2018 Performance Bonus Clause Samples
The 2018 Performance Bonus clause establishes the terms under which an employee or contractor is eligible to receive a bonus based on their performance during the 2018 calendar year. Typically, this clause outlines the specific performance metrics or targets that must be met, the method for calculating the bonus amount, and the timing of payment. By clearly defining eligibility and payment criteria, the clause ensures transparency and motivates the recipient to achieve set goals, while also protecting the company from ambiguous bonus expectations.
2018 Performance Bonus. Dear ▇▇▇▇▇▇▇ In recognition of your continuing key role at GulfMark Offshore, Inc. (the “Company”), you shall be entitled to a performance bonus upon the terms and conditions set forth in this letter agreement (this “Agreement”), effective April 26, 2018 (the “Effective Date”). Please refer to Appendix A for certain defined terms used herein.
2018 Performance Bonus. You are entitled to a pro rata portion of any Performance Bonus paid for 2017 as provided in Section 3.2(b) of the Employment Agreement.
2018 Performance Bonus. In consideration for your services rendered pursuant to your employment with the Company in 2018 up through the Effective Date, the Company will pay you an amount equal to $74,891 (the “2018 Pro-Rata Bonus”), which represents the amount of the performance bonus you would have received for the 2018 Fiscal Year, prorated for the number of days you served as Chief Operating Officer. This amount has been determined using (i) actual performance for the first and second quarters of 2018 for the portion of the annual bonus based on the achievement of financial metrics, and (ii) targeted performance for the third and fourth quarters of 2018 through the Effective Date for the portion of the annual bonus based on the achievement of financial metrics. In consideration of your consulting services, the Company will pay you an additional amount equal to $47,275 (the “Additional Bonus”), which represents one-half of the amount of the performance bonus you received for the 2017 Fiscal Year. Your 2018 Pro-Rata Bonus and Additional Bonus will be paid in equal installments in accordance with the Company’s usual payroll practices during the Consulting Period. In the event that the Company terminates this Agreement without Cause or if you die or become disabled prior to the six-month anniversary of the Effective Date, any portion of the 2018 Pro-Rata Bonus or the Additional Bonus that has not yet been paid as of the end of the Consulting Period, will be paid to you as soon as reasonably practicable, but not later than the next regularly scheduled payroll date following the date on which the Consulting Period ends. In the event you terminate this Agreement prior to six (6) months following the Effective Date, you will not be entitled to receive any portion of the 2018 Pro-Rata Bonus that has not yet been paid, but you will continue to receive the Additional Bonus paid on the same schedule as if you had continued to provide services to the Company pursuant to the terms of this Agreement.
2018 Performance Bonus. For 2018, Executive shall be eligible to receive a performance bonus in a target amount of $200,000, with the payment of such bonus being subject to the achievement of 2018 performance goals established by the Compensation Committee and mutually agreed upon with Executive provided, however, that in no event will such 2018 performance bonus be less than $100,000. One-half of the target amount of the 2018 performance bonus shall be paid to Executive no later than January 15, 2019, with the remainder to be paid at the same time that annual bonuses are otherwise generally paid to the Company’s other senior executives.
2018 Performance Bonus. The Company will pay you an amount equal to $155,944 (the “Bonus Payments”), which represents the amount of the performance bonus you would have received for the 2018 Fiscal Year, prorated for the number of days you served as Chief Executive Officer. This amount has been determined using (i) actual performance for the first and second quarters of 2018 for the portion of the annual bonus based on the achievement of financial metrics, and (ii) targeted performance for the third and fourth quarters of 2018 through the Effective Date for the portion of the annual bonus based on the achievement of financial metrics. Your prorated 2018 Performance Bonus will be paid in equal installments in accordance with the Company’s usual payroll practices during the Consulting Period. In the event this Agreement is terminated by either party the Company shall continue to make the Bonus Payments through the one-year anniversary of the Effective Date.
2018 Performance Bonus. The Employee shall be eligible to receive a 2018 annual cash bonus with respect to the portion of the 2018 calendar year prior to the Effective Date, in accordance with the 2018 annual bonus program established by the Board (or the Board’s Compensation Committee) for the Company’s executive officers; provided, however, that (1) to the extent a bonus becomes payable under this Section 3(b), it will be prorated to reflect the Employee’s time served as Chief Executive Officer between January 1, 2018 and May 22, 2018 (the “Bonus Eligibility Period”) and (2) the determination of the Employee’s achievement of his 2018 individual performance goals shall be determined by the Board (or the Board’s Compensation Committee) based on the Employee’s 2018 individual goals as presented at the March 20, 2018 Compensation Committee meeting. The Board (or the Board’s Compensation Committee) in its discretion will determine whether such annual bonus will be paid, the amount of such bonus and its form of payment. The Employee’s 2018 prorated target annual bonus amount is 175% of the portion of his base salary paid with respect to the Bonus Eligibility Period (the “Prorated Target Bonus”). If the Board determines in its discretion that the Employee’s performance meets or exceeds the criteria established by the Board for the award of a Prorated Target Bonus, the Board may award the Employee the Prorated Target Bonus or a higher amount. Likewise, if the Employee’s performance does not meet said criteria, the Board may award a lesser amount, or no bonus may be awarded. Unless otherwise provided in this Agreement, the Employee’s eligibility to receive any bonus under this Section 3(b) shall be expressly conditioned on, among other things, the Employee remaining employed with the Company up through any designated distribution date set by the Board for 2018 annual bonuses (currently contemplated to be early March 2019).