Couple of things for you:
1. Do you mean exempt from overtime instead of tax exempt? If so, then there are only certain reasons why you can deduct from an exempt employees weekly pay.
2. Be careful as you are writing the policy to not box yourself into a corner. If you say here is the disciplinary process - verbal, written, final written, etc. and then you don't do that every time with every employee, you will have an issue on your hands. You need to make sure the policy is written to allow you to deviate from this process based on the nature of the case and the severity of the issue. You want to make sure you are consistent regarding disciplinary for the same reasons, but you want to allow the company some flexibility based on the severity of each issue. You don't want to have someone commit assault on someone else and you not be able to go straight to termination because your policy says you will have a verbal, written, final written and then termination.
3. I am not a big fan of suspension without pay for any level of employee unless there is a really good reason for this. If you are doing an investigation related to some thefts and you want to make sure you have all your facts and documentation in order before you terminate someone, then I can see suspending someone without pay until the investigation is complete. But as I said, I am not a big fan of this.