This document should be used by the Board of Directors when setting officers’ bonus based on net profits. The following text of this document should be reviewed and edited to fit your purposes. [Find, then fill-in, or delete text in brackets like this: “[NNN]”
Otherwise the following text should be reviewed and edited as needed:
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