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Board Of Directors' Resolution Setting Officers' Bonus Based On Net ProfitsPursuant 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 _________, 20 ____. 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 _____________, 19____, 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:
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