Variable Pay Clause Samples

Variable Pay. The Executive will be eligible to receive an annual variable pay (“Variable Pay”) of an amount of Rupees Seventeen Crores (INR 170,000,000), which shall be payable to the Executive subject to the Company’s achievement of certain milestones as determined by the Board (or its committee) in consultation with the Executive, in the Company’s sole discretion, from time to time, less applicable withholdings (the “Target Variable Pay”). The Variable Pay paid to Executive for a particular fiscal year shall not exceed 125% of the Target Variable Pay (“Maximum Variable Pay”). Variable Pay will be paid as soon as practicable after the Board (or its committee) determines that the Variable Pay has been earned, but in no event shall the Variable Pay be paid later than the 15th day of the 3rd month following the close of the Company’s fiscal year in which the Variable Pay was earned. In order for Executive to be eligible to receive Variable Pay for a particular fiscal year, Executive must be employed by the Company on the last day of such fiscal year.

Variable Pay. (i) In addition to the Fixed Pay, with respect to each completed fiscal year of the Indian Company during the Term, the Executive shall be eligible to earn a variable pay which may range from NIL to 50% of the Fixed Pay for such fiscal year (the “Variable Pay”). The actual amount of Variable Pay will be determined by the India Company Board, and based on the achievement of annual individual and Company level performance objectives established by the India Company Board, subject to: (x) the Executive’s continuing employment with the Companies through the applicable declaration date for any such Variable Pay, and (y) the Executive’s employment not having been terminated for Cause. (ii) In accordance with the above, the Variable Pay for each fiscal year as determined as being payable as of March 31 of the fiscal year (“Relevant FY for Variable Pay”), shall be paid as follows: (A) 67% of the Variable Pay for Relevant FY for Variable Pay will be paid by June 15 of the fiscal year immediately succeeding the Relevant FY for Variable Pay; (B) The balance Variable Pay for the Relevant FY for Variable Pay (“Deferred Variable Pay”) shall be paid in three equal installments with the salary payout for the month of April of the three calendar years immediately succeeding the calendar year referred in (I) above. By way of illustration: • 67% of the Variable Pay for FY 23-24 shall be payable by June 15, 2024; • 11% of the Variable Pay for FY 23-24 shall be payable along with the payment of the Executive’s salary for the month of April 2025; • 11% of the Variable Pay for FY 23-24 shall be payable along with the payment of the Executive’s salary for the month of April 2026; • 11% of the Variable Pay for FY 23-24 shall be payable along with the payment of the Executive’s salary for the month of April 2027. The individual performance objectives used in determining Variable Pay for a fiscal year will be established by the Indian Company prior to the commencement of the fiscal year to which the Variable Pay relates. For the fiscal year ending on March 31, 2024 only, the Executive’s minimum Variable Pay shall be 35% of the of Fixed Pay. It being clarified that, Variable Pay (including the aforementioned minimum Variable Pay) for the fiscal year ending on March 31, 2024 shall be prorated for the period from the Effective Date through March 31, 2024. (iii) In the event the Executive’s employment is terminated for (A) reasons other than for Cause, or (B) if the Executive resigns fr...

Variable Pay. The Executive shall be entitled to receive variable pay of 40% of Base Salary in accordance with the Corporation’s performance and the Executive’s individual goals as agreed to by the Corporation and the Executive from time to time. Presently, the Executive’s variable pay will be tied to the following criteria: a) The Executive’s individual goals, as defined by the Corporation, will comprise 20% of the bonus; b) Corporate HSE goals will comprise 30% of the bonus; c) Corporate fiscal performance will comprise 50% of the bonus. The fiscal performance will be based on the Corporation’s annual forecast targets.

Variable Pay. During the Term, Employee shall be eligible to earn an annual performance bonus, subject to the attainment of annual Company and/or individual performance goals as determined by the Board, prior to Closing, and the MCEO, after the Closing; provided, that for any year during which the Closing occurs, Employee’s annual performance bonus shall be pro rated based on Employee’s performance for the period through Closing as determined by the Board and the period of such year after the Closing as determined by the MCEO. Employee’s annual target bonus will be 30% of Employee’s Annual Salary (the “Target Bonus”). Any such bonus payable under this Section 4.2 shall be paid within 45 days after the end of the fiscal year to which such bonus relates.

Variable Pay. You will be eligible for variable pay at the 40% (forty percent) Target level. The Variable Pay plan is governed by the "Biomira Inc. (Canada) Employee Incentive Program" (the "Bonus Program") document and the terms of this document will govern. Goals for the plan are established at the beginning of the year, and payment is made following the close of the year in accordance with the terms of the Bonus Program.

Variable Pay. Executive will be eligible to receive annual variable pay ("Variable Pay") at a target level of U.S. $4,180,000 each fiscal year, less applicable withholdings (the "Target Variable Pay"), subject to the Company's achievement of certain fiscal year milestones as determined by the Board (or its committee) in its sole discretion after consultation with Executive (each, a "Milestone"). The Board (or its committee) reserves the authority to set Milestones on a GAAP or non-GAAP basis. (i) Timing of Variable Pay. Variable Pay, or any portion thereof, will be paid as soon as practicable after the Board (or its committee) determines that the Variable Pay has been earned, but in no event shall the Variable Pay be paid after the later of (i) the 15th day of the 3rd month following the close of the Company's fiscal year in which the Variable Pay is earned or (ii) March 15 following the calendar year in which the Variable Pay is earned.

Variable Pay. Employee may be eligible for a bonus at the discretion of the NACEO.

Variable Pay. Upon achievement of key performance parameters (to be decided by the Mauritius Company Board), the Employee shall be eligible to earn a bonus variable pay of up to INR 1,00,00,000 (Indian Rupees One Crore) for the 1st year and up to INR 1,50,00,000 (Indian Rupees One Crore Fifty lakh) for the 2nd and 3rd year (“Variable Pay”) at the discretion of and further subject to annual review by the Mauritius Company Board. The Variable Pay shall be payable to the Employee only upon end of any year. In addition, the Employee will be eligible for a Long Term Incentive Plan of up to INR 1,00,00,000 (Indian Rupees One Crore) for each year of employment with the Company in cash (“Incentive Pay”); terms and conditions of the same shall be determined by the Mauritius Company Board. The Incentive Pay shall be a one-time payment payable (a) on the Employee completing three years of employment with the Company from the Effective Date or (b) upon the early termination of the Employee’s employment with the Company, on a pro-rata basis; and in each case subject to the discretion of the Mauritius Company Board and the Employee’s performance in relation to the key responsibility areas as determined by the Mauritius Company Board.

Variable Pay. 2.1 Not applicable OR You will be eligible to participate in a discretionary bonus scheme, in accordance with Company policy as may be in force from time to time (the "Bonus Scheme"). According to this Bonus Scheme, you may be entitled to an annual Target Bonus targeted at [Target Bonus %] of your Base Salary, subject to personal and company achievement of targets set by the Company. The personal targets will be assigned to you on an annual basis. For the avoidance of any doubt, any bonus is subject to the Company achieving its financial targets. The Company reserves the right to change the Bonus Scheme at any time and for any reason. Your bonus on account of your first year of employment (if any) will be pro-rated to reflect the portion of the fiscal year for which you were actively employed, unless your employment commences less than three months prior to the end of the fiscal year, in which case you shall not be entitled to a bonus payment for that year. To be eligible to receive bonus payments, you must be actively employed by the Company when bonus payments are made [and not serving any Prior Notice, whether given by you or the Company]. Bonus payments are made usually in the first quarter of the following fiscal year. To avoid any doubt, where your employment is terminated for Cause, you will not be entitled to any bonus. OR