SIGNING BONUS AND ANNUAL BONUS Sample Clauses

SIGNING BONUS AND ANNUAL BONUS. The Company shall provide the Executive with an initial bonus for entering into this Agreement (the “Signing Bonus”) of $50,000 due and payable within 90 days of the Commencement Date, with the additional opportunity to earn beginning with January 1, 2013, an annual bonus (“Annual Bonus”) for each fiscal year of the Company, occurring in whole or in part during the Term, notwithstanding the position held by the Executive during the Term. For the Company’s first full fiscal year ending immediately after the Commencement Date, the Executive is entitled to an Annual Bonus of at least thirty five percent (35%) of the Executive’s Base Salary for such fiscal year (the “Target”) without prorating for the Commencement Date. Subject to the Executive’s right to receive the minimum required Annual Bonus for 2012 payable on January 1, 2013, the Board or a committee thereof will establish the criteria for the Executive achieving the Annual Bonus for 2012 within 90 days of the execution of this Agreement and for subsequent years during the Term, or within 90 days of the Board adopting any operating plan for such respective year whichever occurs first. For the Company’s fiscal year ending in 2012, the Executive shall be entitled to participate in a bonus plan where the target is at least thirty five percent (35%) of the Executive’s Base Salary for such year. The Target Annual Bonus for each year shall be at least thirty five percent (35%) of the Executive’s Base Salary for the respective year as to which such bonus relates. The Annual Bonus targets may be based on criteria including, among other things, revenue or EBITDA targets, acquisition, merger, business combination or growth targets, or such other criteria as the board of directors may establish from time to time (the “Performance Goals”). All Annual Bonus Targets and Annual Bonus criteria shall be established utilizing Performance Goals set by the Board or a committee thereof in its sole discretion subject to consulting with the Executive. The Executive shall participate in all other short term and long term bonus or incentive plans or arrangements in which other senior executives of the Company are eligible to participate from time to time in addition to the Executive bonus plans for fiscal 2012 through 2017, which are covered by this Section 3.2. Any Annual Bonus shall be paid as promptly as practicable following the end of the fiscal year, but not later than February 15th immediately following the end of such f...
Sample 1
AutoNDA by SimpleDocs
SIGNING BONUS AND ANNUAL BONUS. The Company shall pay to the Executive within thirty (30) days of the Effective Date the sum of Seventy Thousand Dollars ($70,000) (the "Signing Bonus"). In addition to the Base Salary and the Signing Bonus, the Executive shall be eligible for each fiscal year of the Company during the Retention Period an annual bonus, with the target amount, vesting and payment thereof to be based on reasonable and customary criteria consistent with the Company's practices for all executives holding the same office as the highest office held by the Executive during the Retention Period (the "Annual Bonus"). If the Executive is employed for less than a full fiscal year in either the first or final fiscal year of the Retention Period, the Executive shall be eligible to receive an amount with respect to such fiscal year at least equal to the amount of the Annual Bonus multiplied by a fraction, the numerator of which is the number of days in such fiscal year occurring during the Retention Period and the denominator of which is 365. The Company agrees that in the event the Executive is employed by the Company through the last day of fiscal 1998, the Executive's Annual Bonus for 1998 shall be at least equal to the accelerated vesting of not less than fifty percent (50%) of the restricted shares granted to the Executive under the Company's 1998-2000 Restricted Stock Election Plan and which are allocable to 1998. In the event the Executive has elected to receive his or her Annual Bonus for such year in the form of restricted shares of the Common Stock of the Company, upon termination of the Executive's employment for any reason the Executive shall be deemed to have revoked such election as to any then unvested shares of such restricted stock and the Executive's pro-rated Annual Bonus for such year shall be determined based upon the amount of the cash Annual Bonus the Executive would have received absent such election. Each amount payable in respect of the Executive's Annual Bonus shall be paid not later than 90 days after the fiscal year next following the fiscal year for which the Annual Bonus (or pro-rated portion) is earned or awarded. Neither the Annual Bonus nor any bonus amount paid in excess thereof after the Effective Date shall serve to limit or reduce any other obligation of the Company hereunder.
Sample 1
SIGNING BONUS AND ANNUAL BONUS. Within thirty (30) days of the Effective Date, Employee will receive a lump sum signing bonus of $50,000.00 less applicable withholdings. Moreover, during Employee’s Employment Period, Employee will also be eligible to participate in the Company’s annual executive bonus program (the “Executive Bonus Program”), to the extent that it exists. The opportunity to earn a bonus and the amount of any bonus compensation under the Executive Bonus Program will be determined in accordance with criteria established by the Board or the Compensation Committee, which will comply with the requirements of Section 409A of the Internal Revenue Code, unless the payment of the bonus is exempt as not constituting a deferral of income. Employee acknowledges that any bonus compensation under the Executive Bonus Program will be discretionary, with the sole discretion resting with the Board or the Compensation Committee. Further, unless otherwise determined by the Board or the Compensation Committee, Employee must remain employed by the Company at the time the bonus is paid in order to be eligible to receive the bonus. The Employee’s bonus for the calendar year 2013 will be $52,000.00 but shall be contingent upon the Company achieving the Board’s Executive Bonus goal. Employee will also be eligible to participate in the “Double Base Salary” bonus plan as outlined by the Compensation Committee. After calendar year 2013, any bonus will be based on the Executive Bonus Program. Determination as to whether the Employee has achieved the Board’s designated bonus goal shall rest solely with the Board, and such determination shall be final.
Sample 1
SIGNING BONUS AND ANNUAL BONUS. Within ten (10) business days after the Effective Date, the Company shall pay or cause to be paid to the Executive a signing bonus in the amount of $150,000, provided that if the Executive’s employment is terminated by the Company for Cause or by the Executive without Good Reason prior to the first anniversary of the Effective Date, then within thirty (30) calendar days after such termination, the Executive shall return to the Company a portion of the signing bonus equal to $150,000 multiplied by a fraction, the numerator of which is the number of calendar days remaining prior to the first anniversary of the Effective Date and the denominator of which is three hundred and sixty-five (365), provided, further, that with respect to such portion of the signing bonus, the Executive shall return to the Company only an amount net of any taxes on such portion that were paid by the Executive and with respect to which he is not entitled to a refund or credit. In addition, the Board or the Compensation Committee thereof, in the sole discretion of the Board, shall set the target(s) and cash bonus amount(s) for each fiscal year. It is the understanding and intention of the Company and the Executive that, subject to the Company’s and the Executive’s performance during each fiscal year and the approval of the Board or the Compensation Committee thereof, the Executive will generally receive an annual bonus in a target range of approximately 30% to 100% of the Executive’s Base Salary.
Sample 1

Related to SIGNING BONUS AND ANNUAL BONUS

  • Annual Bonus In addition to Annual Base Salary, Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual bonus (the “Annual Bonus”) in cash at least equal to Executive’s highest annual bonus for the last three full fiscal years prior to the Effective Date (annualized in the event that Executive was not employed by the Company for the whole of such fiscal year). Each such Annual Bonus shall be paid no later than the end of the third month of the fiscal year next following the fiscal year for which the Annual Bonus is awarded, unless Executive shall elect to defer the receipt of such Annual Bonus.

  • Signing Bonus The Executive shall receive a signing bonus equal to $2,250,000 (the “Signing Bonus”), payable within thirty (30) days following March 15, 2019, subject to the Executive’s continued employment through such date. Notwithstanding the foregoing, if the Executive is terminated by the Company without Cause or resigns for Good Reason prior to March 15, 2019, the Signing Bonus will remain outstanding and payable in accordance with this Section 6(c).

  • Cash Bonus Executive shall be entitled to a fraction of any Cash Bonus for the fiscal year of the Company within which Executive’s termination of employment occurs which, based upon the criteria established for such Cash Bonus, would have been payable to Executive had he remained employed through the date of payment, the numerator of which is the number of days of such fiscal year prior to his termination of employment and the denominator of which is three hundred and sixty-five (365); and

  • Annual Bonus Compensation In addition to your Salary, during the Employment Term you shall be eligible to earn an annual bonus for each whole or partial calendar year during the Employment Term, determined and payable as follows (the “Bonus”):

  • Annual Cash Bonus During the Term, Executive may be eligible to receive an annual cash bonus, on terms and conditions as determined by the Committee in its sole discretion taking into account Company and individual performance objectives.

  • Annual Bonuses For each fiscal year during the term of employment, the Executive shall be eligible to receive a bonus in the amount, if any, as may be determined from time to time by the Board in its discretion.

  • Incentive and Bonus Compensation The Executive shall be eligible to participate in the Company’s existing and future bonus and stock option plans and other incentive compensation programs for similarly situated executives (collectively, “Plans”), to the extent that the Executive is qualified to participate in any such Plan under the generally applicable provisions thereof in effect from time to time. Such eligibility is not a guarantee of participation in or of the receipt of any award, payment or other compensation under any Plan. To the extent the Executive does participate in a Plan and the Plan does not expressly provide otherwise, the Chief Executive Officer and/or the Board, as appropriate, may determine all terms of participation (including, without limitation, the type and size of any award, payment or other compensation and the timing and conditions of receipt thereof by the Executive) in the Chief Executive Officer’s or the Board’s sole and absolute discretion. Nothing herein shall be deemed to prohibit the Company or the Board from amending or terminating any and all Plans in its sole and absolute discretion. Except as otherwise provided herein, the terms of each Plan shall govern the Executive’s rights and obligations thereunder during the Executive’s employment and upon the termination thereof. Without limiting the generality of the foregoing, the definition of “Cause” hereunder shall not supersede the definition of “cause” in any Plan (unless the Plan expressly defers to the definition of “cause” under an executive’s employment agreement) and any rights of the Executive hereunder upon and subsequent to the termination of the Executive’s employment shall be in addition to, and not in lieu of, any right of the Executive under any Plan then in effect upon or subsequent to a termination of employment.

  • Annual Incentive Bonus The Company shall, in addition to Executive’s Base Salary, pay Executive an Annual Incentive Bonus, which shall be payable within 120 days of the end of each fiscal year in accordance with the formula set forth on Exhibit A, attached hereto and made a part hereof.

  • Incentive Bonus Compensation The Executive shall be eligible for incentive bonus compensation for each Fiscal Year in an amount to be determined by the Board of Directors or any committee thereof ("INCENTIVE BONUS COMPENSATION").

  • Annual Bonus Opportunity Your annual target bonus opportunity following the Effective Date will be 50% of your annual base salary (the “Target Bonus”). The Target Bonus shall be subject to review and may be adjusted based upon the Company’s normal performance review practices. Your actual bonuses shall be based upon achievement of performance objectives to be determined by the Board in its sole and absolute discretion. Bonuses will be paid as soon as practicable after the Board determines that such bonuses have been earned, but in no event will a bonus be paid to you after the later of (i) the fifteenth (15th) day of the third (3rd) month following the close of the Company’s fiscal year in which such bonus is earned or (ii) March 15 following the calendar year in which such bonus is earned.

Time is Money Join Law Insider Premium to draft better contracts faster.