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. I. Incentive bonuses to encourage employees to achieve annual company financial goals. For convenience counsel for Employer has drafted it. 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. Step 1. The Executive will recognize the premium paid hereunder as additional compensation for federal and state income tax purposes. 8. 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. 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. Mr. DiPisa says an incentive plan should be made up of … EXECUTIVE BONUS AGREEMENT. As major economies show signs of recovering from the 2008 recession, compensation can become more decisive to retaining and motivating critical senior executive talent. 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. At companies with these plans, Whenever the term income appears it shall mean income after interest expense and taxes. 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. For eligible executives terminating for reason of death, a full bonus will be paid. i. 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. Employer shall have the right to withhold amounts due to Executive for all income taxes resulting from this Agreement. 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. 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”). 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 … g. Venue. Other key sales support managers may also be eligible for participation in the plan. Years were defined as fiscal year ends between August 1st and July 31st. The Employer agrees to pay that portion of the annual premium necessary to maintain the mortality portion of life insurance Policy No. When signed by all of the parties, this Agreement shall be binding upon the parties, their representatives, heirs, successors and assigns. Neither MEG Financial, Inc. nor any of its representatives offers legal or tax advice. No third-party administration is needed. The example below outlines an incentive bonus plan for a small to medium sized upscale restaurant with three managers. With so many types of bonuses given to employees these days, there is a need to keep track of all of them and, once in a while, evaluate whether they accomplish what they were supposed to. For eligible executives terminating for reasons of disability or retirement, a prorated portion of the bonus will be paid. Well designed executive benefit plans are important tools in both retaining and attracting top talent. 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. n. Amendment and Termination. 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. Exhibit 10.2. Pro rations will be based on full months of service during the fiscal year. Purpose . The named fiduciary: The Chief Financial Officer of the Employer. Counterparts - Facsimile Signatures. 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