BOARD OF DIRECTORS' RESOLUTION SETTING OFFICERS' BONUS BASED ON NET PROFITS
Upon a duly made, seconded and unanimously carried motion, the Board of Directors of this Corporation adopted the following resolution: WHEREAS [PRESIDNET NAME], the President of this Corporation has surpassed the highest expectation of the Board of Directors by obtaining for the Corporation [N] contracts for the sale of [N], said contracts totaling [N] Dollars ($[N]) in new orders, it is hereby: RESOLVED, that the President of this Corporation shall be compensated for his outstanding service by payment of a commission of [N] percent of all contracts procured by him, with said commission to be calculated on the following annual basis, starting with [DATE]: no commission shall be paid for the first [N] Dollars ($[N]) in contract business procured for the Corporation by [N]; on all contract business procured by the President above [N] Dollars ($[N]), he shall be entitled to a commission of [N] percent of the dollar value of each such contract. The undersigned, [N], certifies that I am the duly appointed Secretary of [COMPANY NAME] Corporation and that the above is a true and correct copy of a resolution duly adopted at a meeting of the Directors thereof, convened and held in accordance with 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 [COMPANY NAME] Corporation.
Dated: [DATE]
____________________ Secretary