BOARD OF DIRECTORS' RESOLUTION SETTING OFFICERS' BONUS BASED ON NET PROFITS
Pursuant to a duly made, seconded, and unanimously carried motion, the Board of Directors of _________________________ (hereinafter referred to as Corporation) adopted the following resolution:
WHEREAS _______________________________, the President of this Corporation, surpassed the highest expectation of the Board of Directors through his/her procuring ______ sale contracts totaling _____________ dollars ($_______) in new orders for said Corporation, it is hereby
RESOLVED the President of said Corporation shall receive additional compensation for his/her outstanding service through the payment of a commission of ___ percent of the total dollar value of all such contracts in excess of the first _________________ dollars ($________) in contract business procured for the Corporation by him/her within one (1) year. Said commission to be calculated on the following annual basis, starting with the _________ day of _________ (Date)
The undersigned, ________________________, certifies that he or she is the duly appointed secretary of _______________________ Corporation and that the above is a true, accurate, and correct copy of a resolution duly adopted at a meeting of the directors thereof, convened and held in accordance with all applicable law and the Bylaws of said Corporation on _____________, (Date) and that such resolution is now in full force and effect.
IN WITNESS THEREOF, I have affixed my name as Secretary of _________________ Corporation and have attached the seal of _____________________ Corporation to this resolution.
Dated: ______________________
___________________________
Secretary
Seal: