Annual Bonus Program Sample Clauses
The Annual Bonus Program clause establishes the terms under which employees may receive additional compensation based on performance or company results over a one-year period. Typically, this clause outlines eligibility criteria, the calculation method for bonuses, and the timing of payments, such as awarding bonuses at the end of the fiscal year if certain targets are met. Its core practical function is to incentivize employees to achieve specific goals and align their efforts with the company's objectives, thereby enhancing motivation and productivity.
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Annual Bonus Program. For each fiscal year of the Company during the Employment Term, the Board, after taking into consideration the recommendations of the President of the Company, will establish an EBITDA Target (“Target”) for the Company, based on the operating budget established for the Company for each such year. The Target for fiscal year 2005 is set at $102,200,000. For all purposes under this program, the term “EBITDA” shall mean GAAP cash flows from operating activities, including income from joint ventures, before interest paid, income taxes paid, changes in working capital and certain other charges (specifically including SFAS 133 gains and losses and litigation settlements, as well as charges associated with strategic and financial initiatives, including acquisitions, divestitures, financing transactions and restructuring efforts such as plant closings).
Annual Bonus Program. Employee shall participate in any ▇▇▇ annual bonus program that is adopted by ▇▇▇ and that is applicable to senior officers of ▇▇▇ (subject to the terms and conditions of any such program). Any such annual bonus program must be approved by the ▇▇▇ Compensation Committee and shall set forth objective criteria for bonus payments based on the financial performance of ▇▇▇. Such annual bonus program also shall set forth a target bonus objective for Employee, which shall be set by the Board in its sole discretion. The actual annual bonus amount, if any, shall be paid in accordance with the terms of such program and may be paid in cash or stock incentives or a combination of cash and stock incentives.
Annual Bonus Program. For each calendar year of the Agreement, Employee will be eligible to participate in any annual bonus programs (the “Annual Bonus”) established by the Board from time-to-time for the benefit of Company management, in each case to the extent Employee is eligible under the terms of such annual bonus program.
Annual Bonus Program. Employee shall participate in any NutraCea annual bonus program that is adopted by NutraCea (subject to the terms and conditions of any such program). Any such annual bonus program shall be approved by the NutraCea Compensation Committee of the Board of Directors and shall set forth objective criteria for bonus payments based on the financial performance of NutraCea and specific sales related goals and objectives set for the Employee. Such annual bonus program also shall set forth a target bonus objective for Employee, which target amount initially shall be fifty percent (50%) of
Annual Bonus Program. (a) During each calendar year of the Employment Period, Executive will be eligible to participate in the Company’s annual short-term performance incentive plan applicable to executives in the same or similar positions to that of Executive, as such plan may exist from time to time (the “PIP”). The amount of Executive’s target annual bonus under the PIP for each calendar year during the Employment Period (each a “Target Annual Bonus”) shall be determined by the Executive Compensation Committee in its discretion; provided, however, that Executive’s Target Annual Bonus for the 2006 calendar year shall be at least $209,250. The amount of the actual annual bonus, if any, awarded to Executive under the PIP with respect to any calendar year during the Employment Period (each an “Annual Bonus Award”) shall be determined in accordance with the terms of the PIP as administered by the Executive Compensation Committee. All decisions regarding the criteria to be used to determine awards under the PIP (which may consist of both corporate and individual performance factors and metrics), the amount, if any, to be awarded to Executive under the PIP with respect to any calendar year during the Employment Period and interpretations of the terms of the PIP shall be made solely and exclusively by the Executive Compensation Committee in its discretion. The Company reserves the right to change, alter, or terminate the PIP at any time in its sole discretion; provided, that no such change, alteration or termination shall adversely affect Executive’s rights under this Agreement, or with respect to any Annual Bonus Award made prior to the date of such change, alteration or termination, without Executive’s prior written consent.
(b) Each Annual Bonus Award shall be paid to Executive in cash when the Company customarily pays annual bonus awards to other executives in the same or similar positions to that of Executive under the PIP; provided that payment shall in all event be made not later than the end of calendar year immediately following the annual performance period to which the bonus relates.
Annual Bonus Program. In addition to the Base Salary, Employee shall be eligible to participate in the Company’s annual bonus program (“Annual Bonus”) with a total bonus potential of up to 35% of Employee’s Base Salary for each fiscal year during the Term of Employment (the “Target Bonus Amount”). Employee shall only be eligible for the Annual Bonus if there are no publicly reportable audit findings for that fiscal year, and if Employee is employed as an active employee on the last day of the fiscal year end in which the Annual Bonus relates. The Annual Bonus amounts, if any, will be paid in accordance with the Company’s customary payroll practices in effect from time to time. The final amount of the Annual Bonus earned shall not be determined until the Company’s annual 10-k filing. The Annual Bonus shall be paid out as follows:
(a) Fifty percent (50%) of the estimated Annual Bonus, if any, will be paid within thirty (30) days of the end of the fiscal year following the fiscal year to which such Annual Bonus relates.
(b) Once the final amount of the Annual Bonus is determined by the Board, following the Company’s annual 10-k filing, and contingent upon no publicly reportable audit findings, Employee shall be paid the balance of the Annual Bonus. This amount shall be fifty percent (50%) of the Annual Bonus if the estimate pursuant to subsection (a) of this Section 3.2 is deemed earned, or in the alternative, the total Annual Bonus as determined by the Board less the estimate paid pursuant to subsection (a) of this Section 3.2.
(c) Notwithstanding anything herein, if it is determined that based on the audit findings, Employee is not eligible for the amount of the estimated portion of the Annual Bonus paid pursuant to subsection (a) of this Section 3.2, Employee and Company agree that Company may claw back or recover the payment advanced pursuant to subsection (a) of this Section 3.2.
(d) Notwithstanding anything herein, Employee forfeits any and all Annual Bonus if: (i) Employee is terminated for Cause (as defined herein) prior to the date the Annual Bonus is paid out in its entirety; or (ii) Employee resigns for any reason prior to the date the Annual Bonus is paid out in its entirety. Forfeiture under this subsection (d) shall mean that the Company may recover any advanced bonus portion paid pursuant to subsection (a) of this Section 3.2.
(e) The Target Bonus Amount for Fiscal Year (“FY”) 2021 and any following years shall be based on Company financial information and establish...
Annual Bonus Program. Within 15 calendar days following the Closing Date, Parent will, or will cause the Surviving Corporation to, make a payment to each participant in the Company’s 2011 annual bonus program (the “Annual Bonus Program”) in an amount equal to the greater of (i) the actual amount due to such employee under the terms of the Annual Bonus Program based on performance through the Closing Date, assuming (A) full achievement of all individual performance goals, (B) full payment in respect of the discretionary component of such bonus, (C) without regard to any negative discretion under the Annual Bonus Program to adjust the bonus amount, and (D) without regard to any charges relating to, or arising from, the Transactions contemplated by this Agreement, and (ii) the participant’s target bonus amount under the Annual Bonus Program (the “2011 Annual Bonus Amount”). The 2011 Annual Bonus Amount will be pro rated (determined by the number of days between January 1, 2011 and the Closing Date over 365). Section 6.7(e) of the Company Disclosure Letter provides information regarding the number of participants in the Company’s Annual Bonus Program and the estimated aggregate target bonus amount. Within 15 calendar days following the date of this Agreement, the Company will provide to Parent a list that sets forth the name of each participant in the Annual Bonus Program and such participant’s target bonus amount under the Annual Bonus Program.
Annual Bonus Program. During the Employment Period, Executive shall be eligible to participate in the Company’s Annual Bonus Program which Program typically relates to the Company achieving certain fiscal year profit objectives and other objectives as determined solely by the Company and provided Executive is employed by the Company on the date each such bonus awarded is paid. The terms and conditions relating to each Annual Bonus Program shall be provided to Executive prior to the commencement of the subject fiscal year.
Annual Bonus Program. For each calendar year of the Agreement, Executive will be eligible to participate in any annual bonus programs (the “Annual Bonus”) established by the Board (excluding Executive in his capacity if a member of the Board) from time-to-time for the benefit of Company management, in each case to the extent Executive is eligible under the terms of such annual bonus program.
Annual Bonus Program. You are not eligible to participate in any annual bonus program or other annual incentive plan adopted or maintained by BKE with respect to any calendar year following calendar year 2023. Additionally, for the avoidance of doubt, you are not eligible, and have not in the past been eligible, to participate in any annual bonus program or other annual incentive plan adopted or maintained by PLK, TH or FHS.”