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Executive Bonus Agreement

Executive Bonus Agreement Template for United States

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Key Requirements PROMPT example:

Executive Bonus Agreement

"Need an Executive Bonus Agreement for our newly appointed CFO that includes quarterly performance targets based on EBITDA growth and successful completion of our planned IPO in March 2025, with a clawback provision if targets aren't maintained for at least two years."

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Document background
The Executive Bonus Agreement serves as a critical tool for companies to align executive compensation with organizational goals and performance metrics. This document is essential when implementing performance-based incentive programs for senior leadership, ensuring compliance with U.S. federal and state regulations, including SEC requirements for public companies and IRS guidelines for deferred compensation. The agreement typically includes detailed bonus calculations, performance criteria, payment schedules, and any applicable clawback provisions.
Suggested Sections

1. Parties: Identification of the company and executive

2. Background: Context and purpose of the bonus agreement

3. Definitions: Key terms used throughout the agreement including bonus metrics, performance period, and payment terms

4. Bonus Structure: Details of bonus calculation, including base amount, multipliers, and caps

5. Payment Terms: Timing and method of bonus payments, including vesting schedules if applicable

6. Performance Criteria: Specific metrics and targets that must be achieved to qualify for the bonus

7. Term and Termination: Duration of the agreement and conditions for early termination

8. Governing Law: Specification of applicable jurisdiction and legal framework

Optional Sections

1. Clawback Provisions: Terms for recovering bonus payments in cases of misconduct or restatement of financial results

2. Non-Compete Clauses: Restrictions on post-employment competition, used when protecting company interests

3. Tax Gross-Up Provisions: Terms regarding company coverage of executive's tax obligations

4. Change of Control Provisions: Provisions addressing bonus treatment in case of company ownership changes

5. Section 409A Compliance: Specific provisions ensuring compliance with IRS deferred compensation rules

Suggested Schedules

1. Schedule A - Performance Metrics: Detailed breakdown of performance targets and calculation methodologies

2. Schedule B - Bonus Calculation Formula: Mathematical formula and examples of bonus calculations

3. Schedule C - Payment Timeline: Specific dates and conditions for bonus payments

4. Schedule D - Approval Matrix: Required approvals and authorization levels for bonus determinations

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Clauses



























Industries

Federal Tax Laws: Key tax regulations including IRC Section 409A (deferred compensation), Section 162(m) (tax deductibility limitations), and Section 280G (golden parachute payments)

Securities Laws: Securities Exchange Act of 1934, Sarbanes-Oxley Act of 2002, and Dodd-Frank Wall Street Reform and Consumer Protection Act provisions affecting executive compensation

Employment Laws: Federal employment regulations including Fair Labor Standards Act (FLSA), Equal Pay Act, Age Discrimination in Employment Act (ADEA), and Americans with Disabilities Act (ADA)

State-Specific Laws: Relevant state corporate laws, employment laws, tax regulations, and securities regulations that may affect executive compensation

Corporate Governance: Internal governance requirements including company bylaws, board approval requirements, and shareholder approval requirements where applicable

ERISA Considerations: Employee Retirement Income Security Act requirements if the bonus plan is considered part of an employee benefit plan

SEC Requirements: Securities and Exchange Commission disclosure and reporting requirements for executive compensation, particularly relevant for public companies

Industry-Specific Regulations: Specialized regulations affecting executive compensation in specific industries such as banking, financial services, and other regulated sectors

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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