Exhibit 10.37
Executive Staff Fiscal 2004 Bonus Measurements
The fiscal 2004 bonus plan for executive staff will be based on year-over-year improvement in Actuant’s Consolidated Combined Management Measure (CMM)
Supporting Definitions:
Consolidated CMM = Net earnings before interest, taxes, and amortization less Asset Carrying Charge of 20% of total debt, shareholders’ equity and accumulated amortization of intangible assets
Bonus Targets:
0% | 100% (Target) | 250% | ||||
Consolidated CMM | $35.5 million | $39.4 million | $45.5 million |
Name | Functional Area | Proposed Bonus Payout @ 100% | ||
Robert Arzbaecher | Chief Executive Officer | $406,000 | ||
Andrew Lampereur | Chief Financial Officer | $128,250 | ||
Ralph Keller | Vice President of Operations | $ 86,000 |
Business Unit Leader Fiscal 2004 Bonus Measurements
The fiscal 2004 bonus plan for business unit leaders will be based on year-over-year improvement in Business Unit CMM (80%) and year-over-year improvement in Actuant’s CMM (20%).
Supporting Definitions:
Business Unit CMM = Operating Profit (before amortization) less Asset Carrying Charge of 20% of Net Assets Employed
Net Assets Employed = Net accounts receivable + net inventory + prepaid assets + net fixed assets + other long-term assets (excluding intangible assets) - accounts payable – accrued current liabilities
Bonus Targets:
Mark Goldstein; Vice President—
| ||
Tools & Supplies CMM | 0% payout: Less than or equal to 80% of prior year. 100% payout: 10% improvement over prior year 250% payout: 50% improvement over prior year | |
Consolidated CMM | See consolidated CMM scale above. | |
Bonus payout at 100% | $141,750 | |
Gustav H.P. Boel; Vice President— | ||
Kopp CMM | 0% payout: Less than or equal to 80% of prior year. 100% payout: 10% improvement over prior year 250% payout: 50% improvement over prior year | |
Consolidated CMM | See consolidated CMM scale above. | |
Bonus payout at 100% | $112,500 |