Exhibit 10.37

 

Executive Staff Fiscal 2004 Bonus Measurements

 

The fiscal 2004 bonus plan for executive staff will be based on year-over-year
improvement in Actuant’s Consolidated Combined Management Measure (CMM)

 

Supporting Definitions:

Consolidated CMM = Net earnings before interest, taxes, and amortization less
Asset Carrying Charge of 20% of total debt, shareholders’ equity and accumulated
amortization of intangible assets

 

Bonus Targets:

 

     0%     

100%

(Target)

     250%     

--------------------------------------------------------------------------------

Consolidated CMM

   $35.5 million      $39.4 million      $45.5 million

 

 

Name    Functional Area    Proposed Bonus Payout @ 100%

--------------------------------------------------------------------------------

Robert Arzbaecher

   Chief Executive Officer    $406,000

Andrew Lampereur

   Chief Financial Officer    $128,250

Ralph Keller

   Vice President of Operations    $  86,000

 

 

Business Unit Leader Fiscal 2004 Bonus Measurements

 

The fiscal 2004 bonus plan for business unit leaders will be based on
year-over-year improvement in Business Unit CMM (80%) and year-over-year
improvement in Actuant’s CMM (20%).

 

Supporting Definitions:

Business Unit CMM = Operating Profit (before amortization) less Asset Carrying
Charge of 20% of Net Assets Employed

Net Assets Employed = Net accounts receivable + net inventory + prepaid assets +
net fixed assets + other long-term assets (excluding intangible assets) -
accounts payable – accrued current liabilities

 

Bonus Targets:

 

Mark Goldstein; Vice President—

 

     Tools & Supplies CMM   

0% payout: Less than or equal to 80% of prior year.

100% payout: 10% improvement over prior year

250% payout: 50% improvement over prior year

Consolidated CMM

   See consolidated CMM scale above.

Bonus payout at 100%

   $141,750        Gustav H.P. Boel; Vice President—     

Kopp CMM

  

0% payout: Less than or equal to 80% of prior year.

100% payout: 10% improvement over prior year

250% payout: 50% improvement over prior year

Consolidated CMM

   See consolidated CMM scale above.

Bonus payout at 100%

   $112,500