Annual Performance Bonuses. You will be eligible to participate in the Company's discretionary annual performance related bonus scheme to a maximum value of 35% of your Earned Salary in relation to your performance against agreed annual corporate and personal performance objectives as set out below (the “Annual Performance Bonus”). That is, if the compensation committee (the “Compensation Committee”) of the board of directors (the “Board”) of the Company’s parent company, Bicycle Therapeutics plc (“BTL”) determines that you have completed all such corporate and personal objectives to its satisfaction in a given year, your bonus would be 35% of your Earned Salary in that year, excluding any other bonuses in this offer. Such bonus may be payable in cash or, in whole or in part, in share options in BTL, as agreed by you and the Compensation Committee following notification by you of your preference at least 90 days prior to the normal payment date (and in the case of share options with the appropriate HMRC valuation process (if required by the Compensation Committee) and Board approval so as to be compliant with BTL’s share option plan rules), with due consideration for the operational requirements of the Company at that time in your role as CBO. Any Annual Performance Bonus paid will not be pensionable and are subject to statutory applicable tax and National Insurance deductions. Performance will be assessed by the Compensation Committee at the end of each calendar year, against annual corporate and personal performance objectives agreed between you and the Board at the start of each calendar year, with any such bonus being payable in the first quarter of the following year. Qualification for your Annual Performance Bonus will require that you are employed by the Company (and have not served notice of termination of your employment to the Company) on 31 December of the year to which your bonus entitlement applies.
Annual Performance Bonuses. During each Contract Year, the Company shall pay to Executive such discretionary bonuses as may be granted by the Board of Directors, in its discretion.
Annual Performance Bonuses. Executive shall be eligible to participate in any bonus or similar incentive plan adopted by the Company as approved by the Board of Directors (“Board”) for executives at Executive’s level, based on a target of 40% to 50% of Executive’s Base Salary. The amount awarded, if any, to the Executive under any bonus or incentive plan shall be in the discretion of the Board or any committee administering such plan. Executive’s bonus, if any, shall be subject to the terms and conditions of any plan or program adopted or approved by the Board and applicable to executives at Executive’s level. Any bonus earned hereunder shall be paid no later than 2.5 months after the end of the calendar year in which it is earned. For calendar year 2020, Executive’s bonus shall be prorated to reflect the portion of such year that Executive was actually retained by the Company (including, without limitation, as a consultant). Except as provided in Section 5(c)(ii), Executive must be employed as of December 31 of any calendar year to be eligible for a bonus under this Section 4(c).
Annual Performance Bonuses. Every calendar year subject to this bonus provision, beginning with the 2005 calendar year, the Executive shall be eligible for an annual performance bonus (“Annual Bonus”) in an amount equal to twenty percent (20%) of the Executive’s Base Salary earned during that calendar year in question (“Bank Year”). The Executive will be paid this Annual Bonus if the Bank’s performance, for the Bank Year, meets targets set by the Board of Directors relating to (i) Bank income, (ii) Bank asset growth, and (iii) Bank asset quality (the “Three Performance Targets”). The Three Performance Targets will be set annually in such a manner as to provide Bank management with reasonable notice of the Targets (the parties further acknowledge, in the case of 2005, that the Three Performance Targets for this Bank Year have already been set by the Board, or if not already set by the Board, will be set promptly following execution of this Agreement). All Three Performance Targets must be reached for the Executive to be eligible for any part of the Annual Bonus; in other words, if the Bank reaches two of the Three Performance Targets, but not the third Target, then no Annual Bonus would be paid for that Bank Year. If the Executive meets the Three Performance Targets for a Bank Year, the Board of Directors may also choose to award him, in its complete discretion, an additional performance bonus (the “Additional Bonus”) for that Bank Year. The Additional Bonus is intended to reward performance by the Bank substantially exceeding the Three Performance Targets set in connection with the Annual Bonus, or to recognize achievements relating to other areas of leadership or Bank or Company administration. In deciding whether the Executive should be awarded an Additional Bonus, and if so, the amount of any Additional Bonus, and in deciding the Three Performance Targets for each Bank Year, the Board of Directors shall exercise its discretion reasonably and in good faith. Annual Bonuses (if any) and Additional Bonuses (if any) shall be paid to the Executive in the January following the end of the Bank Year.
Annual Performance Bonuses. During each Contract Year, the Company shall pay Executive an annual performance bonus as determined by the Board of Directors or its Compensation Committee in its sole discretion, the determination of which shall be based upon such standards, guidelines and factual circumstances as the Board of Directors or its Compensation Committee deems relevant, including, without limitation, the operating results for the Company during such Contract Year, the importance of the efforts of Executive in achieving such operating results and the achievement by the Company and/or Executive of performance goals previously established by the Board of Directors or its Compensation Committee for such Contract Year; provided, however, that in no event shall the bonus for any full Contract Year of the term hereof be less than $75,000 during the first Contract Year, $80,000 during the second Contract Year, $80,000 during the third Contract Year, $90,000 during the fourth Contract Year and $100,000 during the fifth Contract Year.
Annual Performance Bonuses. During each Contract -------------------------- Year, the Company shall pay Executive an annual performance bonus as determined by the Board of Directors or its Compensation Committee in its sole discretion, the determination of which shall be based upon such standards, guidelines and factual circumstances as the Board of Directors or its Compensation Committee deems relevant, including, without limitation, the operating results for the Company during such Contract Year, the importance of the efforts of Executive in achieving such operating results and the achievement by the Company and/or Executive of performance goals previously established by the Board of Directors for such Contract Year; provided, however, that in no event shall the bonus for any Contract Year of the term hereof be less than (i) $125,000 for a full Contract Year or (ii) a pro rata portion of $125,000 for a partial Contract Year.
Annual Performance Bonuses. The Executive shall be eligible to receive bonuses (each, a "Bonus") during each calendar year of his employment, of up to 35% of the Executive's base salary then in effect, in accordance with the Company's standard practice as determined from time to time by the CEO and the Board of Directors and based upon the Executive meeting his annual performance goals. The targets with respect to the Bonus for each annual period ending December 31 (the "Annual Bonus") shall be mutually agreed upon between the Executive and the CEO at the beginning of each calendar year, subject to approval by the Compensation Committee of the Board of Directors and, by the Board of Directors. Each Bonus, if any, shall be paid to the Executive not later than thirty (30) days after the issuance of the Company's respective operating financial results and in no event later than March 15 of the calendar year following the calendar year to which the Bonus relates. No Bonus will be paid for any operating period unless the Executive is an employee of the Company at the end of such operating period.
Annual Performance Bonuses. During each Contract Year, commencing with the second Contract Year, the Company shall pay Executive an annual performance bonus as determined by the Board of Directors or its Compensation Committee in its sole discretion, the determination of which shall be based upon such standards, guidelines and factual circumstances as the Board of Directors or its Compensation Committee deems relevant, including, without limitation, the operating results
Annual Performance Bonuses. In addition to the foregoing, during the Term and commencing in fiscal year 2019, Executive shall be eligible to earn year-end performance bonuses, which may be paid in either cash or equity, or both (any such bonus an “Annual Bonus”), with a target bonus of 60% of the highest Base Salary Executive received during the applicable fiscal year (the “Target Bonus”), as may be awarded pursuant to any annual executive bonus plan and related corporate and/or individual goals approved solely at the discretion of the Board. The Company shall consult with Executive in connection with setting such corporate and/or individual goals and will set and communicate such goals to Executive the first quarter of each fiscal year. Any such Annual Bonus shall contain such rights and features as are typically afforded to other executives of the Company.
Annual Performance Bonuses. The Executive shall be eligible to receive bonuses (each, a “Bonus”) during each calendar year of his employment, of up to 30% of the Executive’s base salary then in effect, in accordance with the Company’s standard practice as determined from time to time by the CEO and the Board of Directors and based upon the Executive meeting his annual performance goals. The targets with respect to the Bonus for the period ending December 31, 2012 (the “Initial Bonus Period”) shall be mutually agreed upon between the Executive and the CEO, subject to approval by the Compensation Committee of the Board of Directors, as soon as practicable following the Effective Date. The targets with respect to the Bonus for each annual period following the Initial Bonus Period shall be mutually agreed upon at the beginning of each calendar year by the Executive and the Chief Executive Officer, subject to approval by the Compensation Committee of the Board of Directors. Each Bonus, if any, shall be paid to the Executive not later than thirty (30) days after the issuance of the Company’s respective operating financial results and in no event later than March 15 of the calendar year following the calendar year to which the bonus relates. No bonus will be paid for any operating period unless the Executive is an employee of the Company at the end of such operating period.
