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Dana Proposes Trimmed-Down Executive Bonus Plan

Law360 (November 7, 2006, 12:00 AM EST) -- Dana Corp. has reduced the incentive amounts offered to its top executives as part of a revised bonus plan proposal that has come before the bankruptcy court.

Dana asked the U.S. Bankruptcy Court for the Southern District of New York on Monday to allow it to pay Michael J. Burns, the company’s chief executive, as much as $4.5 million during 2007 and as much as $2.25 million in 2008, in order to retain the top executive.

The incentive amounts are contingent upon making certain targets for...
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