Move Bonus Clause Samples
A Move Bonus clause establishes an additional payment or incentive provided to a party, typically an employee or contractor, for successfully completing a relocation or move as specified in an agreement. This clause outlines the conditions under which the bonus is earned, such as timely completion of the move, adherence to budget, or meeting specific performance criteria. Its core practical function is to motivate and reward the party for undertaking the logistical and personal challenges associated with moving, thereby ensuring the relocation process is completed efficiently and in line with the employer's or client's requirements.
Move Bonus. The Executive shall be paid a one time move bonus of $75,000 payable as follows: (i) $37,500 shall be paid when the accounting and payroll systems for the Company which are currently operated at Vision 21's office in Largo, Florida are moved to and are operational in Baltimore, Maryland, in a commercially reasonable manner; and (ii) $37,500 shall be paid when the AS 400 operating system and the claims processing and member services functions which are currently operated at Block Vision's office in Boca Raton, Florida are moved to and are operational in Baltimore, Maryland, in a commercially reasonable manner.
Move Bonus. The Executive shall be paid a move bonus (the "Move Bonus") of $75,000 as follows: (i) $37,500 shall be earned and paid when the accounting and payroll systems for the Company which are currently operated at Vision 21's office in Largo, Florida are moved to and are operational in Baltimore, Maryland, in a commercially reasonable manner; and (ii) $37,500 shall be (1) earned when the AS400 operating system and the claims processing and member services functions which are currently operated at Block Vision's office in Boca Raton, Florida are moved to and are operational in Baltimore, Maryland in a commercially reasonable manner, and (2) paid upon termination of the Bridge Loan Commitment to be provided for in the amended and restated credit agreement to be entered into on or about November 10, 2000 among the Company, the Bank of Montreal as Agent, and the other lenders a party thereto (the "New Credit Agreement. Notwithstanding the foregoing, if the Executive's employment is terminated by the Company other than for (i) "Cause" as described in Section 5(c), or (ii) a voluntary termination by the Executive as described in Section 5(d), the balance, if any, of the Move Bonus earned and not previously paid pursuant to subsection (ii) of this Section 3(a) shall become immediately due and payable."