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I need help understanding what the Bonus part means. Having difficulty understanding it

I need help understanding what the Bonus part means. Having difficulty understanding it

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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I need help understanding what the Bonus part means. Having difficulty understanding it
9:09 ull 5G I Chema All Media 5/16/21, 8:46 PM III. Bonus (or commission) potential In addition, you will be eligible to be considered for an incentive bonus for each fiscal quarter and year of the Company. The bonus (if any) will be awarded based on objective or subjective criteria established by the Company's Director of Operations and approved by the Company's Owner/Executive Chef. Your target bonus per quarter will be equal to 5% of your annual base salary. A kicker bonus is obtainable if each fiscal quarters' objectives are achieved. Any bonus for the fiscal year in which your employment begins will be prorated, based on the number of days you are employed by the Company during that fiscal year. Any bonus for a fiscal year will be paid within 4 months after the close of that fiscal year, but only if you are still employed by the Company at the time of payment. The determinations of the Company's Directors with respect to your bonus will be final and binding. Bonus eligibility begins after first 90 days of employment. Bonuses will be determined by the achievement of: • 2%- All Beverage costs meeting and/or exceeding budgetary guidelines. • 1.5%- Bar Program Accolades • 1.5%- All FOH labor costs meeting and/or exceeding budgetary guidelines. IV. Employee benefits As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits. The Company offers a comprehensive employee benefits program, including: Vacation policy You will be eligible for 5 days of paid vacation leave per year. Paid time off is additional to sick days, bank holidays and days that the company does not operate.
Transcribed Image Text:9:09 ull 5G I Chema All Media 5/16/21, 8:46 PM III. Bonus (or commission) potential In addition, you will be eligible to be considered for an incentive bonus for each fiscal quarter and year of the Company. The bonus (if any) will be awarded based on objective or subjective criteria established by the Company's Director of Operations and approved by the Company's Owner/Executive Chef. Your target bonus per quarter will be equal to 5% of your annual base salary. A kicker bonus is obtainable if each fiscal quarters' objectives are achieved. Any bonus for the fiscal year in which your employment begins will be prorated, based on the number of days you are employed by the Company during that fiscal year. Any bonus for a fiscal year will be paid within 4 months after the close of that fiscal year, but only if you are still employed by the Company at the time of payment. The determinations of the Company's Directors with respect to your bonus will be final and binding. Bonus eligibility begins after first 90 days of employment. Bonuses will be determined by the achievement of: • 2%- All Beverage costs meeting and/or exceeding budgetary guidelines. • 1.5%- Bar Program Accolades • 1.5%- All FOH labor costs meeting and/or exceeding budgetary guidelines. IV. Employee benefits As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits. The Company offers a comprehensive employee benefits program, including: Vacation policy You will be eligible for 5 days of paid vacation leave per year. Paid time off is additional to sick days, bank holidays and days that the company does not operate.
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