive any
bonus award on the payroll covering the employee’s last date
of employment. Payment of the bonus will be on the recommendation
of the employee’s supervisor and the approval of the CEO
after a review of performance and transition of duties before
termination. The amount of the bon
