Wayne Michigan Restated Employee Annual Incentive Bonus Plan with attachments

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Wayne
• 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

Wayne Michigan Restated Employee Annual Incentive Bonus Plan is a comprehensive program designed to reward employees of Wayne, Michigan-based businesses for their exceptional performance and contribution towards the company's success. It aims to encourage and motivate employees by offering financial incentives and recognition for achieving or exceeding predetermined performance goals. This restated plan includes several attachments that provide essential information and guidelines regarding the implementation and eligibility criteria of the incentive bonus plan. The details may vary depending on the specific industry, organization, or position within the company. Here are some key components typically included in Wayne Michigan's Restated Employee Annual Incentive Bonus Plan: 1. Eligibility Criteria: The plan outlines criteria for employees who are eligible to participate in the incentive bonus program. This typically includes requirements such as employment tenure, job classification, and regular full-time or part-time employment status. 2. Performance Goals: The plan establishes measurable performance goals that employees need to accomplish in order to qualify for and receive the incentive bonus. These goals may relate to individual, team, departmental, or company-wide objectives and are usually aligned with the organization's overall strategic objectives. 3. Bonus Calculation: The plan describes the formula or methodology used to calculate the bonus amount based on the employee's performance. It may incorporate different metrics, such as revenue growth, cost savings, customer satisfaction, quality improvements, or other key performance indicators, specific to the industry or role. 4. Bonus Payout Schedule: The plan outlines the frequency and timing of bonus payouts, which can be monthly, quarterly, semi-annually, or annually, depending on the company's preference. It also clarifies whether the bonuses will be distributed as a lump sum or through installments. 5. Discretionary Components: Some Wayne Michigan Restated Employee Annual Incentive Bonus Plans may include discretionary bonus components, which allow managers or executives to reward exceptional performance beyond the predetermined goals. The use of discretion ensures that exceptional efforts and unique contributions are duly recognized and rewarded. 6. Bonus Plan Attachments: Attachments included in the Restated Employee Annual Incentive Bonus Plan may consist of additional information, such as a glossary of terms, a sample bonus calculation spreadsheet, or a frequently asked questions section. These attachments provide further clarity and guidance for employees and stakeholders regarding the plan's implementation and operations. It is important to note that there may be variations or specific plan types within the Wayne Michigan Restated Employee Annual Incentive Bonus Plan, tailored to different industries, organizational structures, or employee classifications. Some examples might include plans specifically for sales teams, executives, or employees in healthcare or manufacturing sectors. These variations address the unique requirements and objectives of each specific group, ensuring the bonus program remains relevant and effective.