Fiscal Year 2020 Bonus. Employee will be eligible to receive a bonus under the Fluor Corporation 2017 Performance Incentive Plan (“Incentive Plan”) for the time period covering January 1, 2020 to December 31, 2020. Such bonus shall be in an amount to be determined by the Board or under the Board’s delegated authority by the Organization and Compensation Committee of the Board (the “Organization and Compensation Committee”). Employee’s bonus will be based on (i) Employee’s target annual bonus percentage, and (ii) actual achievement of the performance measures, both as set by the Organization and Compensation Committee at its September 2020 meeting, subject to any adjustment applicable to executive officers generally. Any earned bonus will be paid to the Employee at the same time annual bonuses are paid to other employees in the ordinary course in 2021.
Fiscal Year 2020 Bonus. In respect of the Company’s 2020 fiscal year, subject to your continued employment on the Transition Date, you will be eligible to receive a pro-rata portion of your bonus under the Grocery Outlet Inc. Annual Incentive Plan, based on target performance and pro-rated for the number of days in the 2020 fiscal year prior to the Transition Date, payable within 30 days following the Transition Date.
Fiscal Year 2020 Bonus. Employee acknowledges that in March 2021 Employee received a bonus payment under the Fluor Corp. 2017 Performance Incentive Plan (“Incentive Plan”) for the time period covering January 1, 2020 to December 31, 2020 (Fiscal Year 2020). Employee understands that such bonus was in an amount determined by the Board of Directors of Fluor or under the Board’s delegated authority by the Organization and Compensation Committee of the Board (the “Committee”) based on (i) Employee’s target annual bonus percentage, and (ii) actual achievement of the performance measures, both as set by the Committee at its September 2020 meeting, subject to adjustments applicable to executive officers generally, with the performance rating for the strategic portion of the annual incentive determined by Fluor’s CEO. Employee acknowledges and agrees that no additional bonus payments are owed to Employee for Fiscal Year 2020.
Fiscal Year 2020 Bonus. If Executive remains employed by the Company through October 25, 2020 (the last day of the Company’s Fiscal Year 2020) or experiences a Qualifying Termination, Executive will remain eligible to receive a Fiscal Year 2020 bonus under the Company’s Senior Executive Bonus Plan (the “SEBP”) in accordance with its terms. Any bonus payable under the SEBP will be payable at the time(s) provided under, and in accordance with the terms of, the SEBP. Management will recommend to the Committee (as defined in the SEBP) that, subject to funding of the bonus pool based on achievement of applicable Company performance goals, Executive be awarded a bonus under the SEBP assuming a 1.0 multiplier (or actual multiplier if greater than 1.0) for his individual performance goals. However, Executive acknowledges and agrees that pursuant to the terms of the SEBP, the Committee retains discretion to determine the amount of any bonuses under the SEBP in accordance with its terms. Executive will not be eligible for any bonus or incentive payment other than as described in this Section 1.b.iv.
