We are pleased to present you with a discretionary bonus opportunity (your Target Bonus) under the 1stdibs Executive Bonus Plan (the Plan) for fiscal year 20__. This letter sets forth certain of the terms and conditions of your Target Bonus under the Plan. The operation of the Plan, including the determination of any bonus thereunder, is governed by and subject to the terms of the Plan document, a copy of which is attached for your reference. The Plan document includes definitions of certain capitalized terms used in this Letter Agreement. In the event of any conflict between this Letter Agreement and the Plan, the terms of the Plan govern. If you have any questions regarding the Plan, please direct your questions to [NAME/CONTACT INFORMATION].
For the 20__ fiscal year, your Target Bonus will be [$______].
If the performance targets set forth in the Plan are met for the 20__ fiscal year, a Bonus Pool will be funded at a certain percentage. Your Target Bonus will be calculated based on that percentage. For example, if the Bonus Pool is funded at 90%, you will be eligible to be paid your Target Bonus at 90%. If any Target Bonus amount is payable, it will be paid in a lump sum in the first calendar quarter of 20__, but no later than March 15, 20__.
You must be employed, and have not given or received notice of termination, as of the date any Target Bonus amount is paid. The Board or Committee thereof will determine whether the performance targets and goals have been met and approve payment of any Target Bonus amount. Bonuses are not guaranteed and are awarded and payable only at the discretion of 1stdibs. The Board has the authority in its sole discretion to modify or cancel any Target Bonus payments. 1stdibs further may adjust performance goals at any time based on unforeseen or extraordinary circumstances, including corporate transactions.
You agree that you will not, directly or indirectly, sell, transfer, assign, pledge, dispose of, grant a security interest in, mortgage, or otherwise encumber all or any portion of any Target Bonus under the Plan. You further agree that your employment with 1stdibs remains at will and nothing in this Letter Agreement or the Plan document obligates or entitles you to remain employed by 1stdibs for any period of time. Furthermore, 1stdibs has the right at any time or from time to time in its discretion to amend, modify or terminate the Target Bonus and the Plan.
|Acknowledged and Agreed: