ANNUAL COMPANY BONUS Sample Clauses

ANNUAL COMPANY BONUS. Subject to paragraph (F) below, for each calendar year commencing with the year ending December 31, 1998, during which the Employee is employed by the Company: (A) if Kellxxxxx xxx Net Income (as hereinafter defined) for such year of an amount equal to Kellxxxxx'x xxxget net income as determined in the sole discretion of the Board of Directors of Kellxxxxx (xx the Executive Committee) for such year (the "TARGET"), the Employee shall be entitled to a bonus in the amount equal to $100,000. (B) if Kellxxxxx xxx Net Income for such year more than the Target and less than 150% of the Target, the Employee shall be entitled to a bonus as calculated below: B = $100,000 + [$100,000 x (NI - T)] ---------- T 3 where: B = the bonus earned in such year. T = the Target for such year. NI = the actual Net Income of Kellxxxxx xxx such year as determined in accordance with GAAP. (C) if Kellxxxxx xxx Net Income for such year of 150% of the Target or more, the Employee shall be entitled to a bonus of $150,000. (D) if Kellxxxxx xxx Net Income for such year of less than 50% of the Target, the Employee shall not be entitled to a bonus. (E) if Kellxxxxx xxx Net Income for such year of at least 50% of the Target but less than the Target, the Employee shall be entitled to a bonus as calculated below: B = $100,000 - [$100,000 x 2 X (T - NI)] -------------- T where: B = the bonus earned in such year. T = the Target for such year. NI= the actual Net Income of Kellxxxxx xxx such year as determined in accordance with GAAP. (F) for any calendar year regarding which the Employee is entitled to a Bonus under the foregoing provisions of this clause (ii) but during which year the Employee did not work the entire calendar year, the Employee shall be entitled to a Bonus equal to the product of the Bonus, as calculated under the foregoing provisions, multiplied by a fraction, the numerator of which is the number of months during such calendar year that the Employee was employed with the Company and the denominator of which is twelve.
Sample 1See All (5)
AutoNDA by SimpleDocs
ANNUAL COMPANY BONUS. For each calendar year commencing with the year ending December 31, 1997, at the end of which the Employee is employed by the Company: (A) if the Company has Net Income (as hereinafter defined) for such year of an amount equal to the Company's target net income before taxes as determined solely by the Board (or the Executive Committee of the Board, if one exists) for such year (the "Target"), the Employee shall be entitled to a bonus in the amount equal to $20,000. (B) if the Company has Net Income for such year more than the Target and less than 150% of the Target, the Employee shall be entitled to a bonus as calculated below: B = $20,000 + $20,000 x (NI - T) -------- T where: B = the bonus earned in such year. T = the Target for such year. NI = the actual Net Income of the Company for such year as determined in accordance with GAAP. (C) if the Company has Net Income for such year of 150% of the Target or more, the Employee shall be entitled to a bonus of $30,000. (D) if the Company has Net Income for such year of less than 50% of the Target, the Employee shall not be entitled to a bonus. (E) if the Company has Net Income for such year of at least 50% of the Target but less than the Target, the Employee shall be entitled to a bonus as calculated below: B = $20,000 - ($20,000 x 2 x (T - NI)) ---------------- T where: B = the bonus earned in such year. T = the Target for such year. NI = the actual Net Income of the Company for such year as determined in accordance with GAAP.
Sample 1See All (4)
ANNUAL COMPANY BONUS. For each calendar year at the end of which year the Employee is employed by the Company: (A) If the Net Income (as hereinafter defined) of the Company for such year is an amount equal to the Company's target net income as determined in the sole discretion of the Board (or the Executive Committee) for such year (the "Target"), the Employee shall be entitled to a bonus (i) in the case of the calendar year ended December 31, 2000, in an amount equal to the Salary of the Employee as of December 31, 2000, (ii) in the case of the calendar year ended December 31, 2001, in an amount equal to $720,000, and (iii) in the case of any subsequent calendar year, in an amount determined by the Board or the Compensation Committee thereof (but not less than the Salary of the Employee as of December 31 of such calendar year) (each such amount being referred to as the "Target Bonus"). For purposes of this Agreement, "Net Income" shall mean actual net income, as determined by the Company in its sole discretion in accordance with GAAP.
Sample 1Sample 2
ANNUAL COMPANY BONUS. Subject to subsection (C) below, for each calendar year during the Employment Period commencing with the year ending December 31, 2000, at the end of which year the Employee is employed by the Company, the Employee shall be eligible to be paid a bonus as follows: (A) CALENDAR YEAR ENDING DECEMBER 31, 2000. For the calendar year ending December 31, 2000, the Employee shall be eligible to be paid a bonus, a portion of which shall be computed based upon the Company's Net Income as compared to the Company Target for such year (the "Company Bonus"), and a portion of which shall be computed based upon Division Net Income as compared to the Division Target for such year (the "Division Bonus"). The bonus payable, if any, for the year ending December 31, 2000 shall be the sum of the Company Bonus and the Division Bonus.
Sample 1
ANNUAL COMPANY BONUS. Subject to subsection (C) below, for each calendar year during the Employment Period commencing with the year ending December 31, 2000, at the end of which year the Employee is employed by the Company, the Company shall be eligible to be paid a bonus (the "Bonus"), one-half of which shall be computed based upon the Company's Net Income as compared to the Company Target for such year (the "Company Bonus"), and one-half of which shall be computed based upon Divisional Net Income as compared to the Division Target for such year (the "Division Bonus"). The Bonus payable, if any, with respect to any calendar year shall be the sum of the Company Bonus and the Division Bonus. (A) Company Bonus. The Company Bonus, if any, payable on account of any calendar year shall be computed as follows: i. if the Company has Net Income for such year in an amount equal to the Company Target for such year, the Employee shall be entitled to a Company Bonus in the amount of $50,000. ii. if the Company has Net Income for such year in an amount that is more than the Company Target and less than 125% of the Company Target, the Employee shall be entitled to a Company Bonus as calculated below: CB = $50,000 + [$50,000 x 2 x (NI - CT)] ------------- CT where: CB = the Company Bonus earned in such year. CT = the Company Target for such year. NI = Net Income for such year. iii. if the Company has Net Income for such year in an amount equal to 125% or more of the Company Target, the Employee shall be entitled to a Company Bonus in the amount of $75,000. iv. if the Company has Net Income for such year in an amount that is equal to or less than 75% of the Company Target, the Employee shall not be entitled to a Company Bonus. v. if the Company has Net Income for such year in an amount that is greater than 75% of the Company Target but less than the Company Target, the Employee shall be entitled to a Company Bonus as calculated below: CB = $50,000 - [$50,000 x 4 x (CT - NI)] --------------- CT where: CB = the Company Bonus earned in such year. CT = the Company Target for such year. NI = Net Income for such year.
Sample 1
ANNUAL COMPANY BONUS. Subject to subparagraph (F) below, for each calendar year commencing with the year ending December 31, 2000, at the end of which year the Employee is employed by the Company: (A) If the Net Income (as hereinafter defined) of the Company for such year is an amount equal to the Company's target net income as determined in the sole discretion of the Board (or the Executive Committee) for such year (the "Target"), the Employee shall be entitled to a bonus in an amount of $20,000. For purposes of this Agreement, "Net Income" shall mean actual net income, as determined by the Company in its sole discretion in accordance with GAAP.
Sample 1
ANNUAL COMPANY BONUS. Subject to subsection (C) below, for
Sample 1
AutoNDA by SimpleDocs

Related to ANNUAL COMPANY 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 Compensation The Executive's "Annual Compensation" for purposes of this Agreement shall be deemed to mean the highest level of base salary paid to the Executive by the Employers or any subsidiary thereof during any of the three calendar years ending during the calendar year in which the Date of Termination occurs.

  • Target Bonus Executive will be eligible to receive an annual bonus of up to forty percent (40%) of Executive’s Base Salary, less applicable withholdings, upon achievement of performance objectives to be determined by the Board in its sole discretion (the “Target Bonus”). The Target Bonus, or any portion thereof, will be paid as soon as practicable after the Board determines that the Target Bonus has been earned, but in no event shall the Target Bonus be paid 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 the Target Bonus is earned or (ii) March 15 following the calendar year in which the Target Bonus is earned.

  • Longevity Bonus After twenty (20) years of continuous service, an employee will receive a longevity bonus of seven hundred dollars ($700) per year, payable in one lump sum by the second pay period following the employee's anniversary date.

  • Annual Bonus Compensation Executive shall be eligible to receive a bonus each Contract Year (“Annual Bonus”) as the Compensation Committee of the Board of Directors shall determine. Executive’s Annual Bonus shall be determined in accordance with the Company’s executive compensation policies as in effect from time to time during the Term and shall be based, in part, on his achieving his individual performance goals for the year and, in part, on the Company’s achieving its performance goals for the year.

  • Annual Base Salary During the Term, Executive shall receive a base salary at a rate of $550,000 per annum (as increased from time to time, the “Annual Base Salary”), which shall be paid in accordance with the customary payroll practices of the Company. Such Annual Base Salary shall be reviewed (and may be increased, but not decreased) from time to time by the Board or an authorized committee of the Board.

  • Base Salary and Bonus As compensation for the Executive's services under this Agreement, the Executive shall receive and the Company shall pay a weekly base salary set forth on Exhibit A. Such base salary may be increased but not decreased during the Term or Renewal Period in the Company's discretion based upon the Executive's performance and any other factors the Company deems relevant. Such base salary shall be payable in accordance with the policy then prevailing for the Company's executives. In addition to such base salary, the Executive shall be entitled during the Term or Renewal Period to a performance bonus set forth on Exhibit A and to participate in and receive payments from, at the Company's election, other bonus and other incentive compensation plans, if any, as may be adopted by the Company.

  • 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.

  • 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.

  • Performance Bonus The Executive shall be eligible to receive an annual performance bonus, payable within sixty (60) days after the end of the fiscal year of the Employer, in an amount not to exceed twenty-five percent (25%) of the Executive's Base Salary for the applicable year. The amount, if any, shall be determined by the Board, or the appropriate committee thereof, and shall generally be based on a combination of organization-wide and individual performance criteria.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!