<PAGE>   1
                                                                   EXHIBIT 10.14
                                                               February 23, 1998



                            SCOTSMAN INDUSTRIES, INC.

                  1998 EXECUTIVE INCENTIVE COMPENSATION PROGRAM

                                     PLAN AA

                            PARTICIPANT R.C. OSBORNE


1.       General

         (a)      This Plan for annual bonus, designed to provide increased
                  incentive through additional compensation to selected key
                  personnel, to be paid from profits to which such personnel
                  have contributed by their services during the fiscal year, is
                  declared effective for the bonus year ending December 31, 1998
                  to continue in effect thereafter from year to year unless
                  amended or discontinued as hereinafter provided.

         (b)      The Plan, as applicable to any current bonus year, may be
                  amended, revised or discontinued by action of the Management
                  Compensation Committee (the "Committee") of Scotsman
                  Industries only if extraordinary factors occur during the year
                  that would require restructuring of the Plan.

         (c)      The bonus for the preceding bonus year shall be paid in cash
                  to each participant, or in case of death, to his heirs or
                  personal representatives, each year following completion of
                  the regular annual audit by independent public accountants,
                  which normally is completed before February 28.

         (d)      A participant shall have no rights or obligations with respect
                  to any completed bonus year by reason of adjustments
                  applicable thereto made subsequent to determination of the
                  bonus for such completed bonus year. No rights of any nature
                  shall accrue to any participant or employee with respect to
                  any future bonus year.

         (e)      The Committee may at any time amend, revise or discontinue the
                  Executive incentive Compensation Program as applicable to
                  subsequent bonus years.

2.       Participants in Bonus

         (a)      Participants shall include key personnel selected as herein
                  provided. The Chairman, President and Chief Executive Officer
                  of Scotsman industries shall recommend to the


<PAGE>   2
Executive Incentive Compensation Program
Plan AA
Page 2

                  Committee prior to March 1 of each year for its approval,
                  revision or disapproval, lists of names of employees for
                  participation in the bonus for the current bonus year.

         (b)      The Chairman, President and Chief Executive Officer of
                  Scotsman Industries may at any time during the bonus year
                  recommend to the Committee additional names of employees for
                  participation beginning at a fixed date in the year and upon
                  approval by the Committee such employees shall participate in
                  the bonus for that portion of the year subsequent to the fixed
                  date.

         (c)      The Chairman, President and Chief Executive Officer of
                  Scotsman Industries may at any time during the bonus year
                  recommend to the Committee the exclusion, for cause, of any
                  employee from participation in the bonus for the year or for
                  any portion thereof. Upon approval of the recommendation by
                  the Committee, any such employee shall not participate in the
                  bonus for such year or for any portion of the year subsequent
                  to a date fixed by the Committee.

         (d)      A participant who is separated from employment, for any
                  reason, except death, disability, or retirement, prior to the
                  end of the bonus year shall not participate in the bonus or
                  any part thereof for the bonus year. However, the Chairman,
                  President and Chief Executive Officer of Scotsman industries
                  may, at his sole discretion, recommend the separated employee
                  to the Committee for participation for all or part of the
                  bonus year.

3.       Computation of Bonus

         (a)      The actual bonus earned shall consist of two parts, Part I is
                  discretionary subject to a maximum of 36.0%; Part II is the
                  percentage of the Earnings Per Share objective earned subject
                  to a maximum bonus of 42.0% and the percentage of the Cash
                  Flow objective earned subject to a maximum bonus of 42.0%. For
                  purposes of this Plan, the bonus percentages are set at
                  various levels as follows:

<TABLE>
<CAPTION>

                                                                             BONUS PERCENTAGE EARNED
                                                                             -----------------------
                                                           Cut-In             Par            Premium      Maximum
                                                           ------             ---            -------      -------
          <S>                                              <C>                <C>            <C>          <C>
          Part I - Individual Performances
             Discretionary                                   0               18.0%            27.0%         36.0%           
          Part II - Team Results                                                                                           
             Earnings Per Share                              0               21.0%            31.5%         42.0%          
             Cash Flow                                       0               21.0%            31.5%         42.0%          
                                                             -               ----             ----          ----           
                                                                                                                           
          Total                                              0               60.0%            90.0%        120.0%          
                                                             =               ====             ====         =====           
                                                                                                                           
</TABLE>

<PAGE>   3
Executive Incentive Compensation Program
Plan AA
Page 3


                  The bonus percentage under Part II for attainment of
                  objectives between any three of these levels will be
                  calculated on a pro rata basis.

         (b)      The discretionary bonus earned by each participant shall vary
                  from zero to a maximum of 36.0%. The percentage shall be
                  determined by the Committee.

         (c)      Earnings Per Share and Cash Flow objectives for Scotsman
                  Industries will be established by the Committee in U.S.
                  dollars.

         (d)      The bonus payable to each participant shall be a percentage,
                  as determined in paragraph 3(a) of the participant's bonus
                  base. The maximum bonus payable under the Plan is 120% of the
                  participant's bonus base.

4.       Definitions

         (a)      The Bonus Year is based on the accounting year used by
                  Scotsman Industries.

         (b)      A participant's bonus base shall be the amount of compensation
                  received by an employee during that portion of the bonus year
                  during which he/she is designated as a participant. For the
                  purposes hereof, compensation shall be the participant's base
                  rate compensation exclusive of bonuses payable hereunder,
                  company contributions to a pension plan and any and all rights
                  and benefits therein, or any other form of bonus, overtime, or
                  such other payments as may be excluded by the Committee.

         (c)      Corporate Earnings Per Share shall be reported consolidated
                  net income divided by fully-diluted weighted average common
                  shares outstanding, as determined in accordance with general
                  accepted accounting principles, adjusted to eliminate
                  extraordinary gains and losses as determined by the Committee.

         (e)      Cash Flow shall be consolidated cash flow before acquisitions
                  and divestitures for the year.


<PAGE>   4
                                                               February 23, 1998

                            SCOTSMAN INDUSTRIES, INC.

                  1998 EXECUTIVE INCENTIVE COMPENSATION PROGRAM

                                    PLAN A-2

                            PARTICIPANT DONALD HOLMES


1.       General

         (a)      This Plan for annual bonus, designed to provide increased
                  incentive through additional compensation to selected key
                  personnel, to be paid from profits to which such personnel
                  have contributed by their services during the fiscal year, is
                  declared effective for the bonus year ending December 31, 1998
                  to continue in effect thereafter from year to year unless
                  amended or discontinued as hereinafter provided.

         (b)      The Plan, as applicable to any current bonus year, may be
                  amended, revised or discontinued by action of the Management
                  Compensation Committee (the "Committee") of Scotsman
                  Industries only if extraordinary factors occur during the year
                  that would require restructuring of the Plan.

         (c)      The bonus for the preceding bonus year shall be paid in cash
                  to each participant, or in case of death, to his heirs or
                  personal representatives, each year following completion of
                  the regular annual audit by independent public accountants,
                  which normally is completed before February 28.

         (d)      A participant shall have no rights or obligations with respect
                  to any completed bonus year by reason of adjustments
                  applicable thereto made subsequent to determination of the
                  bonus for such completed bonus year. No rights of any nature
                  shall accrue to any participant or employee with respect to
                  any future bonus year.

         (e)      The Committee may at any time amend, revise or discontinue the
                  Executive Incentive Compensation Program as applicable to
                  subsequent bonus years.

2.       Participants in Bonus

         (a)      Participants shall include key personnel selected as herein
                  provided. The Chairman, President and Chief Executive Officer
                  of Scotsman Industries shall recommend to the Committee prior
                  to March 1 of each year for its approval, revision or
                  disapproval, lists of names of employees for participation in
                  the bonus for the current bonus year.



<PAGE>   5
Executive Incentive Compensation Program
Plan A-2
Page 2

         (b)      The Chairman, President and Chief Executive Officer of
                  Scotsman Industries may at any time during the bonus year
                  recommend to the Committee additional names of employees for
                  participation beginning at a fixed date in the year and upon
                  approval by the Committee such employees shall participate in
                  the bonus for that portion of the year subsequent to the fixed
                  date.

         (c)      The Chairman, President and Chief Executive Officer of
                  Scotsman Industries may at any time during the bonus year
                  recommend to the Committee the exclusion, for cause, of any
                  employee from participation in the bonus for the year or for
                  any portion thereof. Upon approval of the recommendation by
                  the Committee, any such employee shall not participate in the
                  bonus for such year or for any portion of the year subsequent
                  to a date fixed by the Committee.

         (d)      A participant who is separated from employment, for any except
                  death, disability or retirement, prior to the end of the bonus
                  year shall not participate in the bonus or any part thereof
                  for the bonus year. However, the Chairman, President and Chief
                  Executive Officer of Scotsman Industries may, at his sole
                  discretion, recommend the separated employee to the Committee
                  for participation for all or part of the bonus year.

3.       Computation of Bonus

         (a)      The actual bonus earned shall consist of two parts. Part I is
                  discretionary subject to a maximum of 21.0%; Part II is the
                  percentage of the Earnings Per Share objective earned subject
                  to a maximum bonus of 24.5% and the percentage of the Cash
                  Flow objective earned subject to a maximum bonus of 24.5%. For
                  purposes of this Plan, the bonus percentages are set at
                  various levels as follows:

<TABLE>
<CAPTION>

                                                                            BONUS PERCENTAGE EARNED
                                                                            -----------------------
                                                           Cut-In          Par            Premium          Maximum
                                                           ------          ---            -------          -------
          <S>                                              <C>             <C>            <C>              <C>
          Part I - Individual Performances
             Discretionary                                   0            10.5%            15.7%            21.0%
          Part II - Team Results
             Earnings Per Share                              0            12.3%            18.4%            24.5%
             Cash Flow                                       0            12.2%            18.4%            24.5%
                                                             -            ----             ----             ----
          Total                                              0            35.0%            52.5%            70.0%
                                                             =            ====             ====             ====

</TABLE>


<PAGE>   6
Executive Incentive Compensation Program
Plan A-2
Page 3

                  The bonus percentage under Part II for attainment of
                  objectives between any of the levels will be calculated on a
                  pro rata basis.

         (b)      The discretionary bonus earned by each participant shall vary
                  from zero to a maximum of 21.0%. The percentage shall be
                  recommended by the Chairman, President and Chief Executive
                  Officer for approval or revision by the Committee.

         (c)      Earnings Per Share and Cash Flow objectives for Scotsman
                  Industries will be established by the Committee in U.S.
                  dollars.

         (d)      The bonus payable to each participant shall be a percentage,
                  as determined in paragraph 3(a) of the participant's bonus
                  base. The maximum bonus payable under the Plan is 70% of the
                  participant's bonus base.

4.       Definitions

         (a)      The Bonus Year is based on the accounting year used by
                  Scotsman Industries.

         (b)      A participant's bonus base shall be the amount of compensation
                  received by an employee during that portion of the bonus year
                  during which he/she is designated as a participant. For the
                  purposes hereof, compensation shall be the participant's base
                  rate compensation exclusive of bonuses payable hereunder,
                  company contributions to a pension plan and any and all rights
                  and benefits therein, or any other form of bonus, overtime, or
                  such other payments as may be excluded by the Committee.

         (c)      Corporate Earnings Per Share shall be reported consolidated
                  net income divided by fully-diluted weighted average common
                  shares outstanding, as determined in accordance with generally
                  accepted accounting principles, adjusted to eliminate
                  extraordinary gains and losses as determined by the Committee.

         (e)      Cash Flow shall be consolidated cash flow before acquisitions
                  and divestitures for the year.


<PAGE>   7
                                                               February 23, 1998


                            SCOTSMAN INDUSTRIES, INC.

                  1998 EXECUTIVE INCENTIVE COMPENSATION PROGRAM

                                    PLAN A-I

                          PARTICIPANT EMANUELE LANZANI


1.       General

         (a)      This Plan for annual bonus, designed to provide increased
                  incentive through additional compensation to selected key
                  personnel, to be paid from profits to which such personnel
                  have contributed by their services during the fiscal year, is
                  declared effective for the bonus year ending December 31, 1998
                  to continue in effect thereafter from year to year unless
                  amended or discontinued as hereinafter provided.

         (b)      The Plan, as applicable to any current bonus year, may be
                  amended, revised or discontinued by action of the Management
                  Compensation Committee (the "Committee") of Scotsman
                  Industries only if extraordinary factors occur during the year
                  that would require restructuring of the Plan.

         (c)      The bonus for the preceding bonus year shall be paid in cash
                  to each participant, or in case of death, to his heirs or
                  personal representatives, each year following completion of
                  the regular annual audit by independent public accountants,
                  which normally is completed before February 28.

         (d)      A participant shall have no rights or obligations with respect
                  to any completed bonus year by reason of adjustments
                  applicable thereto made subsequent to determination of the
                  bonus for such completed bonus year. No rights of any nature
                  shall accrue to any participant or employee with respect to
                  any future bonus year.

         (e)      The Committee may at any time amend, revise or discontinue the
                  Executive Incentive Compensation Program as applicable to
                  subsequent bonus years.

2.       Participants in Bonus

         (a)      Participants shall include key personnel selected as herein
                  provided. The Chairman, President and Chief Executive Officer
                  of Scotsman Industries shall recommend to the Committee prior
                  to March 1 of each year for its approval, revision or
                  disapproval, lists of names of employees for participation in
                  the bonus for the current bonus year.



<PAGE>   8
Executive Incentive Compensation Program
Plan A-1
Page 2

         (b)      The Chairman, President and Chief Executive Officer of
                  Scotsman Industries may at any time during the bonus year
                  recommend to the Committee additional names of employees for
                  participation beginning at a fixed date in the year and upon
                  approval by the Committee such employees shall participate in
                  the bonus for that portion of the year subsequent to the fixed
                  date.

         (c)      The Chairman, President and Chief Executive Officer of
                  Scotsman Industries may at any time during the bonus year
                  recommend to the Committee the exclusion, for cause, of any
                  employee from participation in the bonus for the year or for
                  any portion thereof. Upon approval of the recommendation by
                  the Committee, any such employee shall not participate in the
                  bonus for such year or for any portion of the year subsequent
                  to a date fixed by the Committee.

         (d)      A participant who is separated from employment, for any
                  reason, except death, disability, or retirement, prior to the
                  end of the bonus year shall not participate in the bonus or
                  any part thereof for the bonus year. However, the Chairman,
                  President and Chief Executive Officer of Scotsman Industries
                  may, at his sole discretion, recommend the separated employee
                  to the Committee for participation for all or part of the
                  bonus year.

3.       Computation of Bonus

         (a)      The actual bonus earned shall consist of three parts. Part I
                  are four Team Objectives subject to a maximum bonus of 16.0%;
                  Part II is the percentage of the Earnings Before Interest &
                  Taxes (EBIT) objective earned subject to a maximum bonus of
                  25.0% and the percentage of the Working Capital to Sales
                  objective earned subject to a maximum bonus of 19.0%; and Part
                  III is the percentage of the Corporate Earnings Per Share
                  (EPS) objective earned subject to a maximum bonus of 10.0%.
                  For purposes of this Plan, the bonus percentages are set at
                  various levels as follows:


<PAGE>   9
Executive Incentive Compensation Program
Plan A-1
Page 3

<TABLE>
<CAPTION>

                                                                            BONUS PERCENTAGE EARNED
                                                                            -----------------------
                                                           Cut-In             Par            Premium          Maximum
                                                           ------             ---            -------          -------
          <S>                                              <C>                <C>            <C>              <C>  
          Part I - Four Team Objectives                      0               8.0%             12.0%             16.0%
          ------------------------------
          Part II - Division Team Results
          - Frimont
               EBIT                                          0               8.5%             12.8%             17.0%
               Working Capital to Sales                      0               6.5%              9.7%             13.0%
          - CastelMAC
               EBIT                                          0               4.0%              6.0%              8.0%
               Working Capital to Sales                      0               3.0%              4.5%              6.0%
          Part III - Corporate Team Results
              Earnings Per Share                             0               5.0%              7.5%             10.0%
                                                             -               ---               ---              ----
          Total                                              0               35.0%            52.5%            120.0%
                                                             =               ====             ====             =====
</TABLE>

                  The bonus percentages for attainment of objectives between any
                  of the levels will be calculated on a pro rata basis.

         (b)      EBIT and Working Capital to Sales for each Division will be
                  established by the Committee in the local currency of the
                  participant's Division,

         (c)      Earnings Per Share for Scotsman Industries will be established
                  by the Committee in U.S. dollars.

         (d)      The bonus payable to each participant shall be a percentage,
                  as determined in paragraph 3(a) of the participant's bonus
                  base. The maximum bonus payable under the Plan is 70.0% of the
                  participant's bonus base.

4.       Definitions

         (a)      The Bonus Year is based on the accounting year used by
                  Scotsman Industries.

         (b)      A participant's bonus base shall be the amount of compensation
                  received by an employee during that portion of the bonus year
                  during which he/she is designated as a participant. For the
                  purposes hereof, compensation shall be the participant's base
                  rate compensation exclusive of bonuses payable hereunder,
                  company contributions to a pension plan and any and all rights
                  and benefits therein, or any other form of bonus, overtime, or
                  such other payments as may be excluded by the Committee.



<PAGE>   10
Executive Incentive Compensation Program
Plan A-1
Page 4

         (c)      Earnings Before Interest and Taxes (EBIT) shall be profit
                  before interest and taxes of each participating division for
                  the bonus year, as determined in accordance with generally
                  accepted accounting principles, adjusted to eliminate
                  extraordinary gains and losses as determined by the Committee.
                  EBIT will be measured on a LIFO basis covering U.S. operations
                  and on a FIFO basis covering foreign operations. However, any
                  U.S. operations with Corporate approved FIFO inventories will
                  be measured on a FIFO basis covering those inventories.

         (d)      Corporate Earnings Per Share shall be reported consolidated
                  net income divided by fully-diluted weighted average Common
                  shares outstanding, as determined in accordance with generally
                  accepted accounting principles, adjusted to eliminate
                  extraordinary gains and losses as determined by the Committee.

         (f)      Division Working Capital to Sales shall be the percentage of
                  the monthly average of the reported division working capital
                  to the annual sales of the division excluding
                  inter-division/inter-company transactions. Working Capital is
                  defined as the net book value of the sum of trade accounts
                  receivable, inventory and trade accounts payable. Average
                  working capital will be based on month end balances starting
                  with the ending balance of the preceding year and ending with
                  the year end balance of the bonus year (average of 13 monthly
                  balances), adjusted to eliminate extraordinary gains and
                  losses determined by the Committee.


<PAGE>   11
                                                               February 23, 1998


                            SCOTSMAN INDUSTRIES, INC.

                  1998 EXECUTIVE INCENTIVE COMPENSATION PROGRAM

                                    PLAN A-1

                         PARTICIPANT MICHAEL DE ST PAER


1.       General

         (a)      This Plan for annual bonus, designed to provide increased
                  incentive through additional compensation to selected key
                  personnel, to be paid from profits to which such personnel
                  have contributed by their services during the fiscal year, is
                  declared effective for the bonus year ending December 31, 1998
                  to continue in effect thereafter from year to year unless
                  amended or discontinued as hereinafter provided.

         (b)      The Plan, as applicable to any current bonus year, may be
                  amended, revised or discontinued by action of the Management
                  Compensation Committee (the "Committee") of Scotsman
                  Industries only if extraordinary factors occur during the year
                  that would require restructuring of the Plan.

         (c)      The bonus for the preceding bonus year shall be paid in cash
                  to each participant, or in case of death, to his heirs or
                  personal representatives, each year following completion of
                  the regular annual audit by independent public accountants,
                  which normally is completed before February 28.

         (d)      A participant shall have no rights or obligations with respect
                  to any completed bonus year by reason of adjustments
                  applicable thereto made subsequent to determination of the
                  bonus for such completed bonus year. No rights of any nature
                  shall accrue to any participant or employee with respect to
                  any future bonus year.

         (e)      The Committee may at any time amend, revise or discontinue the
                  Executive Incentive Compensation Program as applicable to
                  subsequent bonus years.

2.       Participants in Bonus

         (a)      Participants shall include key personnel selected as herein
                  provided. The Chairman, President and Chief Executive Officer
                  of Scotsman Industries shall recommend to the Committee prior
                  to March 1 of each year for its approval, revision or
                  disapproval, lists of names of employees for participation in
                  the bonus for the current bonus year.



<PAGE>   12
Executive Incentive Compensation Program
Plan A-1
Page 2

         (b)      The Chairman, President and Chief Executive Officer of
                  Scotsman Industries may at any time during the bonus year
                  recommend to the Committee additional names of employees for
                  participation beginning at a fixed date in the year and upon
                  approval by the Committee such employees shall participate in
                  the bonus for that portion of the year subsequent to the fixed
                  date.

         (c)      The Chairman, President and Chief Executive Officer of
                  Scotsman Industries may at any time during the bonus year
                  recommend to the Committee the exclusion, for cause, of any
                  employee from participation in the bonus for the year or for
                  any portion thereof. Upon approval of the recommendation by
                  the Committee, any such employee shall not participate in the
                  bonus for such year or for any portion of the year subsequent
                  to a date fixed by the Committee.

         (d)      A participant who is separated from employment, for any
                  reason, except death, disability, or retirement, prior to the
                  end of the bonus year shall not participate in the bonus or
                  any part thereof for the bonus year. However, the Chairman,
                  President and Chief Executive Officer of Scotsman Industries
                  may, at his sole discretion, recommend the separated employee
                  to the Committee for participation for all or part of the
                  bonus year.

3.       Computation of Bonus

         (a)      The actual bonus earned shall consist of three parts. Part I
                  are four Team Objectives subject to a maximum bonus of 16.0%;
                  Part II is the percentage of the Earnings Before Interest &
                  Taxes (EBIT) objective earned subject to a maximum bonus of
                  25.0% and the percentage of the Working Capital to Sales
                  objective earned subject to a maximum bonus of 19.0%; and Part
                  III is the percentage of the Corporate Earnings Per Share
                  (EPS) objective earned subject to a maximum bonus of 10.0%.
                  For purposes of this Plan, the bonus percentages are set at
                  various levels as follows:



<PAGE>   13
Executive Incentive Compensation Program
Plan A-1
Page 3

<TABLE>
<CAPTION>

                                                                            BONUS PERCENTAGE EARNED
                                                                            -----------------------
                                                           Cut-In             Par            Premium          Maximum
                                                           ------             ---            -------          -------
          <S>                                              <C>                <C>            <C>              <C>  
          Part I - Four Team Objectives                      0               8.0%             12.0%            16.0%
          -----------------------------
          Part II - Division Team Results
             EBIT                                            0              12.5%             18.7%            25.0%
             Working Capital to Sales                        0               9.5%             14.3%            19.0%
          Part III - Corporate Team Results
              Earnings Per Share                             0               5.0%              7.5%            10.0%
                                                             -              ----              ----             ----
          Total                                              0              35.0%             52.5%            70.0%
                                                             =              =====             ====             ====
</TABLE>

                  The bonus percentages for attainment of objectives between any
                  of the levels will be calculated on a pro rata basis.

         (b)      EBIT and Working Capital to Sales for each Division will be
                  established by the Committee in the local currency of the
                  participant's Division.

         (c)      Earnings Per Share for Scotsman Industries will be established
                  by the Committee in U.S. dollars.

         (d)      The bonus payable to each participant shall be a percentage,
                  as determined in paragraph 3(a) of the participant's bonus
                  base. The maximum bonus payable under the Plan is 70.0% of the
                  participant's bonus base.

4.       Definitions

         (a)      The Bonus Year is based on the accounting year used by
                  Scotsman Industries.

         (b)      A participant's bonus base shall be the amount of compensation
                  received by an employee during that portion of the bonus year
                  during which he/she is designated as a participant. For the
                  purposes hereof, compensation shall be the participant's base
                  rate compensation exclusive of bonuses payable hereunder,
                  company contributions to a pension plan and any and all rights
                  and benefits therein, or any other form of bonus, overtime, or
                  such other payments as may be excluded by the Committee.

         (c)      Earnings Before Interest and Taxes (EBIT) shall be profit
                  before interest and taxes of each participating division for
                  the bonus year, as determined in accordance with generally
                  accepted accounting principles, adjusted to eliminate
                  extraordinary gains


<PAGE>   14
Executive Incentive Compensation Program
Plan A-1
Page 4



                  and losses as determined by the Committee. EBIT will be
                  measured on a LIFO basis covering U.S. operations and on a
                  FIFO basis covering foreign operations. However, any U.S.
                  operations with Corporate approved FIFO inventories will be
                  measured on a FIFO basis covering those inventories.

         (d)      Corporate Earnings Per Share shall be reported consolidated
                  net income divided by fully-diluted weighted average Common
                  shares outstanding, as determined in accordance with generally
                  accepted accounting principles, adjusted to eliminate
                  extraordinary gains and losses as determined by the Committee.

         (f)      Division Working Capital to Sales shall be the percentage of
                  the monthly average of the reported division working capital
                  to the annual sales of the division excluding
                  inter-division/inter-company transactions. Working Capital is
                  defined as the net book value of the sum of trade accounts
                  receivable, inventory and trade accounts payable. Average
                  working capital will be based on month end balances starting
                  with the ending balance of the preceding year and ending with
                  the year end balance of the bonus year Coverage of 13 monthly
                  balances), adjusted to eliminate extraordinary gains and
                  losses determined by the Committee.