Common use of Executive Bonus Plan Clause in Contracts

Executive Bonus Plan. For each fiscal year during the Employment Period, the Executive will be eligible to receive a bonus based on the Company's achievement of the Target EBITDA for such fiscal year as set forth on the Company's EBITDA Plan attached as Schedule (A) Once the Board has determined (which determination shall be made within thirty (30) days from the issuance of the Company's audited financial statements) the percentage of EBITDA achieved for such fiscal year as compared to the Target EBITDA for such fiscal year (the "Achieved EBITDA Percentage"), so long as the Achieved EBITDA Percentage for such fiscal year equals or exceeds 80%, the Executive shall be entitled to receive a bonus payment in an amount equal to the product of (x) the Bonus Multiple (as set forth opposite the Achieved EBITDA Percentage below), (y) 40.5% and (z) the Executive's Base Salary for such fiscal year. The bonus payment shall be made within five (5) days of the Board's determination. Achieved EBITDA Percentage Bonus Multiple 80% 50% 100% 100% 110% 125% 120% 150% (B) Each Bonus Multiple set forth above shall increase linearly as the Achieved EBITDA Percentage increases; therefore, so long as the Achieved EBITDA Percentage equals or exceeds 80%, in the event the actual Achieved EBITDA Percentage falls between any of the target Achieved EBITDA Percentages set forth above, the applicable Bonus Multiple shall be adjusted accordingly, provided, that in no event shall the Bonus Multiple exceed 150%. For example, (1) in the event the actual Achieved EBITDA Percentage is 90%, the Bonus Multiple shall be 75% or (2) in the event the actual Achieved EBITDA Percentage is 115%, the Bonus Multiple shall be 137.5%. (C) With respect to fiscal year 1996, the Executive shall be entitled to receive a bonus as follows: (1) the Executive will be entitled to receive a portion of the bonus earned by the Executive under that certain Employment Agreement dated January 2, 1995 between Sleepmaster and the Executive (the "Previous Agreement") determined based on the portion of fiscal year 1996 prior to the date hereof and (2) the Executive will be entitled to receive a portion of the bonus earned by the Executive under this Agreement determined based on the portion of the fiscal year after the date hereof.

Executive Bonus Plan. For each fiscal year during the Employment Period, the Executive will be eligible to receive a bonus based on the Company's achievement of the Target EBITDA for such fiscal year as set forth on the Company's EBITDA Plan attached as Schedule (A) Once the Board has determined (which determination shall be made within thirty (30) days from the issuance of the Company's audited financial statements) the percentage of EBITDA achieved for such fiscal year as compared to the Target EBITDA for such fiscal year (the "Achieved EBITDA Percentage"), so long as the Achieved EBITDA Percentage for such fiscal year equals or exceeds 80%, the Executive shall be entitled to receive a bonus payment in an amount equal to the product of (x) the Bonus Multiple (as set forth opposite the Achieved EBITDA Percentage below), (y) 40.522% and (z) the Executive's Base Salary for such fiscal year. The bonus payment shall be made within five (5) days of the Board's determination. Achieved EBITDA Percentage Bonus Multiple 80% 50% 100% 100% 110% 125% 120% 150% (B) Each Bonus Multiple set forth above shall increase linearly as the Achieved EBITDA Percentage increases; therefore, so long as the Achieved EBITDA Percentage equals or exceeds 80%, in the event the actual Achieved EBITDA Percentage falls between any of the target Achieved EBITDA Percentages set forth above, the applicable Bonus Multiple shall be adjusted accordingly, provided, that in no event shall the Bonus Multiple exceed 150%. For example, (1) in the event the actual Achieved EBITDA Percentage is 90%, the Bonus Multiple shall be 75% or (2) in the event the actual Achieved EBITDA Percentage is 115%, the Bonus Multiple shall be 137.5%. (C) With respect to fiscal year 1996, the Executive shall be entitled to receive a bonus as follows: (1) the Executive will be entitled to receive a portion of the bonus earned by the Executive under that certain Employment Agreement dated January 2, 1995 between Sleepmaster and the Executive (the "Previous Agreement") determined based on the portion of fiscal year 1996 prior to the date hereof and (2) the Executive will be entitled to receive a portion of the bonus earned by the Executive under this Agreement determined based on the portion of the fiscal year after the date hereof.

Executive Bonus Plan. For each fiscal year during the Employment Period, the Executive will be eligible to receive a bonus based on the Company's achievement of the Target EBITDA for such fiscal year as set forth on the Company's EBITDA Plan attached as Schedule (A) Once the Board has determined (which determination shall be made within thirty (30) days from the issuance of the Company's audited financial statements) the percentage of EBITDA achieved for such fiscal year as compared to the Target EBITDA for such fiscal year (the "Achieved EBITDA Percentage"), so long as the Achieved EBITDA Percentage for such fiscal year equals or exceeds 80%, the Executive shall be entitled to receive a bonus payment in an amount equal to the product of (x) the Bonus Multiple (as set forth opposite the Achieved EBITDA Percentage below), (y) 40.521.5% and (z) the Executive's Base Salary for such fiscal year. The bonus payment shall be made within five (5) days of the Board's determination. Achieved EBITDA Percentage Bonus Multiple 80% 50% 100% 100% 110% 125% 120% 150% (B) Each Bonus Multiple set forth above shall increase linearly as the Achieved EBITDA Percentage increases; therefore, so long as the Achieved EBITDA Percentage equals or exceeds 80%, in the event the actual Achieved EBITDA Percentage falls between any of the target Achieved EBITDA Percentages set forth above, the applicable Bonus Multiple shall be adjusted accordingly, provided, that in no event shall the Bonus Multiple exceed 150%. For example, (1) in the event the actual Achieved EBITDA Percentage is 90%, the Bonus Multiple shall be 75% or (2) in the event the actual Achieved EBITDA Percentage is 115%, the Bonus Multiple shall be 137.5%. (C) With respect to fiscal year 1996, the Executive shall be entitled to receive a bonus as follows: (1) the Executive will be entitled to receive a portion of the bonus earned by the Executive under that certain Employment Agreement dated January 2, 1995 between Sleepmaster and the Executive (the "Previous Agreement") determined based on the portion of fiscal year 1996 prior to the date hereof and (2) the Executive will be entitled to receive a portion of the bonus earned by the Executive under this Agreement determined based on the portion of the fiscal year after the date hereof.

Executive Bonus Plan. For each fiscal year during During the Employment Period, the Executive will be eligible to receive a bonus based on the Company's achievement of the Target EBITDA for such fiscal year. Target EBITDA for the Company shall be $6,600,000 for fiscal year as set forth on the Company's EBITDA Plan attached as Schedule2000. (A) Once the Board has determined (which determination shall be made within thirty (30) days from the issuance of the Company's audited financial statements) the percentage of EBITDA achieved for such fiscal year as compared to the Target EBITDA for such fiscal year (the "Achieved EBITDA Percentage"), so long as the Achieved EBITDA Percentage for such fiscal year equals or exceeds 80%, the Executive shall be entitled to receive a bonus payment in an amount equal to the product of (x) the Bonus Multiple (as set forth opposite the Achieved EBITDA Percentage below), (y) 40.520% and (z) the Executive's Base Salary for such fiscal year. The bonus payment shall be made within five (5) days of the Board's determination. The bonus payment shall be subject to customary withholding. Achieved EBITDA Percentage Bonus Multiple -------------------------- -------------- 80% 50% 100% 100% 110% 125% 120% 150% (B) Each Bonus Multiple set forth above shall increase linearly as the Achieved EBITDA Percentage increases; therefore, so long as the Achieved EBITDA Percentage equals or exceeds 80%, in the event the actual Achieved EBITDA Percentage falls between any of the target Achieved EBITDA Percentages set forth above, the applicable Bonus Multiple shall be adjusted accordingly, ; provided, that in no event shall the Bonus Multiple exceed 150%. For example, (1) in the event the actual Achieved EBITDA Percentage is 90%, the Bonus Multiple shall be 75% or (2) in the event the actual Achieved EBITDA Percentage is 115%, the Bonus Multiple shall be 137.5%. (C) With respect to fiscal year 1996, the Executive shall be entitled to receive a bonus as follows: (1) the Executive will be entitled to receive a portion of the bonus earned by the Executive under that certain Employment Agreement dated January 2, 1995 between Sleepmaster and the Executive (the "Previous Agreement") determined based on the portion of fiscal year 1996 prior to the date hereof and (2) the Executive will be entitled to receive a portion of the bonus earned by the Executive under this Agreement determined based on the portion of the fiscal year after the date hereof.

Executive Bonus Plan. For each fiscal year during the Employment Period, the Executive will be eligible to receive a bonus based on the Company's achievement of the Target EBITDA for such fiscal year. Target EBITDA for the Company shall be $10,400,000 for the period of July 1st through the end of fiscal year as set forth on 2000 and for each subsequent fiscal year shall be determined by the Company's EBITDA Plan attached as ScheduleBoard no later than March 31st of such fiscal year. (A) Once the Board has determined (which determination shall be made within thirty (30) days from the issuance of the Company's audited financial statements) the percentage of EBITDA achieved for such fiscal year as compared to the Target EBITDA for such fiscal year (the "Achieved EBITDA Percentage"), so long as the Achieved EBITDA Percentage for such fiscal year equals or exceeds 80%, the Executive shall be entitled to receive a bonus payment in an amount equal to the product of (x) the Bonus Multiple (as set forth opposite the Achieved EBITDA Percentage below), (y) 40.540% and (z) the Executive's Base Salary for such fiscal yearyear (or, with respect to fiscal year 2000, the prorated portion of such fiscal year beginning July 1, 2000). The bonus payment shall be made within five (5) days of the Board's determination. The bonus payment shall be subject to customary withholding. --------------------------------------------------------------- Achieved EBITDA Percentage Bonus Multiple --------------------------------------------------------------- 80% 50% --------------------------------------------------------------- 100% 100% --------------------------------------------------------------- 110% 125110% --------------------------------------------------------------- 120% 120% 150%--------------------------------------------------------------- 130% 130% --------------------------------------------------------------- (B) Each Bonus Multiple set forth above shall increase linearly as the Achieved EBITDA Percentage increases; therefore, so long as the Achieved EBITDA Percentage equals or exceeds 80%, in the event the actual Achieved EBITDA Percentage falls between any of the target Achieved EBITDA Percentages set forth above, the applicable Bonus Multiple shall be adjusted accordingly, ; provided, that in no event shall the Bonus Multiple exceed 150130%. For example, (1) in the event the actual Achieved EBITDA Percentage is 90%, the Bonus Multiple shall be 75% or (2) in the event the actual Achieved EBITDA Percentage is 115%, the Bonus Multiple shall be 137.5115%. (C) With respect to fiscal year 1996, the Executive shall be entitled to receive a bonus as follows: (1) the Executive will be entitled to receive a portion of the bonus earned by the Executive under that certain Employment Agreement dated January 2, 1995 between Sleepmaster and the Executive (the "Previous Agreement") determined based on the portion of fiscal year 1996 prior to the date hereof and (2) the Executive will be entitled to receive a portion of the bonus earned by the Executive under this Agreement determined based on the portion of the fiscal year after the date hereof.

Executive Bonus Plan. For each fiscal year during the Employment Period, the Executive will be eligible to receive a bonus based on the Company's achievement of the Target EBITDA for such fiscal year. Target EBITDA for the Company shall be $6,600,000 for fiscal year as set forth on 2000 and for each subsequent fiscal year shall be determined by the Company's EBITDA Plan attached as ScheduleBoard no later than March 31st of such fiscal year. (A) Once the Board has determined (which determination shall be made within thirty (30) days from the issuance of the Company's audited financial statements) the percentage of EBITDA achieved for such fiscal year as compared to the Target EBITDA for such fiscal year (the "Achieved EBITDA Percentage"), so long as the Achieved EBITDA Percentage for such fiscal year equals or exceeds 80%, the Executive shall be entitled to receive a bonus payment in an amount equal to the product of (x) the Bonus Multiple (as set forth opposite the Achieved EBITDA Percentage below), (y) 40.520% and (z) the Executive's Base Salary for such fiscal year. The bonus payment shall be made within five (5) days of the Board's determination. The bonus payment shall be subject to customary withholding. Achieved EBITDA Percentage Bonus Multiple -------------------------- -------------- 80% 50% 100% 100% 110% 125% 120% 150% (B) Each Bonus Multiple set forth above shall increase linearly as the Achieved EBITDA Percentage increases; therefore, so long as the Achieved EBITDA Percentage equals or exceeds 80%, in the event the actual Achieved EBITDA Percentage falls between any of the target Achieved EBITDA Percentages set forth above, the applicable Bonus Multiple shall be adjusted accordingly, ; provided, that in no event shall the Bonus Multiple exceed 150%. For example, (1) in the event the actual Achieved EBITDA Percentage is 90%, the Bonus Multiple shall be 75% or (2) in the event the actual Achieved EBITDA Percentage is 115%, the Bonus Multiple shall be 137.5%. (C) With respect to fiscal year 1996, the Executive shall be entitled to receive a bonus as follows: (1) the Executive will be entitled to receive a portion of the bonus earned by the Executive under that certain Employment Agreement dated January 2, 1995 between Sleepmaster and the Executive (the "Previous Agreement") determined based on the portion of fiscal year 1996 prior to the date hereof and (2) the Executive will be entitled to receive a portion of the bonus earned by the Executive under this Agreement determined based on the portion of the fiscal year after the date hereof.

Executive Bonus Plan. For each fiscal year during the Employment Period, the Executive will be eligible to receive a bonus based on the Company's achievement of the Target EBITDA for such fiscal year as set forth on the Company's EBITDA Plan attached as Schedule (A) Once the Board has determined (which determination shall be made within thirty (30) days from the issuance of the Company's audited financial statements) the percentage of EBITDA achieved for such fiscal year as compared to the Target EBITDA for such fiscal year (the "Achieved EBITDA Percentage"), so long as the Achieved EBITDA Percentage for such fiscal year equals or exceeds 80%, the Executive shall be entitled to receive a bonus payment in an amount equal to the product of (x) the Bonus Multiple (as set forth opposite the Achieved EBITDA Percentage below), (y) 40.523% and (z) the Executive's Base Salary for such fiscal year. The bonus payment shall be made within five (5) days of the Board's determination. Achieved EBITDA Percentage Bonus Multiple 80% 50% 100% 100% 110% 125% 120% 150% (B) Each Bonus Multiple set forth above shall increase linearly as the Achieved EBITDA Percentage increases; therefore, so long as the Achieved EBITDA Percentage equals or exceeds 80%, in the event the actual Achieved EBITDA Percentage falls between any of the target Achieved EBITDA Percentages set forth above, the applicable Bonus Multiple shall be adjusted accordingly, provided, that in no event shall the Bonus Multiple exceed 150%. For example, (1) in the event the actual Achieved EBITDA Percentage is 90%, the Bonus Multiple shall be 75% or (2) in the event the actual Achieved EBITDA Percentage is 115%, the Bonus Multiple shall be 137.5%. (C) With respect to fiscal year 1996, the Executive shall be entitled to receive a bonus as follows: (1) the Executive will be entitled to receive a portion of the bonus earned by the Executive under that certain Employment Agreement dated January 2, 1995 between Sleepmaster and the Executive (the "Previous Agreement") determined based on the portion of fiscal year 1996 prior to the date hereof and (2) the Executive will be entitled to receive a portion of the bonus earned by the Executive under this Agreement determined based on the portion of the fiscal year after the date hereof.

Executive Bonus Plan. For each fiscal year during the Employment Period, the Executive will be eligible to receive a an annual bonus based on the CompanyNeenah's achievement of the Target EBITDA for each such fiscal year as set forth on the Company's EBITDA annual business plan for that year as approved by the Board (with respect to each year, the "Business Plan"). In the event that Neenah, or one or more of it Subsidiaries consummates an acquisition of another Person after the date hereof and prior to September 30, 2001, the Business Plan attached as Schedulefor the year in which such acquisition occurred will be adjusted in good faith by senior management and subject to approval by the Board, and such adjusted and approved plan shall, once approved, be deemed the Business Plan for such year for all purposes hereunder. (Ai) Once the Board has determined (which determination shall be made within thirty (30) days from the issuance of the CompanyLLC's audited financial statements) the percentage of EBITDA achieved for such fiscal year as compared to the Target EBITDA for such fiscal year (the "Achieved EBITDA Percentage"), so long as the Achieved EBITDA Percentage for such fiscal year equals or exceeds 80%, the Executive shall be entitled to receive a bonus payment in an amount equal to the product of (x) the Bonus Multiple (as set forth opposite the Achieved EBITDA Percentage below and as adjusted pursuant to paragraph (ii) below), (y) 40.540% and (z) the Executive's Base Salary for such fiscal year. The bonus payment shall be made within five thirty (530) days of the Board's determination. Achieved EBITDA Percentage Bonus Multiple 80% 50% 100% 100% 110% 125% 120% 150% (B) Each Bonus Multiple set forth above shall increase linearly as determination of the Achieved EBITDA Percentage increases; thereforePercentage, so long as the Achieved EBITDA Percentage equals or exceeds 80%, in the event the actual Achieved EBITDA Percentage falls between any except that quarterly payments shall be made within thirty (30) days of the target Achieved EBITDA Percentages set forth above, the applicable Bonus Multiple shall be adjusted accordingly, provided, that in no event shall the Bonus Multiple exceed 150%. For example, (1) in the event the actual Achieved EBITDA Percentage is 90%, the Bonus Multiple shall be 75% or (2) in the event the actual Achieved EBITDA Percentage is 115%, the Bonus Multiple shall be 137.5%. (C) With respect to fiscal year 1996, the Executive shall be entitled to receive a bonus as follows: (1) the Executive will be entitled to receive a portion end of each of the bonus earned by the Executive under that certain Employment Agreement dated January 2, 1995 between Sleepmaster and the Executive (the "Previous Agreement") determined based on the portion of fiscal year 1996 prior to the date hereof and (2) the Executive will be entitled to receive a portion of the bonus earned by the Executive under this Agreement determined based on the portion first three quarters of the fiscal year after such that total payments amounting to 50% of the date hereof.estimated accumulated bonus shall have been paid as of the end of each of the first three quarters of each fiscal year. EXECUTION COPY

Executive Bonus Plan. For each fiscal year during During the Employment Period, the Executive will be eligible to receive a bonus based on the Company's achievement of the Target EBITDA for such fiscal year. Target EBITDA for the Company shall be $6,600,000 for fiscal year as set forth on the Company's EBITDA Plan attached as Schedule2000. (A) Once the Board has determined (which determination shall be made within thirty (30) days from the issuance of the Company's audited financial statements) the percentage of EBITDA achieved for such fiscal year as compared to the Target EBITDA for such fiscal year (the "Achieved EBITDA Percentage"), so long as the Achieved EBITDA Percentage for such fiscal year equals or exceeds 80%, the Executive shall be entitled to receive a bonus payment in an amount equal to the product of (x) the Bonus Multiple (as set forth opposite the Achieved EBITDA Percentage below), (y) 40.520% and (z) the Executive's Base Salary for such fiscal year. The bonus payment shall be made within five (5) days of the Board's determination. The bonus payment shall be subject to customary withholding. Achieved EBITDA Percentage Bonus Multiple --------------------------------------- -------------------------------------- 80% 50% --------------------------------------- -------------------------------------- 100% 100% --------------------------------------- -------------------------------------- 110% 125% --------------------------------------- -------------------------------------- 120% 150%% --------------------------------------- -------------------------------------- (B) Each Bonus Multiple set forth above shall increase linearly as the Achieved EBITDA Percentage increases; therefore, so long as the Achieved EBITDA Percentage equals or exceeds 80%, in the event the actual Achieved EBITDA Percentage falls between any of the target Achieved EBITDA Percentages set forth above, the applicable Bonus Multiple shall be adjusted accordingly, ; provided, that in no event shall the Bonus Multiple exceed 150%. For example, (1) in the event the actual Achieved EBITDA Percentage is 90%, the Bonus Multiple shall be 75% or (2) in the event the actual Achieved EBITDA Percentage is 115%, the Bonus Multiple shall be 137.5%. (C) With respect to fiscal year 1996, the Executive shall be entitled to receive a bonus as follows: (1) the Executive will be entitled to receive a portion of the bonus earned by the Executive under that certain Employment Agreement dated January 2, 1995 between Sleepmaster and the Executive (the "Previous Agreement") determined based on the portion of fiscal year 1996 prior to the date hereof and (2) the Executive will be entitled to receive a portion of the bonus earned by the Executive under this Agreement determined based on the portion of the fiscal year after the date hereof.