Biannual Period definition
Examples of Biannual Period in a sentence
G▇▇▇▇▇▇ will pay Officer a’ performance bonus equal to 3% of gross sales of G▇▇▇▇▇▇ if sales during a Bi-annual Period during the Term exceed $500,000 (the “Sales Floor”), subject to increase for subsequent Bi-annual periods as hereafter provided.
This additional compensation will be 5% of sales made by Officer in the prior Bi-annual Period, paid within 30 calendar days after the end of such Bi-annual Period.
These representatives shall meet, at a mutually agreed location, and shall attempt in good faith to agree on the appropriate calculations for determining the Other Services Credit, the Commitment Reduction Credit, and/or the Take or Pay Remedy, if any, for the applicable Biannual Period.
Any performance bonus earned will be paid within 30 calendar days after the end of such Bi-annual Period, even if Officer’s employment terminates after the end of such Bi-annual Period.
The Board will meet with Officer within 30 days after the commencement of any Bi-annual Period for which the Board intends to impose a new Sales Floor and must notify Officer of any such change not later than 45 days after the commencement of such Bi-annual Period.
Such performance bonus will be computed upon sales in excess of the Sales Floor for the Biannual Period and will be deemed earned by Officer for each Bi-annual Period ending during his continued employment hereunder.