Exhibit 10.8 (a)
American Woodmark Corporation
Fiscal Year 2000
Annual Incentive Plan for the Chairman of the Board and the President & CEO
- The objectives of the Annual Incentive Plan are threefold:
- Provide an incentive which will encourage and reward outstanding individual performance;
- Help align the personal goals of the individual with the overall goals of and objectives of American Woodmark and the stockholders of American Woodmark; and
- Together with base pay and long term incentive programs, provide a compensation package, in both form and total value, which is equal to or better than opportunities offered in the competitive marketplace for similar performance in similar positions.
- Eligibility for Participation in the Annual Incentive Program
- The Chairman and President/CEO of the Company. Eligible participants must be employed by the Company on April 30, 2001. All calculations will be reduced on a pro-rated basis for eligible participants not employed as of May 1, 2000.
- Determination of Annual Incentive Payout
- Determination of the payout will be based on one component:
- Zero to 110% of base salary on April 30, 2000 as determined by the attached schedule for net income. No payment will be made on net income below $13.5 million. Net income will be the audited amount as listed in the Company's annual report for Fiscal 2000.
