This Letter should be written in The Letter-Pad of the Company. This has been a difficult year for the Chambers Corporation. I am sure that you all know that the loss of our three contracts with the United States Air Force, due to the cut-back in defense appropriations, hurt us substantially. In July, we had a major decision to make. The question we were faced with was whether to let some of our employees go, or to explore all other possible avenues of cost reduction, keeping everyone’s job intact. Unfortunately, one of the policies we were forced to eliminate for this year, was our annual Christmas bonus to each of our employees. This will be the first year since 19XX that we will be unable to thank you in this special manner for your hard work, loyalty and faithfulness. We are all hoping that 19XX will be a prosperous year and that we will be able to reinstate our traditional Christmas bonus policy.
You have to add your company’s name with full address. And the receiver’s name and full address also should be added in the place allotted for that purpose. Without those primary details no letter carries any significance. So, you are requested to provide all those important details. Failing which the letter will make a wrong impression about your company and you among the receivers of your letters. All contents remain copyrighted and reserved. Plan is subject to the achievement of specific performance goals by the Company and by each individual during the Plan Year. Plan Year will be paid any bonus on a pro rata basis. Each employee is assigned a target bonus.
If the Company or Department achieves certain business performance results, and the employee achieves certain individual goals, the employee will receive the target bonus. The business performance goals will be determined by the Compensation Committee for the C. Officer levels and the business performance goals for each Department will be determined by the Department Head and C. O or President and will be communicated to the employees, normally in the first quarter of each Plan Year. The impact of actual business or individual performance during the Plan Year on the bonus paid varies between positions, with the bonus for the Company officers being more dependant upon overall Company performance, while the bonuses for management and non-management employees being more dependant upon individual performance. Employees who do not work a full Plan Year because they were out of work on an approved leave of absence for part of the plan year will be paid any bonus on a pro rata basis by calculating the bonus based on the actual amount of eligible base income earned during the Plan Year. In each Plan Year, the portion of the Annual Target Bonus related to business performance may be allocated among a number of business goals. Where this position is filled by a different individual than C. How Do Actual Business and Individual Performance Affect the Bonus to be Paid? The Compensation Committee, in its sole discretion, can determine that a business goal has been substantially met or has been met to a degree warranting a higher pay-out than would otherwise be calculable under this Plan.
For example, the Compensation Committee may determine that one-time charges should be disregarded in determining the pay-out under an earnings performance goal. When Will the Bonus Be Paid? Bonuses will normally be paid under the Plan between February 15 and March 31 of the year following each Plan Year. 50,000 and is employed for the full Plan Year. The Department previously established two business targets of equal weight for the Plan Year. Who Will Receive Bonus Payments in Common Stock? 1999 Restricted Stock Plan, as amended.