The J. Jill Group 2001 Incentive Compensation Plan
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Summary
The J. Jill Group's 2001 Incentive Compensation Plan outlines how employees can earn financial bonuses based on the company's financial performance during the year. Eligibility and bonus amounts are determined by the Compensation Committee for executives and by the President for other employees. To receive a bonus, employees must meet certain employment conditions and the company must achieve its operating income goals. Bonuses are calculated as a percentage of base salary and are paid after each performance period within the fiscal year.
EX-10.8 2 a2042025zex-10_8.txt EXHIBIT 10-8 EXHIBIT 10.8 2001 INCENTIVE COMPENSATION PLAN PURPOSE This plan is designed to provide financial reward to employees of The J. Jill Group and its subsidiaries for their contribution toward the attainment of the company's financial goals in 2001. PARTICIPATION Participation in the plan and assignment of bonus percentages is made either by the Compensation Committee of the Board of Directors in the case of executive officers or by the President of the company in the case of everyone else. The Compensation Committee and the President may also award additional bonuses at their discretion. ELIGIBILITY TO RECEIVE BONUS o Bonus plan participants will be eligible to receive their bonus if (i) the company meets or exceeds its operating income (earnings before interest and taxes) goal for the performance period and (ii) the Compensation Committee, in the case of executive officers, or the President, in the case of everyone else, determines in its or his discretion that bonuses shall be paid for such performance period. o Participants in performance counseling will not be eligible for a bonus payout for that season. o Participants must be actively employed for a minimum of three months in the season for which the bonus is earned. o Participants must be employed on the last day of the bonus performance period. o Participants terminated for cause will not be eligible for bonus. CALCULATION OF BONUS PAYMENT To determine the amount of bonus for which an employee is eligible, multiply the employee's bonus percentage by his base salary earnings for the performance period. PERFORMANCE PERIOD This plan pertains to the fiscal year ending December 29, 2001. For measurement purposes the fiscal year will be divided into two seasonal performance periods: Spring-December 31, 2000 to June 30, 2001 Fall-July 1, 2001 to December 29, 2001 ADDITIONAL BONUSES The Compensation Committee and the President may also award additional bonuses at their discretion. The criteria for eligibility, the calculation of the bonus payment and the performance period(s) for such bonuses shall all be determined at the time of the additional bonus award. PAYMENTS Bonus payments will be made as soon as possible after the close of the performance period (i.e.season). EXAMPLE Assume: Base annual salary of $50,000 and a bonus percentage of 10% CASE 1: The Company meets the financial plan for both seasons and the President determines in his discretion that bonuses will be paid for both periods:
CASE 2: The Company meets the Spring financial plan but not the Fall financial plan and the President determines in his discretion that bonuses will be paid for the Spring performance period:
