d. Whenever the term retirement appears it shall mean retirement under Kohl's Retirement Policy. benefits, the Executive shall be entitled to participate, starting with the 2006 calendar year, in an executive bonus plan, as stated in the Exhibit (Schedule A) attached to this Agreement, as amended from time to time, subject to the terms and conditions provided therein. The purpose of an Incentive Compensation Plan is to motivate and reward key employees for accomplishing individual performance goals established in accordance with the business … The Executive Performance Incentive Compensation Plan for The University of Texas System Presidents and UT System Administration Executive Officers (Incentive Plan) is designed to provide structure for the annual review and consideration of incentive reward that is based on predetermined performance goals. The incentive program allows them each to earn up to an additional 20% of their base salary. (n) "Section 162(m) Officer" shall mean an officer of the Company who, in the Committee's determination made at the time of any Award, is or may become a "covered employee" as defined in Section 162(m) of the Code and the regulations thereunder. A Restricted Executive Bonus plan funded with life insurance offers a hybrid arrangement that bridges the gap between a deferred compensation plan and a regular executive bonus plan. EXECUTIVE BONUS AGREEMENT. c. Whenever the term base pay appears it refers to the rate of pay in effect on the last day of the fiscal year and before taxes and other deductions have been made and also prior to any contributions made under the Company's 401(k) plan. For eligible executives terminating for reasons of disability or retirement, a prorated portion of the bonus will be paid. compensation of CEOs working as “interim director,” executive director, “VP/Secretary,” and one individual with no listed title In determining the average amount of compensation, in one IRS valuation, the IRS included an organization that did not provide any compensation information for … In its simplest form, an executive bonus plan is one in which an employer pays the premiums on a permanent life insurance policy owned by an employee. 5. Governing Law. 9. k. Executive’s Employment. The Executive agrees that during the term of this Agreement with the Employer and after Executive’s termination of employment with Employer, Executive will not disclose or make use of such trade secrets and confidential information, including but not limited to: a customer list and other business information pertaining to each such customers; customer contracting requirements; the contracting services purchased by the customer or price charged customers for the services provided; or unique methods and procedures used by the Employer in the operation of the Employer’s business, including, but not limited to training programs, employee manuals or marketing techniques. e. In limited circumstances, the Chief Executive Officer, in consultation with the Compensation Committee, may approve limited exceptions to the terms of the Plan. This bonus is tax deductible to the employer and taxable to the employee. An executive newly hired or promoted into a plan-eligible position during a fiscal year for which a bonus is paid will have his/her bonus prorated from the date of hire or promotion to the close of the fiscal year. c. Notices. The decision on review shall be in writing and shall include specific reasons for the decision written in a manner calculated to be understood by the claimant, as well as specific references to the pertinent Agreement provisions on which the decision is based. d. For claims procedure purposes, the “Claims Manager” shall be the vice-president of the Employer. ò ò ² ò N ÿÿÿÿ ğíƒ$jºĞ ÿÿÿÿ d � ò 0 ¯ ò ò ò Ê ò ( N N ò N N N N N T T ò N N N ¯ N N N N ÿÿÿÿ ÿÿÿÿ ÿÿÿÿ ÿÿÿÿ ÿÿÿÿ ÿÿÿÿ ÿÿÿÿ ÿÿÿÿ ÿÿÿÿ ÿÿÿÿ ÿÿÿÿ ÿÿÿÿ ÿÿÿÿ ÿÿÿÿ ÿÿÿÿ ÿÿÿÿ ÿÿÿÿ N N N N N N N N N @ : EXECUTIVE BONUS AGREEMENT THIS EXECUTIVE BONUS AGREEMENT (“Agreement”) made on Month Date, Year and entered into by and between Your Company, a State limited liabilty company (or corporation) (the “Employer”), and Your Employee (the “Executive”). This Agreement may be executed in one or more counterparts, all of which together shall constitute one instrument. If your manager or another executive (including the C-suite) verbally promises you a bonus, they can not follow through unless they put it ... should give a formal payout plan to each employee. Executive understands and consents to this Agreement being filed with the company issuing the life insurance policy that is the subject of this Agreement. Executive hereby acknowledges and agrees that the aforementioned methods, procedures and customs information derived from their relationship with the Employer constitutes trade secrets and confidential information of the Employer. David Wang is a consultant in Hay Group's executive compensation practice. 2. Employer shall have the right to withhold amounts due to Executive for all income taxes resulting from this Agreement. The purpose of the Executive Bonus Plan is to provide eligible executives with a financial incentive, encouraging them to perform in a manner, which will enable the Company to meet or exceed its financial objectives each fiscal year. (3) The Claims Manager shall decide the issue on review and furnish the claimant with a copy within 60 days of receipt of the claimant’s request for review of his or her claim. A facsimile copy of a signature on this Agreement shall be acceptable as and deemed an original signature. 1. 162 Bonus Plans – The Basics for Employers EXECUTIVE SUMMARY As the economy improves, employee talent is at a premium. One type of executive benefit plan, commonly referred to as a 162 bonus plan, is designed to provide z z Ê Ê Ê ÿÿÿÿ Ş Ş Ş 8 * $ Ş ¯ ¶ N N N N d N N N . n. Amendment and Termination. Etsy is pleased to confirm your eligibility and participation in the Executive Bonus Plan (Plan) effective , 2014, on the terms described in this document.The Plan is an annual discretionary bonus that is intended to help motivate key executives to achieve our company-wide goals and reward them for achievement of company and individual results. For such review, the claimant or his or her representative may submit pertinent documents and written issues and comments. (2) The claimant shall have 60 days following his or her receipt of the denial of the claim to file with the Claims Manager a written request for review of the denial. 8. In addition, executives often receive additional or supplemental benefits and perquisites, which may include a special retirement plan, a deferred compensation plan, extra insurance coverage, extra vacation, company cars, use of company plane, club memberships, financial and legal counseling, and so on. Pro rations will be based on full months of service during the fiscal year. i. Counterparts - Facsimile Signatures. The purpose of the Executive Bonus Plan is to provide eligible executives with a financial incentive, encouraging them to perform in a manner, which will enable the Company to meet or exceed its financial objectives each fiscal year. 0 0 0 0 0 0 $ e ² h T Ê N , , " N N T z z N d È i ò ò ò N z N z 8 N . If any provision of this Agreement becomes or is found to be illegal or unenforceable for any reason, such clause or provision must be first modified to the extent necessary to make this Agreement legal and enforceable and then if necessary, second, severed from the remainder of the Agreement to remain in full force and effect. e. Entire Agreement. If Executive’s employment with Employer is terminated within five (5) years from the date hereof for any reason, then Executive will not be required to reimburse Employer for any portion of the cash surrender value of the policy. a. Executive Bonus Plan Summary. j. Exhibit 10.2. Any waiver, amendment or modification hereto must be in writing and must be signed by both parties. Any notices required or permitted to be given hereunder shall be sufficient if in writing and if sent by certified or registered mail to the residence of Executive or principal office of Employer. 3. The following executive positions are included in the Executive Bonus Plan: Buyers/Planners/Merchant Division Managers. 4. (B) The Claims Manager’s explanation shall be in writing delivered to the claimant within 90 days of the date the claim is filed. At companies with these plans, It is the intent of this restrictive covenant not to permit Executive to unfairly compete against Employer in the defense contracting business by reason of exposure to trade secrets, confidential information, and the knowledge such Executive has acquired concerning the Employer’s business, customers and/or active prospects of the Employer while having an agreement with Employer. Other key sales support managers may also be eligible for participation in the plan. b. InterDigital Communications Corporation . Plan Types There are two general types of annual cash incentive plans: those based on financial or market-based metrics, and those that require compensation committee discretion. Venue and jurisdiction for any legal action arising under this Agreement shall be in the Circuit Court of the City of _________, State of ________, or any other location mutually agreed to by the parties. In this article, you will learn everything about 1) employee bonus plans and 2) how to structure an employee bonus plan. Potential benefits of a restricted executive bonus arrangement. Equilar also analyzed the most recently disclosed long-term incentive plans for CEOs in the S&P 100 index. Executive shall execute and deliver or cause to be executed and delivered to the Employer such further instruments and shall take such other action as the Employer may reasonably require to help effectuate the contemplated transactions and implement the restrictions provided herein. 7. The Company reserves the right to terminate the plan for any given calendar An Executive Bonus Plan is an essential part of a comprehensive executive compensation package. This Agreement is being delivered and is intended to be performed in the State/Commonwealth of _______ and shall be construed and enforced in accordance with the laws of State. I. Any amendment or termination of this Agreement shall not affect any benefits that were awarded. b. When signed by all of the parties, this Agreement shall be binding upon the parties, their representatives, heirs, successors and assigns. Executives terminating for any other reason prior to the end of a fiscal year will not be eligible to receive any portion of the bonus for that fiscal year. In order for bonuses to be granted under the Plan, Company performance for a fiscal year must equal or exceed net income goals for the company as established by the Board of Directors Compensation Committee. This Agreement shall not be construed in favor of or against any party hereto. For this report, Equilar examined the prevalence of performance metrics and performance periods for annual cash incentives and long-term incentives of CEOs, CFOs and other NEOs at S&P 500 companies over the last four fiscal years. The Executive recognizes and acknowledges that the Employer has developed and established valuable methods, procedures and customs information used in the operation of its business and that said methods, procedures and customs information are special and unique assets of Employer’s business. Years were defined as fiscal year ends between August 1st and July 31st. Purpose . Of the sample companies, 72.0% had a quantitative plan that included at least one financial or market-based performance metric. The earned percentage is based on their level (position) within the organization. Mr. DiPisa says an incentive plan should be made up of … Salaries are fair, a bit above the industry average. Goals should be tiered, not "all or nothing." Participants employed for the full fiscal year are eligible to participate in the Plan for the entire fiscal year. Reposted with permission Agreement Binding. b. 1. WITNESS WHEREOF the Parties have executed this Agreement this _____ day of Month, Year. This Agreement may only be amended with the mutual written agreement of Employer and Executive. For convenience counsel for Employer has drafted it. Under this plan, the business enters into an agreement with an executive to pay (via a bonus) all or part of the premiums for a life insurance policy or annuity contract owned by the executive. a way for business owners or companies to provide additional supplemental benefits to key employees or executives of their choice Employers can recruit and retain key associates by offering a truly valuable financial perk—death benefit protection and the tax-advantaged cash value of life insurance. In the event of termination due to retirement, death or disability the last day of the last full month worked shall replace the last day of the fiscal year. Special Provisions - The following provisions are part of this Agreement and are intended to meet the requirements of the Employee Retirement Income Security Act of 1974: a. The named fiduciary: The Chief Financial Officer of the Employer. Purpose of Incentive Compensation Plan. Employer: Your Company Name By: __________________________________________ Your Name, Manager Executive: __________________________________________ Employee’s Name PAGE 1 Q V W [ ] a ‚ � ’ — ˜ ² À Á Ø å > T �&. g. Venue. Incentive bonuses to encourage employees to achieve annual company financial goals. For eligible executives terminating for reason of death, a full bonus will be paid. If a copy of the decision is not so furnished to the claimant within such 60 days, the claim shall be deemed denied on review. 123456789 insuring Executive’s life issued by Life Insurance Company, and owned by Executive as long as Executive remains employed by the Employer. The Restrictive Endorsement Bonus Arrangement (REBA)/Executive Bonus Plans (EBP) program is a planning tool designed to assist you in exploring potential employee benefit and planning options through the use of life insurance and investment strategies. Exhibit 10.57 . Revocation. The funding policy under this Plan is that all premiums on the Policy shall be remitted to the Insurer by the Employer when due. 4. h. Attorneys’ Fees. Whenever the term income appears it shall mean income after interest expense and taxes. Bonus grants will be paid as soon as possible, following confirmation by the Compensation Committee that the required net income objectives have been met. Purpose. [These bonuses may be calculated with a tiered system (e.g. The Executive will recognize the premium paid hereunder as additional compensation for federal and state income tax purposes. 5% for hitting 80% of the goal, 10% for hitting the goal and 20% for exceeding the goal.) Insurance Company. This instrument contains the entire agreement of the parties with respect to the subject matter hereof. 10. 6. No third-party administration is needed. Incentive bonuses for achieving or exceeding individual and team targets. This specimen form may be given to the client’s attorney for consideration when requested. c. Direct payment by the Insurer is the basis of payment of benefits under this Plan, with those benefits in turn being based on the payment of premiums as provided in the Plan. EXECUTIVE BONUS PLAN . The plan is simple, straightforward and easy to implement. way for business owners or companies to provide additional supplemental benefits to key employees or executives of their choice This Agreement may be terminate by the Employer at any time. Annual Employee Bonus Plan . This Agreement revokes all previous agreements among the Parties to the extent they are inconsistent herewith. The company pays the premiums for the life insurance plan, but the employee is the one that benefits from the policy. The waiver by any parry of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach by any party. Sample Incentive Compensation Plan. Pay for performance is a compensation strategy to align executive compensation with the company's success. When structured smartly, the executive bonus plan is a potent instrument for driving alignment around shared goals and incentivizing cross-company collaboration. 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