CONTRACTUAL BONUS Sample Clauses
A Contractual Bonus clause sets out the terms under which an employee or contractor is eligible to receive a bonus as part of their compensation. This clause typically details the conditions that must be met to earn the bonus, such as achieving specific performance targets, company profitability, or completing certain projects by a deadline. By clearly defining the criteria and timing for bonus payments, the clause helps motivate performance and ensures both parties understand when and how bonuses are awarded, reducing the risk of disputes over compensation.
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CONTRACTUAL BONUS. At the conclusion of each fiscal year (commencing with fiscal 2017), the Executive shall be entitled to receive from the Company a cash bonus (which, like the Base Salary, shall be payable in USD and converted at the time of payment using the Conversion Rate) in an amount equal to five percent (5%) of the Company’s Income Before Provision for Income Taxes (“Income Before Taxes”), as presented in the Company’s audited Consolidated Statements of Income for such fiscal year (the “Contractual Bonus”); provided that the Contractual Bonus shall not exceed $1,000,000 USD for any given fiscal year. The calculation of the Contractual Bonus shall be based on the amount of Income Before Taxes before taking into account the payment of the Contractual Bonus to the Executive or any other similar contractual bonus that may be payable to any other executive officer of the Company from time to time. The Contractual Bonus shall be paid by the Company to the Executive within two and one-half months after the conclusion of the Company’s fiscal year (no later than March 15 based on the Company’s current calendar year fiscal year).
2. All other terms, conditions and provisions of the Agreement not herein modified shall remain in full force and effect.
CONTRACTUAL BONUS. A. For the year 2007 and each subsequent full calendar year thereafter, during the life of this Agreement, the Company shall pay a bonus equivalent to two (2) months last drawn salary to each employee, such bonus to be paid in November of each year.
B. A new employee engaged after 1st January shall receive a pro-rated amount (proportional share) of the bonus payable in the year of employment, based upon completed days of service up to 31st December of that year.
C. An employee who leaves the service of the Company prior to 31st December of any year for which a bonus is payable, shall receive a proportional share of the bonus based upon the number of days of service prior to leaving the service of the Company but no bonus or any part thereof, shall be paid in accordance with this Clause to any employee who is discharged for proven misconduct or breach of contract of service.
D. If any contributions to the Employees Provident Fund and the Social Security Scheme are payable by an employee in respect of any bonus, such contributions shall be deducted by the Company under the provisions of the law currently in force.