Bonus Entitlements Sample Clauses
The Bonus Entitlements clause defines the conditions under which an employee or party is eligible to receive additional compensation beyond their standard pay. Typically, this clause outlines the criteria for earning a bonus, such as achieving specific performance targets, company profitability, or meeting project milestones, and may specify the timing and method of bonus payments. Its core practical function is to incentivize desired behaviors or outcomes by clearly establishing when and how bonuses are awarded, thereby motivating performance and reducing ambiguity regarding extra compensation.
Bonus Entitlements. Employee will be eligible to participate in the Company bonus program. Employee’s annual bonus eligibility will be up to 50% of base salary. Bonus criteria will be set annually by Company and the terms of the bonus plan, including the percentages set out above, may be modified by Company at its discretion.
Bonus Entitlements. The Executive will also be entitled to receive, in respect of each fiscal year of the Company, an annual cash bonus in an amount of up to fifty per cent (50%) of the Executive’s Basic Salary (the “Annual Cash Bonus”) based upon the Executive’s achievement of certain milestones and objectives (the “Bonus Targets”) mutually agreed by the Executive and the Board acting reasonably. The Bonus Targets and the Annual Cash Bonus will both be commensurate with the bonus targets and the annual cash bonuses established for the Chief Executive Officer, and the Chief Operating Officer of the Company and its subsidiaries. During the term of this Agreement, the Company will review the Annual Cash Bonus at least annually to ensure that it is commensurate with the annual cash bonuses paid to the Chief Executive Officer, and the Chief Operating Officer of the Company and its subsidiaries, provided that the Annual Cash Bonus will not be reduced.
Bonus Entitlements. The expected cost of bonus payments shall be recognised as a liability when the Target Group Companies have a present legal or constructive obligation as a result of services rendered by employees and a reliable estimate of the obligation can be made. Liabilities for bonus shall be expected to be settled within 12 months and are measured at the amounts expected to be paid when they are settled.
Bonus Entitlements. The Parties agree that, except as expressly set forth in this Agreement and any annual bonus earned by Executive for 2023 in accordance with the terms of any applicable bonus plan, Executive shall not be entitled to receive any other compensation from the Released Parties. Notwithstanding the above, subject to applicable performance criteria, Executive shall be entitled to any annual bonus earned for the calendar year of 2023 as well as any prorated bonus earned in 2024 through the last day of the CEO Term and shall be entitled to payment of both bonuses no matter when the bonuses are paid. Executive shall not be entitled to any bonus, prorated or otherwise, following the end of the CEO Term.
Bonus Entitlements. Subject to such changes to this Section as may be made from time to time by the Board of Directors of the Company, bonus compensation shall include a target bonus amount equal to 40% of base compensation and subject to a maximum bonus amount equal to 80% of base compensation and a minimum bonus amount equal to 0% of base compensation. All calculations shall be determined by the Company’s internal or independent accountants and shall be approved by the Board of Directors, which determination shall be final and binding on Employee.