Related to Leadership Bonus
Target Bonus means, for any calendar year, an amount equal to (i) the Executive’s Annual Compensation (as defined in the Company’s Executive Incentive Plan) for that calendar year multiplied by (ii) the Participation Percentage (as defined in the Executive Incentive Plan) applicable to executives in the Executive’s grade level (i.e., X0, X0, X0, X0 or E5) for that calendar year, as determined by the Compensation Committee of the Board. “Target Bonus” shall be determined in the manner provided in the preceding sentence whether or not the Executive is a participant in the Executive Incentive Plan during that calendar year, and shall not be based on the Executive’s target bonus under any other annual incentive plan in which the Executive participates during that calendar year. If during the calendar year for which the Target Bonus is determined the Executive has not assigned to an executive grade level of X0, X0, X0, X0 or E5, the Executive’s grade level for purposes of this definition shall be the grade level between E1 and E5 that the Compensation Committee of the Board has determined is equivalent to the Executive’s actual grade level.
Bonus means the bonus described in the Section 2.3.
Annual Bonus shall have the meaning set forth in Section 3(b).
Annual Incentive Award means a conditional right granted to a Participant under Section 8(c) hereof to receive a cash payment, Stock or other Award, unless otherwise determined by the Committee, after the end of a specified fiscal year.
MIP has the meaning set forth in Section 3(b) of the Agreement.
ICP means an installation control point being one of the following:
STIP means the Company’s short-term incentive plan under Section 8 of the Company’s 2007 Omnibus Incentive Plan, effective May 8, 2007, as may be amended from time to time, or any successor plan, program or arrangement thereto.
AIP means the Nucor Corporation Senior Officers Annual Incentive Plan and any successor plan.
Bonus Amount means the greater of (i) the highest annual incentive bonus earned by Executive from the Company (and/or its Affiliates) during the last three (3) completed fiscal years of the Company immediately preceding Executive’s Date of Termination (annualized in the event Executive was not employed by the Company (or its Affiliates) for the whole of any such fiscal year), or (ii) if the Date of Termination occurs before Executive has been employed for a full fiscal year and before the date on which the Company generally pays bonuses to its executives for the fiscal year in which Executive’s employment commenced, 25% of Executive’s Base Salary for the fiscal year of the Company which includes the Executive’s Date of Termination.
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Now, let's delve into the concepts mentioned in the provided article related to the leadership bonus:
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Target Bonus:
- Definition: The Target Bonus is an amount determined for an executive for a calendar year.
- Calculation: It is calculated by multiplying the Executive's Annual Compensation by the Participation Percentage applicable to executives in the Executive's grade level, as determined by the Compensation Committee of the Board.
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Annual Bonus:
- Definition: Annual Bonus refers to a bonus described in Section 2.3.
- Context: The specifics of Section 2.3 are not provided, but it likely outlines the conditions and criteria for earning an annual bonus.
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Annual Incentive Award:
- Definition: A conditional right granted to a Participant to receive a cash payment, Stock, or other Award after the end of a specified fiscal year.
- Note: The Committee has the authority to determine the nature of the award.
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MIP (Meaning not provided in the context):
- Definition: The term "MIP" is mentioned without specific context. It might be related to an agreement or plan, but additional information is needed to provide a precise definition.
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ICP (Meaning not provided in the context):
- Definition: "ICP" is mentioned as an installation control point. However, its relevance to the overall leadership bonus context is unclear.
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STIP (Short-Term Incentive Plan):
- Definition: STIP stands for the Company's short-term incentive plan under Section 8 of the Company’s 2007 Omnibus Incentive Plan.
- Note: It is effective from May 8, 2007, and may be subject to amendments. It provides short-term incentives to employees.
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AIP (Nucor Corporation Senior Officers Annual Incentive Plan):
- Definition: AIP stands for the Nucor Corporation Senior Officers Annual Incentive Plan.
- Note: It is a specific incentive plan for senior officers within Nucor Corporation, and it may have its own unique criteria and conditions.
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Bonus Amount:
- Definition: The Bonus Amount is the greater of the highest annual incentive bonus earned by the Executive in the last three completed fiscal years or 25% of the Executive’s Base Salary for the fiscal year that includes the Date of Termination.
- Calculation: It involves annualizing the bonus if the executive was not employed for the whole fiscal year.
In summary, these terms are integral components of an executive's compensation structure, reflecting the complexity and detail involved in designing effective incentive plans for corporate leaders.
