Post-Termination Bonus Clause Samples
A Post-Termination Bonus clause defines the conditions under which an employee or contractor is entitled to receive a bonus payment after their employment or engagement has ended. Typically, this clause outlines eligibility criteria such as meeting certain performance targets, remaining with the company for a specified period, or fulfilling specific obligations prior to departure. By clearly specifying when and how a bonus is paid after termination, this clause helps prevent disputes and ensures both parties understand their rights and obligations regarding post-employment compensation.
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Post-Termination Bonus. For the purposes of this Agreement, the “Post-Termination Bonus” shall be a pro-rata share of the Target Bonus for the calendar year in which the termination occurs; provided that if the termination occurs in the twelve (12) month period following a Change in Control, the Post-Termination Bonus shall be equal to the Target Bonus for the calendar year in which such termination occurs.
Post-Termination Bonus. For the purposes of this Agreement, the Post-Termination Bonus shall be determined by multiplying (i) the Target Bonus for the year in which the termination occurs and (ii) a fraction, the numerator of which is the number of days from the beginning of the calendar year through the date of termination, and the denominator of which is three-hundred and sixty-five (365).
Post-Termination Bonus. Provided that: (1) you satisfactorily perform the Services throughout the Transition Period and the Post-Termination Period; (2) you sign and return the Release within the time period specified therein, but in no event later than forty-five days following the Separation Date, and allow the Release to become effective in accordance with its terms; and (3) the Board makes a reasonable business determination that at any time on or before December 31, 2010, the Company has or had cash or cash equivalents of not less than forty million dollars ($40,000,000.00) on its balance sheet (the “Milestones”), then you will be entitled to a bonus in the amount of two hundred and thirty-two thousand, five hundred dollars ($232,500.00), less standard payroll deductions and withholdings (the “Bonus”). This amount will be paid to you in a single lump sum within ten (10) days of the later of (i) the effective date of the Release, and (ii) the Board’s determination that the Milestones were achieved, but in no event shall such determination be made or such Bonus be paid later than March 15, 2011. It is intended that the payment of the Bonus satisfy the requirements for the “short-term deferral” exemption from application of Section 409A provided under Treasury Regulation Section 1.409A-1(b)(4).