Texas law recognizes that an employer's promise to pay a bonus for extra effort can create an enforceable contract. This employee bonus policy template is ready to be tailored to your company's needs and can be a starting point for setting up your employment policies.What is a Bonus Plan? A bonus plan is an agreement between the employer and employee to pay out a predetermined amount of money based on performance. If you were promised a bonus before the coronavirus and you didn't get it, go to the payroll department and ask them what happened. An incentive bonus agreement is a contract between an employer and employee that details information about a cash bonus offered as an incentive. A total rewards package that incorporates a variety of strategies, including a one-time merit payment and paid time off for outstanding performance. I have been asked to design a compensation and bonus plan for the organization and I need some guidance. Compensation reviews the draft job description to understand core duties, reviews against FLSA duties test to determine if it meets exempt status. I am new in the role and all I have to work with is an excel spreadsheet with all the current salaries and the bonuses paid last year.