Annual Bonus Arrangements. The Executive will be eligible to receive annual bonus payments up to seventy percent (70%) of the Executive’s then-effective Base Salary, payable in amounts and at such times as determined in good faith by the Board, based on meeting Company performance objectives, performance goals, and other objectives as mutually agreed upon by the Board and the Executive, and as may be amended from time to time (the “Annual Bonus”). The Executive must remain employed by the Company through the date on which the Annual Bonus is earned, which is December 31 of each year, whether or not the Executive remains employed by the Company on the date the bonus is actually payable. Notwithstanding the foregoing, in the event that the Executive is terminated for Cause (as defined below) prior to the payment of any Annual Bonus, the Executive shall not be entitled to the payment of such Annual Bonus.
Annual Bonus Arrangements. 2.1 Bidco acknowledges that the AA Group operates annual bonus arrangements (the AA Bonus Arrangements) which are conditional on corporate and individual performance, and normally continued employment to the bonus payment date.
2.2 Bidco agrees that any individual who participates in an AA Bonus Arrangement for the financial year ending 31 January 2021 and who has displayed exceptional performance may be awarded an annual bonus determined by the AA Remuneration Committee by reference to appropriate corporate and individual performance conditions and subject to such affordability criteria as the AA Board may consider appropriate, with such bonus amounts being paid on the date bonuses would normally be paid in April 2021, save that if the Effective Date occurs prior to the date that such bonuses would normally be determined, the AA Remuneration Committee shall determine the bonus payment by reference to performance up to the earlier of (i) 31 January 2021 and (ii) the Effective Date. In either case, where the Effective Date occurs prior to the date that such bonuses would normally be determined, or where the Effective Date occurs prior to the date that such bonuses would normally be paid (such that the AA Remuneration Committee has determined the amounts payable), Bidco shall procure the payment of such bonuses at the normal time (in April 2021) in accordance with AA’s normal practice (save that no deferral into AA Shares will be required).
2.3 Bidco acknowledges that where the Effective Date occurs on or after 1 February 2021, an AA Bonus Arrangement shall be implemented upon terms substantially similar to the AA Bonus Arrangements in respect of the bonus year ending 31 January 2020 and that the bonus for the financial year ending 31 January 2022 shall be determined by the AA Remuneration Committee or the AA Executive Committee (as appropriate) by reference to the applicable corporate and individual performance conditions measured to the Effective Date, with such annual bonus amounts being pro-rated to reflect, and only payable in respect of, the period from and including 1 February 2021 to the Effective Date as a proportion of 365 days and paid on the date bonuses would normally be paid in April 2022 or earlier as determined by the AA Board subject to the participant not resigning or being dismissed for misconduct prior to the date of payment. The parties acknowledge and agree that any annual bonus arrangements to be put in place by the Offeror Group for t...
Annual Bonus Arrangements. 8.1 PerkinElmer UK acknowledges that the Horizon Group operates annual bonus arrangements, commission schemes and retention arrangements for employees of the Horizon Group, which involve the payment of cash sums (and do not, for the avoidance of doubt, involve the grant of options or other rights in respect of Horizon Shares) ("Cash Bonus Schemes"). Subject to paragraph 8.2 below, Horizon:
(a) shall continue to operate its existing Cash Bonus Schemes in line with past practice, including as to levels of payment, until the Effective Date in accordance with normal practice and in a manner consistent with historic practice; and
(b) has no intention of introducing any new Cash Bonus Schemes between now and the Effective Date.
8.2 PerkinElmer UK
Annual Bonus Arrangements. 6.1 The Offeror acknowledges that the Target Group operates annual bonus arrangements, commission schemes and retention arrangements for employees of the Target Group. Target shall continue to operate these arrangements in line with past practice, including as to levels of payment, until the Effective Date in accordance with normal practice and in a manner consistent with historic practice.
6.2 Offeror acknowledges that Target’s current bonus year runs from 1 July 2018 to 30 June 2019 and that as at the date of this Agreement no performance criteria have been set for the current bonus year 2018 to 2019 (“Current Bonus Year”).
6.3 Save as otherwise disclosed to Offeror, Target does not operate any other bonuses (including transaction bonuses in connection with the Acquisition) other than the bonuses for: (a) the 2017/18 bonus year which will be paid in the August payroll; and (b) the Current Bonus Year. Offeror acknowledges that Target has budgeted £438,477 (including employer’s national insurance contributions) for the Current Bonus Year bonus. Each payment for the Current Bonus Year bonus payable pursuant to (b) is conditional only on: (i) the employee's satisfactory performance to the relevant payment date; (ii) the employee not having resigned prior to the date of payment; and (iii) the employee not having been dismissed “for cause” or other serious misconduct (or not being under notice of termination “for cause” or other serious misconduct from the relevant employing entity in the Target Group) before the date of payment.
