2016 Annual Bonus Clause Samples
The "2016 Annual Bonus" clause defines the terms under which an employee is eligible to receive a bonus for the year 2016. It typically outlines the criteria for earning the bonus, such as meeting specific performance targets or remaining employed through a certain date, and may specify the calculation method or payment schedule. This clause ensures both parties understand the conditions for bonus entitlement, thereby preventing disputes and clarifying expectations regarding additional compensation for that year.
2016 Annual Bonus. The Company will pay to Executive a pro rata annual bonus for fiscal year 2016, which shall be determined based on Executive’s target bonus for fiscal year 2016 (which target bonus equals 50% of Executive’s base salary), multiplied by a fraction, the numerator of which is fifty-two (52) (representing the number of days in which Executive was employed by Company during fiscal year 2016), and the denominator of which is three hundred sixty-five (365). The pro rata annual bonus for fiscal year 2016 will be paid on the sixtieth (60th) day following the Termination Date.
2016 Annual Bonus. Effective as of the Transfer Effective Time, the Liability in respect of bonus awards allocable to INSW Group Employees or Former INSW Group Employees under the OSG Bonus Plans in respect of 2016 shall be assumed by the INSW Group. OSG and INSW shall pay the amounts awarded to their respective Employees no later than March 15, 2017 (in the case of Employees located in the U.S.) or March 31, 2017 (in the case of Employees located outside the U.S.), except as otherwise determined by the Compensation Committee of the Board of Directors of such Employee’s employer.
2016 Annual Bonus. The Parties hereby agree that Executive shall be eligible to earn an Annual Bonus in respect of fiscal 2016 performance. The actual amount of any Annual Bonus in respect of fiscal 2016 shall depend on the level of achievement of the applicable performance criteria established with respect to the Annual Bonus by the Board and the Compensation Committee in their good faith discretion and shall be paid during the first complete calendar year immediately following fiscal year 2016.
2016 Annual Bonus. You shall be entitled to a 2016 annual bonus, as determined by the Company’s Compensation Committee, in the amount of $650,000, payable within three (3) business days of your execution of this Agreement. Such amount is in full satisfaction of any entitlement or eligibility you may have to any annual bonus payable in respect of calendar year 2016, whether pursuant to the Company’s 2016 Management Incentive Plan, the Employment Agreement, or otherwise.
2016 Annual Bonus. In lieu of the pro-rated annual bonus due to the Executive pursuant to Section 10(d) of the Employment Agreement upon a termination of employment, the Company will pay to the Executive an annual bonus in respect of 2016 in the amount of $280,260, which amount will be payable as soon as practicable following the Transition Date.
2016 Annual Bonus. If the Executive’s employment with the Company is terminated by the Company without Cause or by the Executive for Good Reason, in each case, following December 31, 2016 but prior to the payment date of the 2016 annual cash bonus (the “2016 Bonus”) under the terms of the annual cash incentive plan of the Company in which the Executive participates in respect of Holdings’ 2016 fiscal year, the Executive shall be entitled, subject to the Executive’s execution of a general release of claims in a form to be provided by the Company, to receive the 2016 Bonus on the regularly scheduled payment date for the 2016 Bonus, subject to the terms and conditions of the annual cash incentive plan of the Company in which the Executive participated in respect of Holdings’ 2016 fiscal year.
2016 Annual Bonus. In the event that the annual bonus payable to Executive for Executive’s services in 2016, in the amount of $792,000, less applicable taxes, withholdings and deductions required by law, shall not have been paid on or before the Separation Date, such annual bonus shall be paid to Executive promptly following the Separation Date, but in no event later than March 15, 2017.