Employees’ Anniversary Awards

Generally, employees get better at their jobs the longer they have that job. They know more about their jobs and about our company. Their judgment and decision-making skills increase. They become valuable resources for others in their departments and in other departments. This wealth of experience and knowledge contributes significantly to the success of this company.

Therefore, we wish to specifically reward employees who have worked for us for many years, in addition to wages and other benefits that accrue over time. These additional rewards begin on an employee’s 10th anniversary of employment and occur every 5 years thereafter, as long as the employee has been continuously employed. Breaks in employment will be subtracted from the total length of service used to determine award eligibility. Obviously if the employee is no longer employed as of the anniversary date, he or she is not eligible to receive the award.

Each award recipient may choose to receive store credit or cash per the schedule below. Cash awards will be paid through the payroll system with all applicable taxes withheld. If store credit is selected, items purchased with the store credit cannot be sold back to the store for cash. Store credit cannot be used for special orders or memos, and the COO will approve all purchases and prices.

• 10-year anniversary – choice of $5,000 store credit or $2,500 cash
• 15-year anniversary – choice of $5,000 store credit or $2,500 cash
• 20-year anniversary – choice of $5,000 store credit or $2,500 cash
• 25-year anniversary – choice of $5,000 store credit or $2,500 cash
• 30-year anniversary – choice of $5,000 store credit or $2,500 cash
• 35-year anniversary – choice of $5,000 store credit or $2,500 cash
• 40-year anniversary – choice of $5,000 store credit or $2,500 cash
• 45-year anniversary – you go home now

For part-time employees (anyone not designated as full time), the awards will be given based on full-time equivalent hours worked rather than years worked. Full-time equivalent hours are equal to 2080 hours per year. For example, a part-time employee would work for 10 times 2080 hours or 20,800 hours in order to earn the 10-year anniversary award.