Management Bonus Plan Participation Confirmation under 2006 Incentive Award Plan
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Bonus & Incentive Agreements
Summary
This letter confirms an employee's participation in the Management Bonus Plan, part of the 2006 Incentive Award Plan, instead of the Employee Bonus Plan. The bonus is based on specific performance targets, with payout percentages varying according to achievement levels: 100% payout at target, 125% at 125% of target, and 50% at 75% of target. No bonus is paid below 75% performance or above 125%. Bonuses are paid after the financial audit, and the employee must be employed at payout. Management may modify the plan.
EX-10.10 4 a22303a2exv10w10.htm EXHIBIT 10.10 exv10w10
Exhibit 10.10
Date: | 20___ | |
To: | ||
From: | Tim Conver | |
Subject: | FY 20___ Bonus Plan |
This will confirm your participation in the Management Bonus Plan (you will not participate in the Employee Bonus Plan), which is part of the 2006 Incentive Award Plan. Your Management Bonus Plan is based % on [target criteria].
| Bonus Amount | % Bonus | |
| at 100% Performance | Based on [target criteria] | |
| $ | ___% |
The [target criteria] target is $ .
The bonus pay-out for performance over and under target will vary: 100% bonus at 100% target, 125% bonus at 125% target, 50% bonus at 75% target. No bonus will be earned below 75% performance and no additional bonus will be earned above 125% performance. Bonuses will not be paid until after the financial audit is complete, usually not before 7/15, and you must be an employee at the time of pay-out to be eligible for the bonus plan. This plan can be modified by management.
