Common use of Annual Performance Based Incentive Clause in Contracts

Annual Performance Based Incentive. For each calendar year or portion thereof during the Term, Executive shall participate in the Company’s annual cash incentive bonus program (“Annual Performance Based Incentive”) and be entitled to an Annual Performance Based Incentive payment (the “Bonus”) based upon SCC’s achievement of certain financial targets and such other strategic goals or targets set by the Board or its Compensation Committee in conjunction with Executive. The target Bonus shall be One Hundred Twenty Five Thousand Dollars (US$125,000) (the “Target Bonus”), but the actual Bonus will range from 50% to 200% of the Target Bonus (Sixty Two Thousand Five Hundred Dollars (US$62,500 to Two Hundred Fifty Thousand Dollars (US$250,000), as determined by measuring SCC’s actual performance against the predetermined targets. The Bonus will be quantified and paid within the first two and half months of the year following the year to which it relates. Any adjustments to the Annual Performance Based Incentive will be prospective. Notwithstanding the foregoing, Executive’s Target Bonus for 2020 will be prorated from the effective date of the Agreement. 1 See below.

Appears in 1 contract

Samples: Founders Employment Agreement (Seismic Capital Co)

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Annual Performance Based Incentive. For each calendar year or portion thereof during the Term, Executive shall participate in the Company’s annual cash incentive bonus program (“Annual Performance Based Incentive”) and be entitled to an Annual Performance Based Incentive payment (the “Bonus”) based upon SCC’s achievement of certain financial targets and such other strategic goals or targets set by the Board or its Compensation Committee in conjunction with Executive. The target Bonus shall be One Two Hundred Twenty Five Fifty Thousand Dollars (US$125,000250,000) (the “Target Bonus”), but the actual Bonus will range from 50% to 200% of the Target Bonus of (Sixty Two Thousand One Hundred Twenty Five Hundred Dollars (US$62,500 to Two Hundred Fifty Thousand Dollars (US$250,000125,000) to Five Hundred Thousand Dollars (US$500,000)), as determined by measuring SCC’s actual performance against the predetermined targets. The Bonus will be quantified and paid within the first two and half months of the year following the year to which it relates. Any adjustments to the Annual Performance Based Incentive will be prospective. Notwithstanding the foregoing, Executive’s Target Bonus for 2020 will be prorated from the effective date of the Agreement. 1 See below.

Appears in 1 contract

Samples: Founders Employment Agreement (Seismic Capital Co)

Annual Performance Based Incentive. For each calendar year or portion thereof during the Term, Executive shall participate in the Company’s annual cash incentive bonus program (“Annual Performance Based Incentive”) and be entitled to an Annual Performance Based Incentive payment (the “Bonus”) based upon SCC’s achievement of certain financial targets and such other strategic goals or targets set by the Board or its Compensation Committee in conjunction with Executive. The target Bonus shall be One Two Hundred Twenty Five Fifty Thousand Dollars (US$125,000250,000) (the “Target Bonus”), but the actual Bonus will range from 50% to 200% of the Target Bonus (Sixty Two Thousand One Hundred Twenty Five Hundred Dollars (US$62,500 to Two Hundred Fifty Thousand Dollars (US$250,000125,000 to Five Hundred Thousand Dollars (US$500,000)), as determined by measuring SCC’s actual performance against the predetermined targets. The Bonus will be quantified and paid within the first two and half months of the year following the year to which it relates. Any adjustments to the Annual Performance Based Incentive will be prospective. Notwithstanding the foregoing, Executive’s Target Bonus for 2020 will be prorated from the effective date of the Agreement. 1 See below.

Appears in 1 contract

Samples: Founders Employment Agreement (Seismic Capital Co)

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Annual Performance Based Incentive. For each calendar year or portion thereof during the Term, Executive shall participate in the Company’s annual cash incentive bonus program (“Annual Performance Based Incentive”) and be entitled to an Annual Performance Based Incentive payment (the “Bonus”) based upon SCC’s achievement of certain financial targets and such other strategic goals or targets set by the Board or its Compensation Committee in conjunction with Executive. The target Bonus shall be One Two Hundred Twenty Five Fifty Thousand Dollars (US$125,000250,000) (the “Target Bonus”), but the actual Bonus will range from 50% to 200% of the Target Bonus (Sixty Two Thousand One Hundred Twenty Five Hundred Dollars (US$62,500 to Two Hundred Fifty Thousand Dollars (US$250,000125,000) to Five Hundred Thousand Dollars (US$500,000)), as determined by measuring SCC’s actual performance against the predetermined targets. The Bonus will be quantified and paid within the first two and half months of the year following the year to which it relates. Any adjustments to the Annual Performance Based Incentive will be prospective. Notwithstanding the foregoing, Executive’s Target Bonus for 2020 will be prorated from the effective date of the Agreement. 1 See below.

Appears in 1 contract

Samples: Employment Agreement (Seismic Capital Co)

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