THE J. JILL GROUP, INC. 2005 FALL SEASON SUPPLEMENTAL EXECUTIVE BONUS PLANExecutive Compensation Plan Agreement |
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Exhibit 10.2
THE J. JILL GROUP, INC.
2005 FALL SEASON SUPPLEMENTAL EXECUTIVE
BONUS PLAN
Purpose
This
2005 Fall Season Supplemental Executive Bonus Plan (the “Supplemental
Bonus Plan”) is designed to provide supplemental financial reward to
senior executives of The J. Jill Group, Inc. (the “Company”)
for their contribution toward the Company’s exceeding its financial goals
for the two fiscal quarters ending December 31, 2005 (the “Performance
Period”).
Participation
•
A “Participating Executive”
shall mean each of the following employees of the Company: (i) the
President and Chief Executive Officer; and (ii) any Executive Vice President.
•
No Participating Executive shall be
entitled to receive a bonus under this Supplemental Bonus Plan unless the
Participating Executive satisfies the eligibility criteria set forth below.
Eligibility
Criteria
•
A Participating Executive who is in
performance counseling at any time during the Performance Period will not be
eligible for a bonus for the Performance Period.
•
To be eligible to receive a bonus for the
Performance Period, a Participating Executive must be actively employed by the
Company for a minimum of three months in the Performance Period. Time on
leave does not count as active employment. Employment by a subsidiary of
the Company shall be considered employment by the Company for purposes of this
Supplemental Bonus Plan.
•
To be eligible to receive a bonus for the
Performance Period, a Participating Executive must be employed on the last day
of the Performance Period.
Additional
Bonuses
Nothing in this Supplemental Bonus Plan shall be deemed to limit the authority of the Board of Directors, the Compensation Committee of the Board of Directors or the President and CEO to award additional bonuses outside this Supplemental Bonus Plan in their discretion.
Payments
Bonus payments under this Supplemental Bonus Plan will be made promptly following the close of the Performance Period.
Calculation of Supplemental Bonus Payment
•
Definitions:
•
“Earnings Per Share Target”
for the Performance Period means the Company’s fully diluted earnings per
share target for the Performance Period as set forth in the Company’s
2005 Financial Plan.
•
“Supplemental Bonus Earnings Per
Share Percentage” for the Performance Period means a fraction, the
numerator of which is the Company’s Supplemental Bonus Preliminary Earnings
Per Share for the Performance Period minus the Company’s Earnings Per
Share Target for the Performance Period and the denominator of which is $0.25,
expressed as a percentage.
• The “Supplemental Bonus Percentage” for a Participating Executive shall be a percentage assigned to the Particip
