Extraordinary Bonus definition

Extraordinary Bonus. Employee is eligible for an additional annual bonus amount of $100,000 during the term of this Agreement. This bonus will be paid out at the end of the calendar year, and is only applicable for exceptional results, as previously determined by the President of the Company and Compensation Committee. Extraordinary Bonus is payable by March 31st of the following year. In order to be eligible for either an annual bonus or quarterly bonus, Employee must be an Employee in good standing with the Company. Employee will not be eligible for the payment of an annual bonus in the event (i) he is terminated for cause due to Employee's willful misconduct, (ii) he is terminated for cause for gross negligence, or (iii) he resigns from the Company without Good Reason (as defined in P. 5.03 hereof). Except as otherwise provided herein, Employee is not entitled to any bonus or other payments from the Company following any termination of his employment hereunder.
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Examples of Extraordinary Bonus in a sentence

  • Executive is entitled to participate in The United States Fire Insurance Company 2003 Extraordinary Bonus Plan pursuant to the terms of such plan.

  • Long Term Incentive Plan; and the United States Fire Insurance Company 2003 Extraordinary Bonus Plan shall be accelerated should Executive’s employment terminate pursuant to Subsection 5.2, Termination Without Cause or Termination by Executive for Good Reason, of Section 5, Termination, of the Agreement.

  • In addition to the conditions in paragraph 2, the Employee's receipt of the Extraordinary Bonus is conditioned on the successful consummation of the Offer subject to the terms of the TO Agreement.

  • In the event of your death during the term of this Agreement, the Company shall pay to your estate any unpaid Base Salary, Incentive Bonus or Extraordinary Bonus earned by your prior to the date of death, prorated to reflect the number of months you were employed by the Company during the year through your date of death.

  • In addition, any amounts otherwise payable to an Employee Extraordinary Bonus Personnel shall be reduced by the amount of reductions and offsets against the Purchase Price and indemnification and other payments made to the Purchaser under the Agreement that were not allocated to such Employee as set forth in Annex D and not satisfied by way of reductions against such Employee’s Anniversary Employee Transaction Cash Bonus Payments.

  • Any such Extraordinary Bonus shall be payable upon the approval and recommendation of the Chief Executive Officer and the Board of Directors.

  • The Target Bonus and the Extraordinary Bonus will be paid outside of the Incentive Plan.

  • The Company and the Employee reciprocally acknowledge that the Extraordinary Bonus pursuant to this Retention and Amendment Agreement is not part of Employee’s regular salary, since it is only a possible and exceptional amount.

  • Except for the Employee Extraordinary Bonus Payments as set forth in Annex F and Annex 7.5, the signing of this Agreement or the consummation of the Transaction will not (i) entitle any Employee, director, officer or independent contractor of the Company to bonus payments, severance pay, unemployment compensation or any other payment, or (ii) accelerate the time of payment or vesting, or increase the amount of, or compensation due to any such Employee, director, officer or independent contractor.

  • Severance Compensation and Extraordinary Bonus Plan for Tom▇▇▇▇ ▇▇rporation Senior Staff Bonus Program Participants (Revised and Restated July 17, 2000)" (the "Severance Plan").