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EXHIBIT 10.28
GRAHAM CORPORATION
ANNUAL EXECUTIVE CASH BONUS
PLAN
(As Amended and Restated Effective
March 12, 2009.)
Summary
The objective of this Annual
Executive Cash Bonus Plan (the “Plan”) is to compensate
the Chief Executive Officer and his direct reports for
above-average performance through annual bonuses related to both
Company and individual performance.
Eligibility and
Participation
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1.
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Eligible employees shall include the
Chief Executive Officer and his direct reports. “Direct
reports” means (a) the Vice President, Finance and
Administration and Chief Financial Officer, (b) the Vice
President of Operations, (c) the Chief Accounting Officer and
(d) such other employees of the Company selected by the Chief
Executive Officer to participate in this plan, subject to the
approval by the Compensation Committee of such
participation.
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2.
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Target participation levels shall be
established by the Compensation Committee before the start of each
fiscal year.
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3.
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Newly hired or promoted employees
are eligible for participation in the Plan upon employment unless
otherwise determined by the Chief Executive Officer for direct
reports and by the Compensation Committee in the case of the Chief
Executive Officer.
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4.
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Participants who resign before the
end of the fiscal year shall receive no bonus except as approved by
the Compensation Committee, in its sole discretion.
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Establishment and Level of
Goals
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1.
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Financial goals shall be set during
the annual budgeting process and shall be approved by the Board of
Directors along with the annual budget.
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2.
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Individual goals shall be set on or
before the annual budget. The Chairman shall approve individual
goals for the Chief Executive Officer. The Chief Executive Officer
shall approve individual goals for direct reports. The Chairman or
Chief Executive Officer, as applicable, shall determine the number
and weighting of goals.
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Payment Calculation
At the end of each fiscal year, the
Compensation Committee shall determine the extent to which the
applicable financial goals and individual goals have been satisfied
and the corresponding goal payout factors. The Compensation
Committee shall then determine each Participant&rs
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