DIY Legal Forms

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Setting Officers Bonus Based On Net Profits

Pursuant to a duly made, seconded, and unanimously carried motion, the Board of Directors of [Name] (hereinafter referred to as Corporation) adopted the following resolution:

WHEREAS [Name], the President of this Corporation, surpassed the highest expectation of the Board of Directors through [Name] procuring [Descibe] sale contracts totaling $------ 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 (--%) of the total dollar value of all such contracts in excess of the first $------ in contract business procured for the Corporation by him/her within one (--) year. Said commission to be calculated on the following annual basis, starting on [Date].

The undersigned, [Name], certifies that [Name] 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 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: