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EXHIBIT 10.24

 
Narrative Summary of American Consumers, Inc.
Executive Officer Cash Bonus Plan for Fiscal 2009

The following is a description of the Cash Bonus Plan applicable to the fiscal
year ending in May 2009 for those executive officers of American Consumers, Inc.
(the “Company”) who qualify as “named executive officers” pursuant to Item
402(m)(2) of Securities and Exchange Commission Regulation S-K.  The Board of
Directors of the Company, acting upon the recommendation of the Board’s
Compensation Committee, has elected to leave these potential bonus percentages
unchanged from the potential bonus percentages established for these officers
for the Company’s 2008 fiscal year.

During fiscal 2009, the following named executive officer of the Company will be
eligible to receive a discretionary cash bonus equal to the fixed percentage of
the Company’s net income before taxes for such year set forth below for each
such officer:

Name:
 
Title:
 
Potential Bonus as a
Percentage of Pre-Tax Income:
Michael A. Richardson
 
Chairman of the Board, President and Chief Executive Officer
 
6%

The amount of any bonus ultimately paid will be determined in the discretion of
the Compensation Committee.  In the usual case, if the Company is profitable
bonuses will be paid at the targeted levels.  As reported in the Company’s proxy
statement for its 2008 Annual Meeting of Shareholders, such officer was paid a
bonus in the amount of $9,882 with respect to the Company’s performance in
fiscal 2008.
 
 

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