Silicon Laboratories (NASDAQ:SLAB) announced the approval of its 2024 Bonus Plan by the Compensation Committee of the Board of Directors on January 25, 2024.
The newly instituted plan allows for the potential issuance of cash bonuses to employees, including executive officers, based on either individual or company performance metrics.
This strategic move is aligned with the company's commitment to incentivizing performance and sharing its success with its dedicated employees.
Further details disclosed in the SEC filing revealed that the bonuses under the 2024 Bonus Plan might be calculated based on a range of performance criteria such as earnings, revenue figures, gross margins, or even management objectives like new product introductions or achievements in diversity, equity, and inclusion initiatives.