Item 5.02. Departure of Directors or Principal Officers; Election of Directions;
Appointment of Principal Officers; Compensatory Arrangement of Certain
Officers.
On October 13, 2020, the Compensation Committee of the Board of Directors
approved the fiscal 2020 performance criteria for bonuses to executive officers.
Officers other than the Chief Executive Officer are eligible to receive bonuses
up to $80,000, 50% based on the achievement of a target relating to pre-tax
income and 50% based on operational characteristics relevant to the executive's
area of responsibility. The bonus amounts for executive vice presidents will be
recommended by the Chief Executive Officer, subject to further approval of the
Committee, based on the performance criteria referenced above. For fiscal 2021,
the Chief Executive Officer is eligible to receive a bonus with a target amount
of $400,000, up to 50% based on the achievement of specified targets relating to
pre-tax income and up to 50% based on the achievement of specified targets
relating to sales. The potential payment attributable to each of these
performance goals may be from zero to up to 120% of the award target amount,
based on the level of achievement of the goal. See Exhibit 10.1.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The following exhibit is included in this report:
10.1 Fiscal 2020 Executive Bonus Plan
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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