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This excerpt taken from the LLTC DEF 14A filed Sep 23, 2009. Profit
Sharing - Consistent
strong profitability is a major objective of the Company. All employees affect
the Company's success in meeting this objective. To reinforce success, the
Company funds a profit sharing program for all eligible employees. Every
employee of the Company and the Company’s subsidiaries who has been employed by
the Company for more than six months before each semi-annual profit sharing
payment participates in the profit sharing plan. Amounts paid under the profit
sharing program are typically a meaningful portion of each eligible employee's
total compensation. The amount of the profit sharing pool is largely determined
by the magnitudes of sales and operating income for the six-month period, and is
approximately 6% to 11% of the Company’s operating income for each six-month
fiscal period. The pool amount is then divided by the aggregate base salaries of
all eligible employees (including executive officers) for the period. This
“pool”/“sum of base salaries” ratio represents the percentage profit sharing
payment to each participant in comparison to his or her base salary. For all
eligible U.S. employees, a portion of this profit sharing is paid directly into
a 401(k) retirement plan.
The Company’s executive officers’ profit sharing payments are calculated in the same manner as for the rest of its employees, and the percentage of base salary the payment represents is the same for all 24 employees, including executive officers. In fiscal year 2009, the Company’s executive officers and U.S. employees received profit sharing distributions equal to approximately 22% of their base salaries, as compared to 33% in fiscal year 2008, a decrease of approximately 33%. This decrease reflects the fact that the Company’s operating income decreased by $156.6 million or 27% from the prior fiscal year.
This excerpt taken from the LLTC DEF 14A filed Sep 23, 2008. Profit
Sharing - Consistent
strong profitability is a major objective of the Company. All employees affect
the Company’s success in meeting this objective. To reinforce success, the
Company funds a profit sharing program for eligible employees. Amounts paid
under the profit sharing program are typically a meaningful portion of each
eligible employee’s total compensation. Profit sharing payments are distributed
semi-annually to all eligible employees, including executive officers, from a
profit sharing pool. The amount of the pool is largely determined by the
magnitudes of sales and operating income for the six-month period. This pool is
distributed to all eligible employees based on the ratio of their individual
salary to total salaries for all eligible employees. Executive officers
participate in the same way as other employees. For all eligible U.S. employees,
a portion of this profit sharing is paid directly into a 401(k) retirement plan.
This excerpt taken from the LLTC DEF 14A filed Sep 26, 2007. Profit
Sharing - Consistent
strong profitability is an objective of the Company. All employees affect the
Company's success in this objective. To reinforce success, the Company funds a
profit sharing program for employees generally. Amounts paid under the profit
sharing program are typically a meaningful portion of each eligible employee's
total compensation. Profit sharing payments are distributed semi-annually to all
eligible employees, including executive officers, from a profit sharing pool.
The amount of the pool is largely determined by the magnitude of sales and
operating income for the six-month period. This pool is distributed to all
eligible employees based on the ratio of their individual salary to total
salaries for all eligible employees. Executive officers participate in the same
way as other employees. For all eligible United States employees, a portion of
this profit sharing is paid directly into a 401(k) retirement plan.
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