Virgin Islands Restated Employee Annual Incentive Bonus Plan with attachments

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• Control #: US-CC-20-279
• Format: Word; Rich Text

Description

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

The Virgin Islands Restated Employee Annual Incentive Bonus Plan is a comprehensive program designed to motivate and reward employees of Virgin Islands-based companies. This plan aims to incentivize exceptional performance and keep employees engaged and motivated throughout the year. Attached are the following documents that outline the various aspects of the plan: 1. Plan Overview: This document provides a detailed overview of the Virgin Islands Restated Employee Annual Incentive Bonus Plan, including its purpose, objectives, and eligibility criteria. 2. Bonus Calculation Guidelines: This attachment outlines the specific criteria and methodology used to calculate employee bonuses. It includes details on how performance metrics are determined and weighted for each employee's role. 3. Performance Measures: This document lists the performance measures used to assess an employee's performance within the framework of the Virgin Islands Restated Employee Annual Incentive Bonus Plan. These measures may include financial targets, individual goals, team achievements, or other relevant benchmarks. 4. Bonus Payout Schedule: The attached bonus payout schedule provides a clear timeline for distributing bonuses throughout the year. This schedule ensures transparency and allows employees to plan for the receipt of their bonuses. 5. Reporting Requirements: This attachment outlines the reporting obligations of employees participating in the Virgin Islands Restated Employee Annual Incentive Bonus Plan. It details the required frequency, format, and content of performance reports to be submitted for bonus consideration. 6. Discretionary Bonus Pool: Some variations of the Virgin Islands Restated Employee Annual Incentive Bonus Plan may include a discretionary bonus pool. This attachment outlines the rules and guidelines for allocating additional funds to reward outstanding performers or exceptional achievements that fall beyond the scope of predefined performance measures. 7. Performance Improvement Plan: In certain cases, employees may be required to participate in a performance improvement plan (PIP) to qualify for the annual incentive bonus. This attachment details the steps involved in creating and implementing a PIP, including performance goals, resources, and support mechanisms. Overall, the Virgin Islands Restated Employee Annual Incentive Bonus Plan is a comprehensive program designed to recognize and reward exceptional performance among employees in the Virgin Islands. By providing clear guidelines, performance measures, and a structured payout schedule, this plan motivates employees to excel in their roles and contributes to the overall success of the company.