Termination Bonus Payment Clause Samples
A Termination Bonus Payment clause defines the obligation to pay a specified bonus to an employee or contractor upon the termination of their employment or engagement. Typically, this clause outlines the conditions under which the bonus is payable, such as involuntary termination without cause or completion of a particular project, and may specify the amount or method of calculation. Its core practical function is to provide financial security or incentive to the individual in the event of termination, thereby helping to attract and retain talent or ensure smooth transitions during organizational changes.
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Termination Bonus Payment. Payment of a lump sum cash payment in an amount equal to the pro rata portion of any annual bonus that would have been payable to the Employee as an employee of Advance, provided the criteria for such bonus other than the Employee’s continued employment are satisfied (the “Termination Bonus Payment”), which shall be paid at the time such bonus payments are made to other employees;