20-279 20-279 . . . Incentive Bonus Plan under which committee of Board of Directors annually awards bonuses to employees of corporation and its subsidiaries and affiliates based on positions of individual employees within corporation and corporation's return on equity for that fiscal year. The target bonus for each fiscal year consists of participant's base compensation for such fiscal year multiplied by target bonus percentage as determined by committee. The earned bonus for each participant equals 100% of his target bonus if corporation achieves 13% return on equity for such fiscal year. If corporation achieves more or less than 13% return on equity, percentage of target bonus is increased or decreased accordingly. The amount of annual bonus is paid in cash, except that for junior and senior executives, 30% of such award is payable in shares of restricted common stock
South Dakota Restated Employee Annual Incentive Bonus Plan with attachments
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FAQ
An annual incentive plan is a plan for compensation that is earned and paid based upon the achievement of performance goals over a one-year period. These plans motivate performance and align executives' work with the company's short-term performance goals.
Definition of Incentive This is usually given in cash or in kind. In business, the objective of incentive is to increase employee productivity, improve industrial and interpersonal relations, and as result increase the overall profit of the organization.
Usually, employees receive them if they meet specific criteria, such as completing a project on time and within budget. For example, a manager agrees to give everyone working on a certain marketing account a $500 bonus if they can complete all deliverables and get client approval by the end of the week.
Incentive pay is a system of rewards that is used to improve employee performance. The most common type of incentive pay is a bonus, which is a payment that is made in addition to the employee's regular pay. Bonuses are usually given to employees who meet or exceed specific performance goals.
Commission pay structure, both are popular forms of incentives. Traditionally, salespeople earn commission based pay?an amount of money for meeting their quota. Bonuses are typically reserved for non-sales employees or used for sales reps in the form of a Sales Performance Incentive Fund (SPIF).
A performance bonus is compensation beyond normal wages and is typically awarded after a performance appraisal and analysis of projects completed by the employee over a specific period of time.
An employee bonus plan provides compensation beyond annual salary to employees as an incentive or reward for reaching certain predetermined individual or team goals. The purpose of bonus plans is to provide recognition for employees who go above and beyond normal work obligations.
Bonuses ? like all incentives ? are separate from salary and commissions. They are awarded at the employer's will and decided upon once reps have hit their targets. The primary difference between bonuses vs. incentives is that incentives are decided upon ahead of time, while bonuses are granted after goals are met.