Incentive Bonus Program. The parties recognize that the success of the Employer depends on the collective efforts of its employees. The parties also recognize that when executives are rewarded for the Employer’s performance, employees covered by this Agreement should be rewarded as well. Effective January 1, 2019 and for performance beginning with calendar year 2019, and each year thereafter, employees covered by this Agreement shall be covered by an Incentive Bonus Program. The triggers for payout under the Incentive Bonus Program shall be the same as those established annually by the Board of Directors for the Section 16 Officers of YRC Worldwide, Inc. who are required to file Form 4 xxxxxxx xxxxxxx documents with the SEC (“Section 16 Officers”) for their non-equity incentive plan or similar annual bonus program. In the event Section 16 Officers receive non-equity incentive plan or similar annual bonus compensation, employees covered by this Agreement shall be paid under this Incentive Bonus Program as follows: for every $1.00 of non-equity incentive plan or similar bonus compensation paid to all Section 16 Officers, $2.00 shall be made available for distribution to employees covered by this Agreement in the form of a one-time bonus payment. TNFINC shall be afforded the opportunity to review any and all calculations made in this regard. In the event the Board of Directors foregoes a non-equity incentive plan or similar bonus program for Section 16 Officers for a given year and decides instead to establish an equity-based program for Section 16 Officers for a given year, a payout of $750 under this Incentive Bonus Program shall be triggered for bargaining unit employees when the Section 16 Officers’ right to the equity triggers (for example, upon the attainment of a particular stock price). Any payments triggered under this Incentive Bonus Program shall be made within ninety (90) days of the end of the calendar year. To be eligible for a payment under the Incentive Bonus Program, an employee must work or have been paid for at least one thousand (1,000) hours in the prior calendar year and be employed by the Employer at the time of payout. In no event, however, shall employees be entitled to more than one (1) payment under this Incentive Bonus Program in any calendar year. The higher of any amounts shall be paid in that circumstance.
Incentive Bonus Program. For the calendar year 1998, the Board of Directors has set three major objectives for the key executives. The objectives include opening the Aguascalientes project for commercial operations, keeping the Company properly capitalized for growth, and respecting the public market participation in the Company to ensure that gains made by the Company are recognized by its public ownership and reflected in its share price. To the extent that these objectives are met, the key participants in the incentive bonus program, including the Executive herein, shall be entitled to a minimum of twenty percent (20%) of his base salary to a maximum of one hundred fifty percent (150%) of base salary, depending upon the extent to which the objectives have been achieved. It is expected that the foregoing bonuses will be earned in 1998, unless the settlement or conclusion of the NAFTA litigation takes longer, in which case that particular special bonus will go beyond 1998 until there is a final resolution. It is expected that the Board of Directors will provide additional bonus incentives for years subsequent to 1998, provided that for the life of the contract there will always be at least a minimum incentive bonus of twenty percent (20%) due in December of each year.
Incentive Bonus Program. 7. The Promissory Note issued by KII Acquisition Corp. ("KII") in favor of Xxxxxxxx Industries Holding AG in the principal amount of $1,750,000.
Incentive Bonus Program. Promptly following the date hereof, Parent and the Company agree to hold discussions in good faith with a view to agreeing upon the terms of a retention bonus program covering selected employees of the Company and its Subsidiaries. To the extent agreed, such retention bonus program shall be adopted and communicated to employees as promptly as practicable following the date hereof, and shall have terms and conditions (including payment dates and amounts) that are substantially consistent with market practice and that shall be mutually agreed by Parent and the Company.
Incentive Bonus Program. The Executive shall be eligible to receive an annual incentive bonus (each an “Annual Incentive Bonus”) for each completed calendar year of employment during the Term in accordance with any bonus policy adopted by the Board (or an authorized committee thereof), as may be amended or modified from time to time. The bonus policy will provide that the Executive shall be entitled to earn an Annual Incentive Bonus for such completed calendar year of employment based on performance criteria determined in the sole discretion of the Board. The Annual Incentive Bonus for a completed calendar year of employment shall be paid within forty-five (45) days following the end of the completed calendar year. Other than as set forth in Section 9, the Executive must be employed by, or be providing services to, the Company or an affiliate of the Company on the date an Annual Incentive Bonus is to be paid to be eligible to receive the Annual Incentive Bonus for such completed calendar year of employment. Payment of the Annual Incentive Bonus may be made in the form of cash, stock bonus (issued pursuant to the EIP), or a combination thereof, as determined in the sole discretion of the Board (or an authorized committee thereof). As a condition to the Company’s obligations with respect to any stock bonus (including, without limitation, any obligation to deliver any shares of Common Stock with respect to any stock bonus), the Executive shall make arrangements satisfactory to the Company to pay to the Company any federal, state, local, or foreign taxes of any kind required to be withheld with respect to the delivery of shares of Common Stock with respect to such stock bonus. The award of any Annual Incentive Bonus shall be determined by the Board in its sole discretion.
Incentive Bonus Program. The Employee shall be eligible to receive performance-based bonuses, to be calculated and paid in accordance with Exhibit A, attached hereto (the “Incentive Bonus Program”).
Incentive Bonus Program. Prior to the Closing Date, DigitalQuake shall establish an incentive bonus program for those DigitalQuake employees who have accepted offers of employment made by National in connection with this transaction as of the Closing substantially in the form attached hereto as Exhibit F. National shall assume the incentive bonus program in connection with the Merger.
Incentive Bonus Program. On an annual basis, Employee will be entitled ----------------------- to a minimum bonus payment equal to $100,000 plus five percent (5%) of Net Income Before Taxes (but after required interest payments) of the Corporation. (c)
Incentive Bonus Program. 3.1 Ricaxxx xxxl receive a cash bonus payable at the end of 1997 equal to 1/2 of one percent of the amount of the increase of PPL's 1997 firm shippable sales bookings in excess of PPL's 1996 actual shipped sales bookings. Said bonus shall be payable in installments. The initial installment shall be payable within fifteen (15) days after receipt, by JMAR, of its 1997 audit report from Arthxx Xxxexxxx & Xo. Subsequent quarterly installments shall be paid to Ricaxxx xxxed on 1997 bookings which are shipped in subsequent years.
Incentive Bonus Program. The Executive shall be eligible to receive an annual incentive bonus (each an “Annual Incentive Bonus”) as described in the Company’s Annual Incentive Compensation Plan and Policy (the “Plan”) for each full or partial completed calendar year of employment during the Term as determined by the Board in its sole discretion. Given the agreed upon base salary as set forth above, the Executive will only be eligible for 50% of the incentive award allocated to Executives under the Plan for plan year 2021. If a similar plan is in place for playnyear 2022 and subsequent years, the Executive will be eligible for 100% of the incentive award allocated to Executives under the Plan. The Annual Incentive Bonus for a completed calendar year of employment shall be paid on or before the March 31st immediately following the end of the completed calendar year. Other than as set forth in Section 9, the Executive must be employed by, or be providing services to, the Company or an affiliate of the Company on the date an Annual Incentive Bonus is to be paid to be eligible to receive the Annual Incentive Bonus for such completed calendar year of employment. Payment of the Annual Incentive Bonus may be made in the form of cash, stock bonus (issued pursuant to the EIP), or a combination thereof, as determined in the sole discretion of the Board (or an authorized committee thereof). As a condition to the Company’s obligations with respect to any stock bonus (including, without limitation, any obligation to deliver any shares of Common Stock with respect to any stock bonus), the Executive shall make arrangements satisfactory to the Company to pay to the Company any federal, state, local, or foreign taxes of any kind required to be withheld with respect to the delivery of shares of Common Stock with respect to such stock bonus. The award of any Annual Incentive Bonus shall be determined by the Board in its sole discretion. Notwithstanding the foregoing, the Executive acknowledges and agrees that the Non-qualified Stock Options are the primary form of incentive compensation to which the Executive will be entitled during the Initial Term.
