Document:

exh10_2.htm

    EXHIBIT
10.2

    THIRD
AMENDMENT TO THE

     

    FROZEN
FOOD EXPRESS INDUSTRIES, INC. 401(K) SAVINGS PLAN

     

    This
Amendment is adopted by FROZEN
FOOD EXPRESS INDUSTRIES, INC. (the “Company”), a Texas Corporation,
having its principal office in Dallas, Texas.

    R
e c i t a l s:

     

    WHEREAS, the Company has
previously established the Frozen Food Express Industries, Inc. 401(k) Savings
Plan, as amended and restated, effective January 1, 2007 (the “Plan”), for the
benefit of those employees who qualify thereunder and for their beneficiaries;
and

     

    WHEREAS, the Company desires
to amend the Plan to (i) provide for discretionary matching contributions and
(ii) reflect provisions of Treasury Regulations under Section 415 of the
Internal Revenue Code, as amended (the “Code”) that are effective for Plan Years
beginning on and after January 1, 2008.

     

    NOW, THEREFORE, pursuant to
Section 15.1 of the Plan, the Plan is hereby amended as follows, effective on
the dates set forth below:

     

    1.           Section
4.3(a) of the Plan is hereby amended to be and read as follows, effective
January 1, 2009:

     

    Section
4.3           Employer
Contributions.

     

    
      	
               
      

            	
              (a)

            	
              Matching Employer
      Contributions.  In addition to the total amount of
      Savings Contributions elected for each month pursuant to Section 4.1, but
      subject to the limits of Section 4.3(c), each Employer may make a Matching
      Employer Contribution to the Plan in such amount as the Employer shall
      from time to time authorize. If a Matching Employer Contribution is made
      to the Plan, the Employer shall pay to the Trustee for each calendar
      quarter an amount equal to a percentage of each Participant’s Savings
      Contributions and Roth Savings Contributions for each payroll period
      pursuant to Section 4.1 hereof which does not exceed four percent (4%) of
      his Compensation for such payroll period.  Matching Employer
      Contributions may be made in either Company Stock in accordance with the
      closing market price on the business day immediately preceding the day
      such Contributions are made or in cash.  In accordance with
      Section 7.2(a), such Contributions may be re-invested by the Trustee in
      accordance with Participant
direction.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    2.           Section
5.6A is added to the Plan to be and read as follows, effective as stated
herein:

     

    Section
5.6A         Final Section 415
Regulations.

     

    
      	
               
      

            	
              (a)

            	
              Effective Date.
      The provisions of this Section 5.6A shall apply in Limitation Years
      beginning on or after July 1, 2007, except as otherwise provided
      herein.  The provisions of this Section 5.6A shall supersede the
      provisions of Section 5.6 to the extent they are inconsistent therewith
      commencing upon the effective date.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Incorporation by
      Reference. Notwithstanding anything contained in the Plan to the
      contrary, the limitations, adjustments, and other requirements prescribed
      in the Plan shall comply with the provisions of Code Section 415 and the
      final Regulations promulgated thereunder, the terms of which are
      specifically incorporated herein by reference as of the effective date of
      this Section 5.6A, except where an earlier effective date is otherwise
      provided in the final Regulations or in this Amendment. However, where the
      final Regulations permit the Plan to specify an alternative option to a
      default option set forth in the Regulations, and the alternative option
      was available under statutory provisions, Regulations, and other published
      guidance relating to Code Section 415 as in effect prior to April 5, 2007,
      and the Plan provisions in effect as of April 5, 2007 incorporated the
      alternative option, said alternative option shall remain in effect as a
      Plan provision for Limitation Years beginning on or after July 1, 2007
      unless another permissible option is provided in this Section
      5.6A.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Compensation Paid
      after Severance from Employment. For Limitation Years beginning on
      or after July 1, 2007, or such earlier date as specified below,
      compensation for a Limitation Year, within the meaning of Code Section
      415(c)(3) (“415 Compensation”), shall also include the following types of
      compensation paid by the later of 21⁄2 months after a Participant’s
      severance from employment with the employer maintaining the Plan or the
      end of the Limitation Year that includes the date of the Participant’s
      severance from employment with the employer maintaining the Plan. Any
      other payment of compensation paid after severance of employment that is
      not described in the following types of compensation is not considered 415
      Compensation, even if payment is made within the time period specified
      above.

            

    

     

    
      	
               
      

            	
              (i)

            	
              Regular Pay after
      Severance from Employment. 415 Compensation shall include regular
      pay after severance of employment
if:

            

    

     

    
      	
               
      

            	
              (A)

            	
              The
      payment is regular compensation for services during the Participant’s
      regular working hours, or compensation for services outside the
      Participant’s regular working hours (such as overtime or shift
      differential), commissions, bonuses, or other similar payments;
      and

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    
      	
               
      

            	
              (B)

            	
              The
      payment would have been paid to the Participant prior to a severance from
      employment if the Participant had continued in employment with the
      employer.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Leave Cashouts and
      Deferred Compensation. Leave cashouts and deferred compensation
      shall not be included in 415
Compensation.

            

    

     

    
      	
               
      

            	
              (iii)

            	
              Salary Continuation
      Payments for Military Service Participants. 415 Compensation does
      not include payments to an individual who does not currently perform
      services for the employer by reason of qualified military service (as that
      term is used in Code Section
414(u)(1)).

            

    

     

    
      	
               
      

            	
              (iv)

            	
              Salary Continuation
      Payments for Disabled Participants. 415 Compensation does not
      include compensation paid to a Participant who is permanently and totally
      disabled (as defined in Code Section
22(e)(3)).

            

    

     

    
      	
               
      

            	
              (d)

            	
              Administrative
      Delay. With regard to a Participant who has not incurred a
      severance from employment, 415 Compensation shall not include amounts
      earned but not paid during the Limitation Year solely because of the
      timing of pay periods and pay
dates.

            

    

     

    
      	
               
      

            	
              (e)

            	
              Inclusion of Certain
      Nonqualified Deferred Compensation Amounts. If the Plan's
      definition of Compensation for purposes of Code Section 415 is the
      definition in Regulation Section 1.415(c)-2(b) and the simplified
      compensation definition of Regulation 1.415(c)-2(d)(2) is not used, then
      415 Compensation shall include amounts that are includible in the gross
      income of a Participant under the rules of Code Section 409A or Code
      Section 457(f)(1)(A) or because the amounts are constructively received by
      the Participant.

            

    

     

    
      	
               
      

            	
              (f)

            	
              Definition of Annual
      Additions.  The Plan's definition of "annual additions"
      is modified as follows:

            

    

     

    
      	
               
      

            	
              (i)

            	
              Restorative
      Payments. Annual additions for purposes of Code Section 415 shall
      not include restorative payments. A restorative payment is a payment made
      to restore losses to a plan resulting from actions by a fiduciary for
      which there is reasonable risk of liability for breach of a fiduciary duty
      under ERISA or under other applicable federal or state law, where
      participants who are similarly situated are treated similarly with respect
      to the payments. Generally, payments are restorative payments only if the
      payments are made in order to restore some or all of the plan's losses due
      to an action (or a failure to act) that creates a reasonable risk of
      liability for such a breach of fiduciary duty (other than a breach of
      fiduciary duty arising from failure to remit contributions to the Plan).
      This includes payments to a plan made pursuant to a Department of Labor
      order, the Department of Labor's Voluntary Fiduciary Correction Program,
      or a court approved settlement, to restore losses to a qualified defined
      contribution plan on account of the breach of fiduciary duty (other than a
      breach of fiduciary duty arising from failure to remit contributions to
      the Plan). Payments made to the Plan to make up for losses due merely to
      market fluctuations and other payments that are not made on account of a
      reasonable risk of liability for breach of a fiduciary duty under ERISA
      are not restorative payments and generally constitute contributions that
      are considered annual additions.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Other Amounts.
      Annual additions for purposes of Code Section 415 shall not include: (1)
      The direct transfer of a benefit or employee contributions from a
      qualified plan to this Plan; (2) Rollover contributions (as described in
      Code Sections 401(a)(31), 402(c)(1), 403(a)(4), 403(b)(8), 408(d)(3), and
      457(e)(16)); (3) Repayments of loans made to a Participant from the Plan;
      and (4) Repayments of amounts described in Code Section 411(a)(7)(B) (in
      accordance with Code Section 411(a)(7)(C)) and Code Section 411(a)(3)(D)
      or repayment of contributions to a governmental plan (as defined in Code
      Section 14(d)) as described in Code Section 415(k)(3), as well as Employer
      restorations of benefits that are required pursuant to such
      repayments.

            

    

     

    
      	
               
      

            	
              (g)

            	
              Change of Limitation
      Year. The Limitation Year may only be changed by a Plan amendment.
      Furthermore, if the Plan is terminated effective as of a date other than
      the last day of the Plan's Limitation Year, then the Plan is treated as if
      the Plan had been amended to change its Limitation
  Year.

            

    

     

    
      	
               
      

            	
              (h)

            	
              Excess Annual
      Additions. Notwithstanding any provision of the Plan to the
      contrary, if the annual additions (within the meaning of Code Section 415)
      are exceeded for any Participant, then the Plan may only correct such
      excess in accordance with the Employee Plans Compliance Resolution System
      (EPCRS) as set forth in Revenue Procedure 2008-50 or any superseding
      guidance, including, but not limited to, the preamble of the final Section
      415 Regulations.

            

    

     

    
      	
               
      

            	
              (i)

            	
              Aggregation and
      Disaggregation of Plans.

            

    

     

    
      	
               
      

            	
              (i)

            	
              For
      purposes of applying the limitations of Code Section 415, all defined
      contribution plans (without regard to whether a plan has been terminated)
      ever maintained by the Employer (or a "predecessor employer") under which
      the Participant receives annual additions are treated as one defined
      contribution plan. The "Employer" means the Employer that adopts this Plan
      and all members of a controlled group or an affiliated service group that
      includes the Employer (within the meaning of Code Section 414(b), (c), (m)
      or (o)), except that for purposes of this Section, the determination shall
      be made by applying Code Section 415(h), and shall take into account tax
      exempt organizations under Regulation Section 1.414(c)-5, as modified by
      Regulation Section 1.415(a)-1(f)(1). For purposes of this
      Section:

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    
      	
               
      

            	
              (A)

            	
              A
      former employer is a "predecessor employer" with respect to a participant
      in a plan maintained by an Employer if the Employer maintains a plan under
      which the participant had accrued a benefit while performing services for
      the former Employer, but only if that benefit is provided under the plan
      maintained by the Employer. For this purpose, the formerly affiliated plan
      rules in Regulation Section 1.415(f)-1(b)(2) apply as if the Employer and
      predecessor Employer constituted a single employer under the rules
      described in Regulation Section 1.415(a)-1(f)(1) and (2) immediately prior
      to the cessation of affiliation (and as if they constituted two, unrelated
      employers under the rules described in Regulation Section 1.415(a)-1(f)(1)
      and (2) immediately after the cessation of affiliation) and cessation of
      affiliation was the event that gives rise to the predecessor employer
      relationship, such as a transfer of benefits or plan
      sponsorship.

            

    

     

    
      	
               
      

            	
              (B)

            	
              With
      respect to an Employer of a Participant, a former entity that antedates
      the Employer is a "predecessor employer" with respect to the Participant
      if, under the facts and circumstances, the employer constitutes a
      continuation of all or a portion of the trade or business of the former
      entity.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Break-Up of an
      Affiliate Employer or an Affiliated Service Group. For purposes of
      aggregating plans for Code Section 415, a "formerly affiliated plan" of an
      employer is taken into account for purposes of applying the Code Section
      415 limitations to the employer, but the formerly affiliated plan is
      treated as if it had terminated immediately prior to the "cessation of
      affiliation." For purposes of this paragraph, a "formerly affiliated plan"
      of an employer is a plan that, immediately prior to the cessation of
      affiliation, was actually maintained by one or more of the entities that
      constitute the employer (as determined under the employer affiliation
      rules described in Regulation Section 1.415(a)-1(f)(1) and (2)), and
      immediately after the cessation of affiliation, is not actually maintained
      by any of the entities that constitute the employer (as determined under
      the employer affiliation rules described in Regulation Section
      1.415(a)-1(f)(1) and (2)). For purposes of this paragraph, a "cessation of
      affiliation" means the event that causes an entity to no longer be
      aggregated with one or more other entities as a single employer under the
      employer affiliation rules described in Regulation Section
      1.415(a)-1(f)(1) and (2) (such as the sale of a subsidiary outside a
      controlled group), or that causes a plan to not actually be maintained by
      any of the entities that constitute the employer under the employer
      affiliation rules of Regulation Section 1.415(a)-1(f)(1) and (2) (such as
      a transfer of plan sponsorship outside of a controlled
    group).

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    
      	
               
      

            	
              (iii)

            	
              Midyear
      Aggregation. Two or more defined contribution plans that are not
      required to be aggregated pursuant to Code Section 415(f) and the
      Regulations thereunder as of the first day of a Limitation Year do not
      fail to satisfy the requirements of Code Section 415 with respect to a
      Participant for the Limitation Year merely because they are aggregated
      later in that Limitation Year, provided that no annual additions are
      credited to the Participant's account after the date on which the plans
      are required to be aggregated.

            

    

     

    IN WITNESS WHEREOF, FROZEN FOOD EXPRESS INDUSTRIES,
INC. has caused this Third Amendment to be executed this 25 day of
February, 2009, effective as of the dates set forth herein, by the undersigned
duly appointed and authorized officer.

    
      
        
          
            
              	 
      	
                      FROZEN
      FOOD EXPRESS INDUSTRIES, INC.

                    
	 
      	
                      By:  
      /s/ Stoney M. Stubbs
    Jr.

                    
	 
      	
                      Name:   
      Stoney M. Stubbs
  Jr.

                    
	 
      	
                      Title:  
      President  and
      CEOexh10_3.htm

    EXHIBIT
10.3

     

     

    FFE
TRANSPORATION SERVICES, INC.

     

     

     AMENDED
2005 EXECUTIVE BONUS AND RESTRICTED STOCK PLAN

     

     

    

     

    This Executive Bonus and Restricted
Stock Plan (hereafter this “Plan”), dated as of January 1, 2005 (the “Effective
Date”), is hereby amended as of February 25, 2009 by FFE Transportation
Services, Inc., a Delaware corporation (“FFE”) which is a wholly-owned
subsidiary of FFE, Inc. (“Inc.”), a Delaware corporation which is a wholly-owned
subsidiary of Frozen Food Express Industries, Inc. (“Industries”), a Texas
corporation, for the benefit of certain officers of FFE.

     

     

    PURPOSE

     

    FFE has established this Plan for the
benefit of specified officers of FFE in order to enhance the benefits to the
covered officers, allow the officers to share in the growth of FFE through the
appreciation in the value of the common stock of Industries, and to provide the
officers with greater incentive to promote the grown of Industries’ shareholder
value.  The purpose of the Plan is to align the financial interests of
key officers of FFE with those of Industries’ shareholders through the use of
awards, payable in the common stock of Industries, upon the attainment of
predetermined performance goals.

     

     

    TERMS

     

     

    1. DEFINITION.  For
the purposes of this Plan, the following terms shall have the meanings set forth
below:

     

     

    (a) The term
“Committee” shall mean a committee of the Board of Directors of Industries,
which shall consist of not less than two persons who are “Non-Employee
Directors” as defined in Rule 16b-3(b)(3) under the Securities Exchange Act of
1934 and who meet such additional criteria as the Board of Directors of
Industries shall determine so that any incentive bonuses paid pursuant to this
Plan shall be exempt from the limitation set forth in Section 162(m) of the
Internal Revenue Code of 1986, as amended.

     

     

    (b) The term
“Compensation” shall mean a Participant’s base compensation (as determined by
the Committee) for the specified period and shall exclude any non-recurring
compensation such as bonus payments.

     

     

    (c) The term
“Fair Market Value” shall mean the closing sales price of the securities per
share, as reported in the Wall Street Journal (or, if not so reported, as
otherwise reported by the National Association of Securities Dealers Automated
Quotation System) as of the date in question.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (d) The term
pre-tax income shall mean total revenues less total operating expenses including
interest income, gains (losses) from the sale of equipment and other
non-operating expenses for Frozen Food Express Industries, Inc. Pre-tax income
may be adjusted by the Committee for such specific items, if any, that the
Committee in its sole discretion deems appropriate.

     

     

    (e) The term
“Participant” shall mean each officer of FFE, including without limitation, any
officer of Industries that is an officer of FFE, whose name is set forth on
Exhibit A.

     

     

    2. DETERMINATION
OF BONUS.  With respect to each fiscal year commencing with fiscal
year 2005, each Participant shall be entitled to an incentive bonus (“Bonus”)
calculated pursuant to a formula determined on the basis of such Participant’s
pre-tax income targets and specified percentages of such Participant’s
Compensation, if the Committee certifies that the applicable target has been
obtained.  The targets and percentages for all Participants are shown
on Exhibit A attached to this Plan.  On or before the last day of any
fiscal year, the Committee may, in its sole discretion, redetermine who will be
a Participant (provided that such person must be an officer of FFE) for the
subsequent fiscal year and the pre-tax targets and percentages to be used to
calculate the Participants’ Bonuses for the subsequent fiscal year by amending
Exhibit A attached to this Plan.

     

     

    3. PAYMENT
OF BONUS AND ISSUANCE OF RESTRICTED STOCK.

     

     

    (a) Each
Participant’s Bonus for any fiscal year shall be paid by FFE to such Participant
as soon as practicable after the consolidated financial statements of Industries
for such fiscal year have been prepared.  [Note:  Section 409A will
require either that (i) the bonus be paid within 2 1⁄2 months after the close of
the fiscal year, or (ii) if paid at a later date, then the payment date must be
a fixed date, ie., on May 1, and cannot be accelerated.]

     

     

    (b) In
addition to the payment of any Bonus to a Participant, FFE shall award shares of
Restricted Stock to each Participant under the Industries’ 2005 Stock Incentive
Plan (the “Stock Incentive Plan”).  The number of shares of Restricted
Stock shall be equal to 50% of the amount of the Participant’s Bonus for that
fiscal year divided by the applicable Share Value.  The applicable
Share Value shall mean the amount that is the lower of (i) the Fair Market Value
of a share of Stock as of the last business day of the fiscal year immediately
preceding the fiscal year for which the Participant’s Bonus was awarded and
(ii) the average of the Fair Market Values of a share of Stock as of the
last business day of each calendar month of the fiscal year for which the
Participant’s Bonus was awarded.

     

     

    (c) Shares of
Restricted Stock shall be awarded to a Participant as of the last business day
of the fiscal year for which the Participant’s Bonus was awarded (the “Grant
Date”).

     

     

    (d) If the
specified bonus percentage for a Participant’s pre-tax income for any fiscal
year is a negative number, no award for the fiscal year will be
made.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

     

     

    4. VESTING
OF RESTRICTED STOCK.

     

     

    (a) The
shares of Restricted Stock awarded to Participants shall vest over a three-year
period, one-third on each anniversary of the Grant Date, provided that the
Participant remains employed by FFE or a related corporation on the vesting
date.  The vesting period may be adjusted as the Committee deems
appropriate at its sole discretion.

     

     

    (b) If a
Participant dies while employed by FFE or a related corporation, 100% of his
shares of Restricted Stock awarded under this Plan shall become
vested.

     

     

    (c) The terms
and conditions of the Restricted Stock award shall be set forth in an Award
Agreement and shall be subject to the provisions of the Stock Incentive
Plan.

     

     

    5. NON-TRANSFERABILTY.  Neither
the shares of Restricted Stock nor any rights and benefits granted in this Plan
may be transferred, assigned, pledged, or hypothecated in any manner, by
operation of law or otherwise, other than by will or by the laws of descent or
distribution or pursuant to a qualified domestic relations order as defined by
the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”), or
Title I of the Employee Retirement Income Security Act of 1974, as amended, or
the rules thereunder, and shall not be subject to execution, attachment, or
similar process.

     

     

    6. NO
FIDUCIARY RELATIONSHIP.  The Boards of Directors and the officers of
FFE, Industries and Inc. shall have no duty to manage or operate in order to
maximize the benefits granted to the Participants hereunder, but rather shall
have full discretionary power to make all management and operational decisions
based on their determination of their respective best interest.  This
Plan shall not be construed to create a fiduciary relationship between such
Boards or the officers of FEE, Industries or Inc. and the
Participant.

     

     

    7. GOVERNING
LAW.  This Plan shall be governed by and construed in accordance with
the laws of the State of Texas.

     

     

    8. NO
EMPLOYMENT GUARANTEE.  Nothing in this Plan shall be construed as an
employment contract or a guarantee of continued employment.  The
rights of any Participant shall only be those as are expressly set forth in this
Plan.

     

     

    9. ADMINISTRATION.  The
Committee shall administer this Plan and shall have the authority, in its sole
and absolute discretion, (a) to adopt, amend and rescind administrative and
interpretative rules and regulations relating to the Plan, (b) to determine the
Participants and the terms under which they may participate in this Plan, (c) to
make all other determinations, perform all other acts, and exercise all other
powers and authority necessary or advisable for administering the Plan,
including the delegation of those ministerial acts and responsibilities as the
Committee deems appropriate.

     

     

    10. TAXES.  FFE
shall be entitled to deduct from amounts payable hereunder any sums required by
federal, state, or local tax law to be withheld with respect to such
payments.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    11. AMENDMENT.  In
addition to the amendments to this Plan contemplated by Section 2, the Board of
Directors may amend or terminate this Plan in its sole discretion.

     

     

    12. GENERAL
CREDFITOR STATUS.  The Participants shall, in no event, be regarded as
standing in any position, if at all, other than as a general creditor of FFE
with respect to any rights derived from the existence of this Plan and shall
receive only FFE’s unfunded and unsecured promise to pay benefits under this
Plan.

     

     

    13. CAPTIONS.  The
captions in this Plan are inserted for convenience of reference only and in no
way define, describe or limit the scope or intent of this Plan or any of the
provisions hereof.

     

     

    14. SEVERABILITY.  If
any provision of this Plan is held to be illegal, invalid or unenforceable under
present or future laws, such provision shall be fully severable and shall not
invalidate the remaining provisions of this Plan, and the remaining provisions
of this Plan shall remain in full force and effect and shall not be affected by
the illegal, invalid or unenforceable provision or by its severance from this
Plan.

     

     

    15. COSTS.  All
expenses and costs incurred in connection with the operation of this Plan shall
be borne by FFE.

     

    IN WITNESS WHEREOF, Frozen Food Express
Industries, Inc., acting by and through its officer hereunto duly authorized,
has executed this instrument, this the 25th day of
February, 2009.

     

    

     

    

     

    
      	 
      	
              FROZEN
      FOOD EXPRESS INDUSTRIES, INC.

            
	 
      	
              By:    
      /s/ Stoney M. Stubbs
    Jr

            
	 
      	
              Name:   
      Stoney M. Stubbs
Jr

            
	 
      	
              Date:   
      2/25/09

            

    

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    INCENTIVE
BONUS CALCULATION

     

    Participants:  Stoney
M. (Mit) Stubbs, S. Russell Stubbs., John Hickerson and Ron Knutson

     

    Pre-tax
Income and Bonus Percentages Applicable to all Participants:

     

    

     

    
      
        	 	
                 

                Pre-tax
      Income

              	
                Participant’s

                Bonus
      Percentage

              	 
	 	
                $1,500,000

              	
                15%

              	 
	 	
                $3,000,000

              	
                30%

              	 
	 	
                $5,000,000

              	
                50%

              	 
	 	
                $7,500,000

              	
                70%

              	 
	 	
                $10,000,000

              	
                80%

              	 
	 	
                $12,500,000

              	
                90%

              	 
	 	
                $13,100,000

              	
                100%

              	 
	 	
                $14,000,000
      or greater

              	
                125%

              	 

      

    

    

     

    The
participant’s earned bonus percentage shall be extrapolated between the
established target levels.

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