Document:

fy2010annualbonusplan.htm

Exhibit 10.1

CRACKER BARREL OLD COUNTRY STORE, INC.

and

SUBSIDIARIES

FY 2010 Annual Bonus Plan

ARTICLE I

General

1.1           Establishment of the Plan.  Pursuant to the Cracker Barrel Old Country Store, Inc. 2002 Omnibus Incentive Compensation Plan (the “Omnibus Plan”),
the Compensation Committee (the “Committee”) of the Board of Directors of Cracker Barrel Old Country Store, Inc. (the “Company”) hereby establishes this FY 2010 Annual Bonus Plan (the “ABP”).

1.2           Plan Purpose.  The purpose of this ABP is to specify appropriate opportunities to earn a bonus with respect to the Company’s 2010 fiscal year
in order to reward officers of the Company and of its subsidiaries for the Company's financial performance during fiscal year 2010 and to further align their interests with those of the shareholders of the Company.

1.3           ABP Subject to Omnibus Plan.  This ABP is established pursuant to, and it comprises a part of the Omnibus Plan. Accordingly, all of the terms of the
Omnibus Plan are incorporated in this ABP by reference as if included verbatim.  In case of a conflict between the terms and conditions of the ABP and the Omnibus Plan, the terms and conditions of the Omnibus Plan shall supersede and control the issue.  It is intended that the ABP shall in all respects be subject to and governed by the provisions of the Omnibus Plan and, except to the extent Annual Bonuses (as defined herein) are paid on an accelerated basis pursuant to a Change in Control,
that all Annual Bonuses paid to Covered Employees shall constitute qualified performance-based compensation under Section 162(m) of the Code. The terms of this ABP shall in all respects be so interpreted and construed as to be consistent with this intention.

ARTICLE II

Definitions

2.1           Omnibus Plan Definitions.  Capitalized terms used in this ABP without definition have the meanings ascribed to them in the Omnibus Plan, unless otherwise
expressly provided.

2.2           Other Definitions.  In addition to those terms defined in the Omnibus Plan and elsewhere in this ABP, whenever used in this ABP, the following terms
have the meanings set forth below:

	 (a)	
 
	
“2010 Operating Income” means, operating income during the 2010 fiscal year, excluding extraordinary gains or losses and the effects of any sale of assets (other than in the ordinary course of business), the effects of any 

 

 

 

 

	 	refinancing of the Company’s long-term indebtedness, the effects of changes in accounting principles.

 

	(b)	
  
	
“Annual Bonus” means the Award paid to a Participant after the Committee determines that the Performance Goal has been achieved and exercised its discretion in determining whether to pay the Eligible Bonus or some different amount.

 

	
(c)
 	 	
“Eligible Bonus” means an Award equal to a percentage of a Participant's applicable annual base salary established within the first 90 days of the Performance Period or, in the case of new hires or Participants who are promoted, established at the time of hiring or promotion and the portion of fiscal year 2010 for which the salary is applicable,
consistent with those established for the same or similar position by the Committee within the first 90 days of the Performance Period.

 

	(d)	
  
	
“Performance Goal” means achievement of 2010 Operating Income in an amount equal to or greater than an amount established by the Committee within the first 90 days of the Performance Period.

	(e)	
  
	
“Performance Period” means the Company's 2010 fiscal year.

ARTICLE III

Eligibility; Calculation and Payment of Awards

3.1           Plan Eligibility.  The Participants in the ABP shall be those persons designated by the Committee during the first 90 days of the Company's 2010 fiscal
year, and those hired or promoted during the fiscal year and at that time designated as Participants by the Committee.

3.2           Bonus Eligibility.  If the Performance Goal is achieved, each Participant shall be eligible to receive his or her Eligible Bonus.  The Annual Bonus, however, shall be determined by the
Committee based upon such measures, if any, that the Committee in its discretion shall employ.

3.3           Calculation and Payment of Awards.  After the close of the Performance Period, the Committee shall certify in writing the achievement of the Performance Goal and the amounts of any Annual Bonus payable
to each Participant.  No Annual Bonus shall be paid to any Covered Employee if the Performance Goal is not achieved.  Any Annual Bonus due shall be paid within a reasonable time after certification of the achievement of the Performance Goal by the Committee and, in any event, on or prior to March 31, 2011.

3.4           Committee Discretion; Limit on Awards.  Subject to Section 3.2, The Committee shall have the discretion to establish the amount of any Annual Bonus payable to any Participant, except that the Annual
Bonus of any Covered Employee shall not exceed either his or her Eligible Bonus or the Section 162(m) Cash Maximum.

 

 

 

ARTICLE IV

Termination of Employment

4.1           Termination of Employment.  Except upon death or disability, if, prior to the certification of the Award as set forth in Section 3.3, a Participant’s
employment is terminated or the Participant voluntarily resigns, all of the Participant’s rights to an Annual Bonus shall be forfeited.  If a Participant’s employment is terminated because of a Participant's death or disability, the Eligible Bonus shall be reduced to reflect only the period of employment prior to termination.  The adjusted Award shall be based upon the number of days of employment during the Performance Period.  In the case of a Participant’s disability,
the employment termination shall be deemed to have occurred on the date the Committee determines that the disability has occurred, pursuant to the Company’s then-effective group long-term disability insurance benefit for officers.  Any Annual Bonus thereafter determined by the Committee shall be payable at the time specified in Section 3.3.

ARTICLE V

Change in Control

5.1           Change in Control.  If a Change in Control takes place during fiscal 2010, (i), the Performance Goal shall be deemed to have been met if the Company’s
operating income through the end of the fiscal month preceding the Change in Control equals or exceeds 50% of the Company’s operating income for the comparable period in the 2009 fiscal year, (ii) all Annual Bonuses established by the Committee shall be immediately payable in cash to Participants upon the date of the Change of Control (subject to any election previously made by a Participant to defer receipt of such Bonus), and (iii) unless expressly terminated, this ABP shall continue in effect throughout
the remainder of fiscal 2010 with the amount of any Bonuses payable at the end of 2010 reduced by the amount of any Bonuses paid upon the Change in Control.EX-10.1 Exhibit 10.1

Exhibit 10.1

 

Bakhu Holdings Corp. Announces the Appointment of Mr. Xinan Zeng as Director

 

Experienced Chinese Executive Appointed to Bakhu Holdings Corp.’s Board

 

LAS VEGAS, NEVADA, August 27, 2009 /PRNewswire-Asia via COMTEX/ -- Bakhu Holding Corp. ("the Company" or "we") (OTC BB: BKUH.OB) today announced the appointment of Mr. Xinan Zeng as a Director of Bakhu Holdings Corp. Mr Zeng is the Chairman and CEO of the company Bakhu plans to merge with, Shenzhen Xinhonglian Solar Energy Co. (SXSE) and is the leader of the experienced Chinese solar manufacturing management team from SXSE that will take the reins of Bakhu once the merger is completed. 

 

Mr. Zeng is 37 years old and is an engineering graduate from graduate of Guangzhou Railway Vocational and Technical College.  He was influenced early in his career by his uncle, Zeng Xinran,  who was a semiconductor researcher.  In the mid 1990’s Mr. Zeng began to experiment with semiconductors and build photovoltaic products in his spare time. In 2002, with increased demand for solar products and modules, Mr. Zeng and four others formed SXSE and turned a part time passion into their full time business.  Since that time, Mr. Zeng has managed SXSE into a successful and profitable company whose customers include Wal-Mart, Panasonic, Motorola and ZTE (the largest manufacturer of cell phones in China; and ranks as the sixth largest cell phone manufacturer in the world).  With the appointment of Mr. Zeng as Bakhu’s CEO, the company has a proven expert and leader in the manufacture of high quality, solar powered products and solar panels.

 

Since its inception in 2002, Bakhu Solar built its business by purchasing solar cells from solar cell manufacturers, which it utilized to manufacture a wide range of solar products for commercial and consumer applications. In 2004, the company compounded its success by expanding to make PV solar panels. Today, Bakhu  produces PV solar panels and a wide array of solar products, all of which use solar cells as the power source.  

 

The completion of the merger between Bakhu Holdings Corp. and SXSE is contingent on the completion of an audit by a PCAOB designated accounting firm.  Once the merger is completed Bakhu Holding Corp., will change its name to Bakhu Solar Corp and will continue to pursue the same successful, aggressive growth strategy that was implemented by SXSE, a profitable private company that was established in 2002 in Shenzhen, Guangdong Province, Peoples Republic of China. Since its inception, SXSE – to be known as Bakhu Solar - built its business by manufacturing a wide range of solar products for commercial and consumer applications.  In 2004, the company compounded its success by expanding to make PV solar panels. Today, the company produces PV solar panels and a wide array of solar products, all of which use solar cells as the power source.  

 

 

SXSE manufactures and sells 35 different PV solar panels, ranging from 10W (watts) to 250W.  These PV solar panels are used in both industrial and residential applications. SXSE uses high quality solar cells which it purchases from cell manufacturers in Japan and Taiwan. Solar products manufactured by Bakhu for commercial and consumer use include portable lights for various applications, lane markers, solar street lights, solar traffic lights and battery chargers. 

 

Bakhu employs 100 workers in its manufacturing operation and 10 engineers who design products and over see the fabrication processes. The factory is located in an industrial part of Shenzhen and occupies 1500 square meters.

 

Bakhu Holdings Corp. is a public company that plans to enter the green energy business by acquiring a solar manufacturer that is based in China.  The target company that Bakhu Holdings Corp. plans to acquire is Shenzhen Xinhonglian Solar Energy Co., Ltd (SXSE). The completion of the merger between Bakhu Holdings Corp. and SXSE is contingent on the completion of an audit by a PCAOB designated accounting firm., which is followed by the transfer of SXSE’s assets to a Hong Kong based company.

 

 

For more information, please contact:

 

Investor Relations - Bakhu Holdings Corp.

5348 Vegas Drive, Las Vegas, Nevada 89108

Tel:   1-800-870-1242

Email: ir@bakhu.com

 

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

A number of statements contained in this press release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including activities relating to the completion of the merger between Shenzhen Xinhonglian Solar Energy Co., Ltd (SXSE) and Bakhu Holdings Corp. These activities include the completion of an audit by a PCAOB designated accounting firm and the transfer of SXSE’s assets to a Hong Kong based company, our ability to raise capital when needed and on acceptable terms and conditions, the intensity of competition and general economic factors. The actual results Bakhu Holdings Corp. may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Bakhu Holdings Corp encourages the public to read the information provided here in conjunction with its most recent filings, which may be viewed at www.sec.gov.

SOURCE Bakhu Holdings Corp.

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